Question
Q1. From the given trial balance of A-Zain Shop, prepare Income statement for the year 2021 (5 marks) Balance sheet for 31 st December 2021
Q1. From the given trial balance of A-Zain Shop, prepare
- Income statement for the year 2021 (5 marks)
- Balance sheet for 31st December 2021 (15 marks)
Al-Zain Shop Trial Balance
31st December 2020
| Account | Debit | Credit |
| Bank Cash | 75,000 |
|
| Sale |
| 87,500 |
| Supplies | 5,000 |
|
| Account payable |
| 3,700 |
| Building | 250,000 |
|
| Intangible asset | 10,000 |
|
| Land | 35,000 |
|
| Prepaid bills expense | 800 |
|
| Account Receivable | 55,000 |
|
| Debenture |
| 7,500 |
| Bond payable |
| 18,330 |
| Owner Drawing | 5,500 |
|
| Cost of Goods Sold | 12,600 |
|
| Service revenue |
| 17,500 |
| Salary payable |
| 19,700 |
| Capital |
| 281,000 |
| Utility expenses | 6,330 |
|
| Wages expenses | 5,000 |
|
| Dividend Revenue |
| 25,000 |
| Total | 460,230 | 460,230 |
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Optimization Methods In Finance
Authors: Gérard Cornuéjols, Javier Peña, Reha Tütüncü
2nd Edition
1107056748, 9781107056749
