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Sun Consultancy provides special consultancy services to its clients. It started its operation on January 1, 2018. An un-adjusted trial balance as on May 31,
Sun Consultancy provides special consultancy services to its clients. It started its operation on January 1, 2018. An un-adjusted trial balance as on May 31, 2018 for this firm is given below. Sun Consultancy Trial Balance As on May 31, 2018 Serial # Debit (Rs) List of Accounts Credit (Rs) 1 Cash 97,300 2 Accounts receivable 10,400 3 15,000 4 Office supplies Prepaid insurance Furniture 12,000 5 40,000 6 Car 50,000 7 7,600 Accumulated depreciation-car Unearned revenue 8 1,760 9 Drawings 2,000 10 Capital 150,000 11 Service revenue 37,300 12 7,600 Accounts payable Loan payable 13 50,000 13 50,000 14 Loan payable Salaries expense Depreciation expense 9,000 15 1,560 16 Rent expense 17,000 Total 254,260 254,260 Following additional information is revealed for adjustments at May 31, 2018; Office supplies of Rs 7,600 were consumed during month. Salaries earned by employees for second half of May Rs 9,000 were neither paid not recorded. Rs 2,500 of prepaid insurance was expired during the month but was not recorded. Accounts payable were paid 1/2 during May but no entry was made in the books. Remaining balance of unearned revenue was Rs 1,200 at the end of the month. Cash received Rs 4,400 from account receivable but not recorded. The interest rate on Loan payable is 15% (The Loan was taken out on April 1.) Invoices representing Rs 4,600 of services performed during the month have not been recorded. . . REQUIRED Prepare adjusting entries at May 31, 2018
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