Required

A.-0) Companv Name 3Square Solutions Private Limited Place Type of Business Professional Consultancy Services Street No. 32. New Long Street, New York. USA 10001 The following were the transcations made by the company for the month of Jan 2018 Sl. No Transcation Amount 1Investment made in Business Purchase of Assets Long Term S 1,00,000 S 1000 S 5,000 S 10,000 S 2,500 2 3 Purchase of Assets - Current Asset 4 Payment of Rent for Jan 2018 5 Pa 6 P 7 Pa 8 Revenue Earned 9 Salaries Payable 10 Cash Withdrawl for buiness use 11Cash Withdrawl for p 12 Loan taken from bank 13 Loan r 14Salaries 15Tax Paid of Advertisement for Jan - Mar 2018 of Power Bil of Insurance S 1,500 500 S 22,000 S 12,000 S 5,000 S 25,000 S 30,000 S 15,000 S 30,000 S 1,500 ersonal purpose to the bank B. Journal Entries Sl. No Journal Entrv Debit Credit Bank A/c S 1,00,000 1 Capital A/c S1,00,000 ening Investment made in business S 1,000 S 5,000 S 10,000 ter A/c 2 Plant and Machinery A/c Bank A/c S 16,000 long term assets were purchased on cash basis Current Asset A/c S 2,500 3Bank A/c S 2,500 eing Current asset was purchased on cash basis Rent A/c 4 Cash A/c 750 S 750 (Being rent paid for Jan 2018) B. Journal Entries Advertisement E Prepaid Advertisment Ac 500 S 1,000 5 Bank A/c S 1,500 (Being Advertisement Amount paid and prepaid amount for 2 months were transfered to advertisment A/c Power Bil A/c 500 6 Cash A/c S 500 eing Power bill paid for Jan 2018 Insurance A/c Being Insurance Accounts Receivable A/c 900 7 Cash A/c S 900 S 22,000 8 Revenue A/c S 22,000 eing Revenue earned for Jan 2018 in cash Salaries A/c Salaries Payable A/c Being Revenue earned for Jan 2018 in credit) S 12,000 9 S 12,000 B. Journal Entries Cash A/c 10 Bank A/c S 5,000 S 5,000 (Being Cash withdrwal for business petty cash S 25,000 11 Bank A/c S 25,000 (Being Cash withdrwal for personal Bank A/c S 30,000 12 Loan A/c S 30,000 Being loan taken from bank Loan A/c (Being loan r Salaries A/c S 15,000 13 Bank A/c S 15,000 S 30,000 14 Bank A/c S 30,000 eing Salaries paid for Jan 2018 Tax A/c S 1,500 15 Bank A/c S 1,500 (Being Tax Paid B. Trail Balance Account Debit Credit 75,000 33,500 1.000 5,000 10,000 2,500 750 2,850 500 1.000 500 Bank A/c ter A/c Plant and Mac Current Asset A/c Rent A/c Cash A/c Advertisement E Advertisment A/c Power Bil A/c Insurance A/c Revenue A/c Accounts Receivable Loan A/c Salaries A/c Tax A/c Salaries Payable A/c Total 22,000 22,000 15,000 42.000 1,500 12,000 1,24,000 S 1,24,000 C- (I). Transactions which require adjustment entries SI. No Transaction Depreciation on Long Term Assets for Jan 2018 Useful Life Taken is as follows Computer-3 years Equipment- 5 years Plant and Machinery 5 Years Interest Accrued on Bank Loan a 6% pa Stationery purchased on credit basis for S 500 4Revenue Earned but not received is S 15,000 C - (ii). Adjustment Entries SI. Entrv Debit Credit reciation A/c 278 er A/c (S 1,000/36 Months) AC ($ 5,000/60 Months) 28 83 S 167 Plant and Mac AC ($ 10,000/60 Months) 1 (Being eciation provided for Jan 2018 150 Interest A/c (S 30,000 0.6*1/12) Interest Payable A/o (Being Interest accrued for Jan 2018 but not payable has been reco S 150 Sta 500 3 Accounts Payable A/c St S 500 chased on credit Bank A/c Accounts Receivable A/c (Being out of S 22,000 balance accounts receivable S 7.000 was recerv 7.000 S 7,000 D. Adjusted Trail Balance Account Debit Credit S 75,000 Capital A/c Bank A/c 40,500 972 4,917 9,833 278 er A/c Plant and Mac eciation A/c urrent Asset A/c Rent A/c Advertisement E Pr Power Bil A/c Insurance A/c Revenue A/c Interest A/c Interest Payable A/c 500 1.000 500 900 d Advertisment A/c S 22,000 150 500 Accounts Payable Accounts Receivable Loan A/c Salaries A/c 500 15,000 S 15,000 42.000 Salaries Payable A/c Total S 12,000 S 1.24,650 S 1,24,650