Question
Using the balances from the books of Sunrise Ventures as of December 31, 2023, prepare the necessary journal entries to close the books, and draft
Using the balances from the books of Sunrise Ventures as of December 31, 2023, prepare the necessary journal entries to close the books, and draft an income statement, balance sheet, and statement of retained earnings.
Description | Debit (₹) | Credit (₹) |
Capital Account - Mia | 80,000 | |
Capital Account - Noah | 90,000 | |
Drawings - Mia | 6,000 | |
Drawings - Noah | 7,000 | |
Revenue | 220,000 | |
Cost of Goods Sold | 100,000 | |
Administrative Expenses | 50,000 | |
Utilities | 20,000 | |
Depreciation | 12,000 | |
Profit and Loss Account | 25,000 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
16th edition
0077664078, 978-0077664077, 78111048, 978-0078111044
