Operation Case No. (4)

The Al-Ikhlas Consulting Establishment was established in Madinah and began operating and providing its services to clients; on December 31, its account balances appeared in the trial balance as follows: Al-Noor Consulting Establishment Trial balance before settlement on December 30, 2020,

Balance			Account name
debit		Debtor
		65500	cash
		52000	debtors
		2000	office supplies
		13500 Advance	rent
		22500	lands
		150,000	buildings
77500			Building consumption complex
79500			creditors
20000			Provider revenue
51000			capital
		3500	withdrawals
225000			revenue of services
		127500	salary expense
		12500	rent expense
		4000	miscellaneous expenses
453,000		453,000	total

.

As accountants at Al-Noor Consulting, you were assigned by the financial manager to review and verify the correcthess of the balances of all these accounts. Accordingly, after inventorying the accounts, the following information appeared: 1. remaining office supplies at the end of the year were 500 riyals. 2. The lease contract was renewed on October 1, 2020. It was paid in advance with a total of 13,500 riyals for a period of nine months. 3. No depreciation expense was recorded on the buildings for the current year 2020 , and the useful life of the buildings is 25 years. 4. The staff works from Sunday to Thursday. The weekly wage is 2500 riyals. 5. Invoices were sent to customers in the amount of 7,500 riyals for services provided to them, and their entitlement must be proven. 6. The Foundation had received 20000 SR in advance for consulting services provided regularly from July 1,2020 , to February 31,2021 . 1. Make the necessary adjustments entries, transfer them to the master's accounts, and balance them. 2. Conducting trial balance after adjustments. 3. Preparing the income statement, equity statement and financial position statement for the year ended December 31,2020 , 4. Lock restrictions procedure As accountants at Al-Noor Consulting, you were assigned by the financial manager to review and verify the correcthess of the balances of all these accounts. Accordingly, after inventorying the accounts, the following information appeared: 1. remaining office supplies at the end of the year were 500 riyals. 2. The lease contract was renewed on October 1, 2020. It was paid in advance with a total of 13,500 riyals for a period of nine months. 3. No depreciation expense was recorded on the buildings for the current year 2020 , and the useful life of the buildings is 25 years. 4. The staff works from Sunday to Thursday. The weekly wage is 2500 riyals. 5. Invoices were sent to customers in the amount of 7,500 riyals for services provided to them, and their entitlement must be proven. 6. The Foundation had received 20000 SR in advance for consulting services provided regularly from July 1,2020 , to February 31,2021 . 1. Make the necessary adjustments entries, transfer them to the master's accounts, and balance them. 2. Conducting trial balance after adjustments. 3. Preparing the income statement, equity statement and financial position statement for the year ended December 31,2020 , 4. Lock restrictions procedure