Question
The following adjusted trial balance has been provided for Lego Land for the year ended 31 December 2019. Lego Land: Adjusted Trial Balance as at
The following adjusted trial balance has been provided for Lego Land for the year ended 31 December 2019.
Lego Land: Adjusted Trial Balance as at 31st December 2019
Ledger Account | Debit AED | Credit AED |
Drawings | 3,200 | |
Stock (1/1/2019) | 1,500 | |
Creditors | 2,670 | |
Purchases | 1,000 | |
Sales | 8,400 | |
Rent | 1,200 | |
Insurance | 800 | |
Carriage Inward | 620 | |
Capital | 164,000 | |
Bank | 2,000 | |
Discount Received | 1,450 | |
Equipment | 500 | |
Delivery costs | 150 | |
Depreciation equipment | 400 | |
Accumulated depreciation - equipment | 5,000 | |
Petty Cash Advance | 100 | |
Land | 170,050 | |
181,520 | 181,520 |
*Note: Closing stock on the 31st. December 2019 is AED 3,000.
Required:
You are the accountant of Lego Land and you have been asked to complete the following tasks. Use the templates provided.
- Record the following closing entries in the general journal
- Trading a/c
- Revenue a/c and expenses a/c
- Income summary a/c
- Drawings a/c
- Post the closing entries to the applicable General Ledger accounts to calculate
- Gross profit
- Net profit and
- Capital balances.
- Prepare the post-closing Trial Balance.
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