Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Urgent solution Please Adjustments to Final Accounts Accrued Revenue or Revenue Receivable & Un-Earned Revenue or Revenue Received in Advance 1 (a) Prepare a Trading

Urgent solution Please

image text in transcribed

image text in transcribed

Adjustments to Final Accounts Accrued Revenue or Revenue Receivable & Un-Earned Revenue or Revenue Received in Advance 1 (a) Prepare a Trading and profit and Loss account for the year ended 31.12.2016 and balance sheet as at that date after taking into consideration of the following adjustments: Bills Payable Capital Commission Received Sales Interest Received Credit $ 10,000 222,400 1000 462,000 400 Opening Stock Sundry Debtors Furniture Plant Purchases Bills Receivable Carriage Outward Salaries Wages Cash at Bank Cash in hand Debit $ 60,000 80,000 20,000 100,000 340,000 22,000 1800 25,400 22,600 18,000 6000 695,000 695,800 Adjustments: 1. Closing Stock valued at $ 100,000 2. Commission received in advance (Un-earned) is $ 300 3. Interest receivable for the year, 2016 is $ 200 Adjustments to Final Accounts Accrued Expenses or Outstanding Expenses or Expenses Payable and Prepaid Expenses or Unexpired Expenses or Expenses Paid in Advance 1(b) Prepare a Trading and profit and loss account for the year ended 31.12.2016 and balance sheet as at that date after taking into consideration of the following adjustments: Returns Outward Capital Sales Commission received Creditors Credit $ 2400 140,000 462,000 1400 90,000 Opening Stock Sundry Debtors Furniture Plant Purchases Carriage Inward Carriage Outward Insurance Paid Returns Inward Salaries Cash in hand Debit $ 60,000 102,000 20,000 100,000 340,000 2600 1800 1400 4000 44,000 20,000 695,800 695,800 Adjustments: 1. Closing Stock valued at $ 100,000 2. Outstanding salaries$ 6000 1. Insurance included a sum of $ 350 relating to the next year. 2016

Step by Step Solution

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

More Books

Students also viewed these Accounting questions

Question

???? understand the value of observational research;

Answered: 1 week ago

Question

List one of the facultys publications in APA style.

Answered: 1 week ago

Question

5. Explain how ERISA protects employees pension rights.

Answered: 1 week ago

Question

8. Describe the main retirement benefits.pg 87

Answered: 1 week ago