Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please Solve this!! 3. The following details are the information of BD Associates for the year December 31, 2004: Cash- BDT 27,000 Sales revenue BDT

image text in transcribed

Please Solve this!!

3. The following details are the information of BD Associates for the year December 31, 2004: Cash- BDT 27,000 Sales revenue BDT 95,000 Account receivable 45,500 Purchases- 70,500 Office supplies 6,500 Salaries expenses- 15,500 Prepaid Insurance 7,000 Wages expenses- 11,500 Office buildings- 10,000 Utilities expenses 8,000 Tools and Equipment- 16,000 Interest expenses- 6,500 Furniture 8,500 Miscellaneous expenses- 10,500 Notes payable 35,000 Opening stock- 26,500 Account payable- 75,000 Bills receivable- 15,500 Capital stock- 80,000 Retrained earnings The information also available: a) Salaries earned by employees but not paid as of December 31, amounting to 2.700 and accrued wages at the end of December totaled BDT 1,500. 59 b) Sales for the period include BDT 17,500 worth of goods (cost price) taken by the owner for family use. He has also taken goods for personal consumption worth BDT 10,000 (cost price) which has not been recorded in the books. c) A sum of BDT 5,450 to be written off as bad debt out of account receivable and the provision of 7.5% to be created for doubtful debts. d) Miscellaneous expenses include BDT 2,100 spent for the personal purpose of the owner. e) The tools and equipment are being depreciated BDT1,000. Depreciation of office buildings is based on an estimated life of 25 years and furniture at the rate of 10%. f) Insurance was prepaid to the extent of BDT 1,300. g) Income taxes are estimated to be BDT 3,000. h) Closing stock BDT 25,000. Prepare an adjusted trial balance after passing the necessary adjustment entries

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Internet Supply Chain Impact On Accounting And Logistics

Authors: D. Chorafas

5th Edition

0333949633, 9780333949634

More Books

Students also viewed these Accounting questions