Question
Using the year-end balances from Maple Leaf Inc. as of December 31, 2023, prepare the necessary journal entries to close the books and compile an
Using the year-end balances from Maple Leaf Inc. as of December 31, 2023, prepare the necessary journal entries to close the books and compile an income statement and balance sheet.
Description | Debit (₹) | Credit (₹) |
Capital Account - Liam | 70,000 | |
Capital Account - Olivia | 80,000 | |
Drawings - Liam | 5,000 | |
Drawings - Olivia | 6,000 | |
Sales | 210,000 | |
Purchases | 120,000 | |
Salaries | 40,000 | |
Rent | 20,000 | |
Miscellaneous Expenses | 8,000 | |
Profit and Loss Account | 15,000 |
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Fundamental Accounting Principles
Authors: John J Wild, Ken Shaw
25th Edition
1260247988, 978-1260247985
