Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following is a trial balance for Neskopi Trading as at 31 December 2021 1 ii. i. iv V Neskopi Trading Trial Balance as

 

The following is a trial balance for Neskopi Trading as at 31 December 2021 1 ii. i. iv V Neskopi Trading Trial Balance as at 31 December 2021 vi. vil. Cash Prepaid insurance Office supplies Land Vehicle Office furniture Prepaid rent receivable Notes payable Capital Drawings Rent received Salary expense Utility expense Repairs and maintenance RM 17.100 5,400 3.300 20,000 130,000 28.000 Additional information: Office supplies have not been used until 31 December 2021 amounted RM1,700 Prepaid insurarice is the premium paid for the period of 18 months starting from 1 June 2021 Annual depreciation for vehicle is RM5,800 while office furniture is to be depreciated using the straight- line method it is estimated to have a useful life of six (6) years with a residual value of RM4,000 Prepaid rent receivable account is used to record advance payment from customers. From the total amount stated, RM5.000 has been completed as at 31 December 2021 Salary of RM110 is paid daily and it is discovered that at the end of the accounting period has only been paid until 26 December 2021. Required: (a) Complete a worksheet for the financial year 2021 5,000 51,000 9,400 3,600 272,800 RM 6,800 86,000 100,000 80,000 272,800 Rent received of RM800 has not yet been billed and collected as at 31 December 2021 Interest on notes payable of 12% per annum starting from 1 September 2021 has not yet been paid as at 31 December 2021 (b) Journalise the adjusting and closing entries as entered in the worksheet. (c) Prepare a Comprehensive Income Statement for the year ended 31 December 2021 (d) Prepare a Statement of Financial Position as at 31 December 2021

Step by Step Solution

3.45 Rating (145 Votes )

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

Step: 3

blur-text-image

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

College Accounting A Practical Approach

Authors: Jeffrey Slater, Brian Zwicker

11th Canadian Edition

132564440, 978-0132564441

More Books

Students also viewed these Accounting questions

Question

Use translations to graph f. f(x) = x-/2 +1

Answered: 1 week ago