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Posted on Sep 11, 2024

This is the whole assignment please someone answer them all tion 1. (2 Marks) CLO 1 Using George K's trial balance accounts segregate the accounts

This is the whole assignment please someone answer them all image text in transcribed

tion 1. (2 Marks) CLO 1 Using George K's trial balance accounts segregate the accounts into Assets, Liablities and Capital (Owner's Equity) by putting an (X0 in the related category- (1 Mark) Trial balance Assets Liabs Capital Wages expense. Ublioes expense Unearned revenue Trucks Tax expense Store supplies Salaries payable Salariese Revenue Rent expense Prepaid Rent Prep paid insurance Office supples Office equipment Notes receivable Notes payable Insurance expense Furniture xtures Desks Cash Capital (Owner's Equity) Building Bank loans payable Advertising expense Accounts Receivable Accounts payable 2. (1 Mark) Multiple choice questions: 1. If the balance of assets is 200,000 AED and the balance of liabilities is 20,000 AED what is the amount of Capital if assets increase by 50,000? Answer A. 230,000 B. 100,000 C. 130,000 D. 120,000 2. If the balance of liabilities is 150,000 AED and the balance of Capital is 70,000 AED what is the balance in assets if liabilities increase by 30,000? Answer A. 260,000 B. 240,000 C. 270,000 D. 250,000 2. (9 Marks) CLO 2 Marks) ald Lootah established an accounting office in Deira Dubai in December 2018. During the year the folowing ransactions were completed 1. Mr. Lootah invested $2,000,000 cash and a building worth $500,000 to the business 2. He bought six (6) automobiles for the business on account for $250,000 3. He paid six (6) months insurance premiums for the automobiles $24,000 4. Purchased furniture for the office on account $60,000 5. Purchased office equipment from Majid estabishment on credit $20,000 6. Provided services to Alpha Catering on account $40,000 7. Provided services to lbrahim Lootah on account $80,000 8. Provided services to Selim Khan on account $120,000 9. Provided services to Jasmin Opticals on account $240,000 10. Paid wages to the secretary $5,000 11. Paid for electricity $4,000 12. Purchased office supplies on account $6,000 13. Withdrew $50,000 from the business for personal use 14. Collected $100,000 from Majid Lootah for services to be performed at a later date. 15. He paid the annual building insurance $120,000 16. Paid the $20,000 owed to the amount owed by Majid Establishment 17. Collected the account receivable from Alpha Catering 18, Performed the work to Majd Lootah for which he had received an advance Required 1. Prepare jounal entries to record the above transactions (4 marks) 2. Post to the general ledger (.5 mark) 3. Prepare a trial balance (.5 mark) Case 2(2 Marks) Khalid Lootah at the end of the year had the following 19. Depreciation expense a) for the building amounted to $10,000, b) for the equipment amounted to $2.,000 c) for the automobiles amounted to $4,000 d) for the furniture $6,000. 20. Prepaid insurance balance for the automobiles was $24,000 and for the building $120,000. At year end one month's insurance had expired 21. Completed the remaining work for advance he had received Majid Lootah. 22. Accrued unpaid wages to the secretary amounted to $2,000 23. Of the $6,000 office supplies balance $2,000 of supples were used Required: 1. Prepare adjusting journal entries to record the above transactions (1.5 marks) 2 Post to the general ledger and prepare an adjusted trial balance (.5 mark) Khalid Lootah at the end of the year is closing his books. 24. Close revanue to income summary 25. Close expenses to income summary 26. Close the balance of income summary to capital 27. Close withdrawals to capital Required 1. Prepare closing journal entries (1.5 mark) 2. Post to the general ledger and prepare a post-closing trial balance (5 mark) AccountDebt Credt 4 Marks) CLO 3 halid Lootah has adjusted his books at year end and provides the following Adjusted Trial Balance ADJUSTED TRIAL BALANCE ACCOUNT Credit 1,917,000 ACCOUNTS RECEIVABLE-JASMIN PREPAD INSURANCE-MET BULDING OFFICE SUPPLIES AUTOMOBILES 132.000 4,000 ACCUMULATED DEPRECIATION-AUTO ACCUMULATED DEPRECIATION-BULD 20,000 ACCUMULATED DEPRECIATION EQUIP FURNITURE 60.000 ACCUMULATED DEPRECIATION-FURN 01 31600 ACCOUNTS PAYABLE-MAJID EST UNEARNED REVENUE MAJID LOOTAH 2,000 2.500,000 WAGES PAYABLE CAPITAL WITHDRAWALS WAGES EXPENSE SUPPLIES EXPENSE INSURANCE EXPENSE-AUTO INSURANCE EXPENSE BUILDING ELECTRICITY EXPENSE DEPRECIATION EXPENSE-AUTOMOBILES DEPRECIATION EXPENSE-EQUIPMENT DEPRECIATION EXPENSE-FURNITURE DEPRECIATION EXPENSE BUILDING REVENUE 50,000 7.000 10,000 4,000 4,000 2,000 6,000 10,000 480,000 3.320.000 33200 Prepare the fnancial statements: 1) Income statement 2) Owner's equity Statement 3) Balance Sheet (2 marks) SHEE is books at year end and provoes te loliowingAds WORKSHHET KHALID LOOTAH DECEMBER 31,2018 Adjusted Trial Balancecme Statemert DebitC Credn CASH ACCOUNTS RECEVABLEJASMIN PREPAID INSURANCE-MET BUILDING OFFICE SUPPLIES AUTOMOBILES 1917,000 340,000 132,000 ,000 250,000 ACCUMULATED DEPRECIATION- AUTO BUILDING 4,000 00,000 ACCUMULATED DEPRECIATION - BUILD OFFICE EQUIPMENT 10,000 20,000 ACCUMULATED DEPRECIATION- EQUIP FURNITURE 2,000 60,000 ACCUMULATED DEPRECIATION- FURN 6,000 ACCOUNTS PAYABLE-MAJID EST UNEARNED REVENUE MAJID LOOTAH WAGES PAYABLE CAPITAL 0 316 2,000 2,500,000 50,000 WITHDRAWALS REVENUE 480,000 7,000 2,000 2,000 10,000 4,000 WAGES EXPENSE SUPPLIES EXPENSE INSURANCE EXPENSE-AUTO INSURANCE EXPENSE BUILDING ELECTRICITY EXPENSE DEPRECIATION EXPENSE AUTOMOBILES 4,000 2,000 DEPRECIATION EXPENSE-EQUIPMENT DEPRECIATION EXPENSE-FURNITURE6.000 TOTAL DEPRECIATION EXPENSE BUILDING 3,320,000 3,320000 Required Complete the worksheet above. (2 marks)