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gnment%201%20resub.pdf B. ADB Ltd has the following trial balance as at 31 December 2019 f 300,000 180,000 90,000 Sales Machines Accumulated Depreciation for Machines Opening Stock (as of 1st Jan. 2019) Salaries expense Accounts Receivables Interests received Cash Purchases 30,000 40,000 150,000 90,000 75,000 100,000 75,000 Accounts Payables Rent Expenses Insurance Expense Properties Accumulated Depreciation for Properties 20,000 50,000 120,000 60,000 Share Capital 765,000 150,000 765,000 The following information is also available: - (1) Closing stock at the 31st December 2019 is 20,000 (2) Included in insurance expense is machinery Insurance costs of 12,000 for the year to 30th June 2020 (3) Late salaries of 10,000 for November and December 2019 has not been included in the salaries expense (4) Depreciation follows straight line method 20% for machines, and 10% for properties. Required Showing full workings, you are required to: - Prepare an income Statement and a Balance Sheet for ADB Ltd at 31st of December 2019. (50 marks) (Total of 60 marks) estion 1: e following is a summary of the transactions that took place in WALI Ltd during October 19, . . . October 1st WALI started a new business with 30,000 cash October 3rd bought a machine at a cost of 14,000 on credit from CAB Ltd. October 4th paid 8,000 monthly Insurance. October 6th bought stock using 10,000 cash. October 9th sold goods of 12,000 for cash, and sold goods of 5,000 on credit to MOP Ltd October 12th collected the 5,000 cash from MOP Ltd. October 14th paid 2,000 monthly bills. October 16th the owner took 200 cash from the business to buy a gift for his wife on his birthday. October 28th paid 10,000 monthly Utilities October 29th paid 10,000 to CAB Ltd. . . Required a) Record the above transactions in a set of journal entries. (30 marks) b) Open ledger accounts for Cash, Insurance, and Sales, and calculate their final balances at the end of the period. (10 marks) (Total 40 marks) gnment%201%20resub.pdf B. ADB Ltd has the following trial balance as at 31 December 2019 f 300,000 180,000 90,000 Sales Machines Accumulated Depreciation for Machines Opening Stock (as of 1st Jan. 2019) Salaries expense Accounts Receivables Interests received Cash Purchases 30,000 40,000 150,000 90,000 75,000 100,000 75,000 Accounts Payables Rent Expenses Insurance Expense Properties Accumulated Depreciation for Properties 20,000 50,000 120,000 60,000 Share Capital 765,000 150,000 765,000 The following information is also available: - (1) Closing stock at the 31st December 2019 is 20,000 (2) Included in insurance expense is machinery Insurance costs of 12,000 for the year to 30th June 2020 (3) Late salaries of 10,000 for November and December 2019 has not been included in the salaries expense (4) Depreciation follows straight line method 20% for machines, and 10% for properties. Required Showing full workings, you are required to: - Prepare an income Statement and a Balance Sheet for ADB Ltd at 31st of December 2019. (50 marks) (Total of 60 marks) estion 1: e following is a summary of the transactions that took place in WALI Ltd during October 19, . . . October 1st WALI started a new business with 30,000 cash October 3rd bought a machine at a cost of 14,000 on credit from CAB Ltd. October 4th paid 8,000 monthly Insurance. October 6th bought stock using 10,000 cash. October 9th sold goods of 12,000 for cash, and sold goods of 5,000 on credit to MOP Ltd October 12th collected the 5,000 cash from MOP Ltd. October 14th paid 2,000 monthly bills. October 16th the owner took 200 cash from the business to buy a gift for his wife on his birthday. October 28th paid 10,000 monthly Utilities October 29th paid 10,000 to CAB Ltd. . . Required a) Record the above transactions in a set of journal entries. (30 marks) b) Open ledger accounts for Cash, Insurance, and Sales, and calculate their final balances at the end of the period. (10 marks) (Total 40 marks)