Following was a summary of the company?s transactions for the year 20X1. (i) On 1 January, the company paid $144,000 to renew the rent of the office for another 2 years. (ii) On 13 May the company paid $9,000 for daily radio broadcast of the company product for 12 months. The daily broadcast started in the month of June. (iii) On 3 December, a customer paid $3,500 for the company product to be delivered next month. (iv) On 29 December, the company received a utility bill of $860 for usage for the month. The bill remained unpaid at year end. The company paid $3,600 during the year for utilities. (v) Total inventory purchases for the year were $54,900. 30% of the purchases were on credit. The company adopts the periodic inventory system. (vi) Total revenue for the year was $415,000. Cash collected was 360,000. (vii) The company collected $43,000 of outstanding amounts from customers during the year. (viii) The long-term bank loan carries annual interest of 6%, payable on 1 September. (ix) Salaries paid during the year were $67,000 and $4,500 remains outstanding.

(x) The depreciation expense for the Van was $14,000 for the whole year. (xi) The income tax for the year was $2,350 which will be paid the following year. (xii) The company paid $33,000 on outstanding amounts to suppliers during the year. (xiii) Dividends of $20,000 were paid to stockholders in December. (xiv) Inventory at year end was $11,000.

Required: (a) Analyse the transaction and record the journal entries/adjusting journal entries for Triangle Pte Ltd for the year 20X1. You must follow the numbering and sequence given in the question when providing the answers. (b) Illustrate the T-accounts. (c) Prepare the adjusted trial balance of Triangle Pte Ltd as at 31 December 20X1 and demonstrate its uses and limitations. (d) From the trial balance, present: (i) The Income Statement for the year ending 31 December 20X1. (ii) The Statement of Financial Position as at 31 December 20X1.

Question 1 The post-closing trial balance of Triangle Pte Ltd as at 31 December 20X0 w Triangle Pte Ltd Post-Closing Trial Balance As at 31 December 20X0 Account Title Debit Credit $ $ Cash 213,200 Inventory 12,870 Accounts receivable 10,400 Van 140,000 Accumulated depreciation - Van 28,000 Accounts payable 23,600 Utilities payable 770 Interest payable 4,000 Bank loan 200.000 Share capital 60,000 Retained eaming 60,100 Prepaid rent Rent expense 376.470 376.470