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Capital A/c 300000,cash account 90100,furniture account 10000,bank account 19000,purchases account 138000,sales account 76000,rent account 18000,x ltd 27000,advertisement 10000,drawing account 10000,donation 2000,salaries 20000,interest 2000,stationery 5000,postage 200,trade exp 500,discount received 900,commission received 400,discount allowed 500,wages 8000,machinery 10000,scooter 16000,purchase return 5000. this is a trial balance please make 10 adjustment and final account?
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Capital A/c 300000,cash account 90100,furniture account 10000,bank acc...
Adjustments:
1. Accrued interest expense: Accrue interest expense of $1,000 for the period not yet recorded.
2. Prepaid rent: Record prepaid rent of $2,000 for the period not yet expired.
3. Depreciation: Depreciate furniture by $500 and machinery by $1,000 using straight-line method.
4. Bad debt expense: Record bad debt expense of $2,000 based on estimated uncollectible accounts.
5. Inventory adjustment: Adjust inventory for the cost of goods sold by recording purchases returns of $5,000.
6. Unearned revenue: Record unearned revenue of $3,000 for the period not yet earned.
7. Accrued salaries: Accrue salaries expense of $1,000 for the period not yet recorded.
8. Accrued taxes: Accrue taxes expense of $500 for the period not yet recorded.
9. Insurance adjustment: Record insurance expense of $1,000 for the period not yet recorded.
10. Donation adjustment: Reverse the donation of $2,000 as it was recorded in error.
Final Accounts:
Income Statement:
Sales $76,000
Less: Cost of Goods Sold ($43,000)
Gross Profit $33,000
Operating Expenses:
Rent $18,000
Salaries $20,000
Interest $2,000
Depreciation ($1,500)
Bad Debt Expense $2,000
Insurance $1,000
Advertisement $10,000
Postage $200
Stationery $5,000
Trade Exp $500
Discount Allowed $500
Total Operating Expenses ($44,700)
Net Loss ($11,700)
Balance Sheet:
Assets:
Cash $90,100
Bank $19,000
Accounts Receivable $30,000
Less: Allowance ($2,000)
Net Accounts Receivable $28,000
Inventory $43,000
Prepaid Rent $2,000
Total Assets $182,100
Liabilities:
Accounts Payable $133,000
Unearned Revenue $3,000
Total Liabilities $136,000
Equity:
Capital $300,000
Less: Drawings ($10,000)
Net Income/Loss ($11,700)
Total Equity $278,300
Total Liabilities and Equity $414,300
1. Accrued interest expense: Accrue interest expense of $1,000 for the period not yet recorded.
2. Prepaid rent: Record prepaid rent of $2,000 for the period not yet expired.
3. Depreciation: Depreciate furniture by $500 and machinery by $1,000 using straight-line method.
4. Bad debt expense: Record bad debt expense of $2,000 based on estimated uncollectible accounts.
5. Inventory adjustment: Adjust inventory for the cost of goods sold by recording purchases returns of $5,000.
6. Unearned revenue: Record unearned revenue of $3,000 for the period not yet earned.
7. Accrued salaries: Accrue salaries expense of $1,000 for the period not yet recorded.
8. Accrued taxes: Accrue taxes expense of $500 for the period not yet recorded.
9. Insurance adjustment: Record insurance expense of $1,000 for the period not yet recorded.
10. Donation adjustment: Reverse the donation of $2,000 as it was recorded in error.
Final Accounts:
Income Statement:
Sales $76,000
Less: Cost of Goods Sold ($43,000)
Gross Profit $33,000
Operating Expenses:
Rent $18,000
Salaries $20,000
Interest $2,000
Depreciation ($1,500)
Bad Debt Expense $2,000
Insurance $1,000
Advertisement $10,000
Postage $200
Stationery $5,000
Trade Exp $500
Discount Allowed $500
Total Operating Expenses ($44,700)
Net Loss ($11,700)
Balance Sheet:
Assets:
Cash $90,100
Bank $19,000
Accounts Receivable $30,000
Less: Allowance ($2,000)
Net Accounts Receivable $28,000
Inventory $43,000
Prepaid Rent $2,000
Total Assets $182,100
Liabilities:
Accounts Payable $133,000
Unearned Revenue $3,000
Total Liabilities $136,000
Equity:
Capital $300,000
Less: Drawings ($10,000)
Net Income/Loss ($11,700)
Total Equity $278,300
Total Liabilities and Equity $414,300
Community Answer
Capital A/c 300000,cash account 90100,furniture account 10000,bank acc...
These r the adjustments only. Ok so 1.c/s. 50000, 2.depriciate furniture - 10%, 3.accrued commission 500,4. Prepaid rent 1000, 5. Charge int. 500 on drwgs 6. Salaries outstanding 1000, 7. Intt on capital 500, 8. Entire stationery was used by proprietor for his own purpose, 9.included in trade exp is prepaid insurance premium of 500, 10.write off 1/2 advertisement exp. I hope this will help u.......
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Capital A/c 300000,cash account 90100,furniture account 10000,bank account 19000,purchases account 138000,sales account 76000,rent account 18000,x ltd 27000,advertisement 10000,drawing account 10000,donation 2000,salaries 20000,interest 2000,stationery 5000,postage 200,trade exp 500,discount received 900,commission received 400,discount allowed 500,wages 8000,machinery 10000,scooter 16000,purchase return 5000. this is a trial balance please make 10 adjustment and final account?
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Capital A/c 300000,cash account 90100,furniture account 10000,bank account 19000,purchases account 138000,sales account 76000,rent account 18000,x ltd 27000,advertisement 10000,drawing account 10000,donation 2000,salaries 20000,interest 2000,stationery 5000,postage 200,trade exp 500,discount received 900,commission received 400,discount allowed 500,wages 8000,machinery 10000,scooter 16000,purchase return 5000. this is a trial balance please make 10 adjustment and final account? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about Capital A/c 300000,cash account 90100,furniture account 10000,bank account 19000,purchases account 138000,sales account 76000,rent account 18000,x ltd 27000,advertisement 10000,drawing account 10000,donation 2000,salaries 20000,interest 2000,stationery 5000,postage 200,trade exp 500,discount received 900,commission received 400,discount allowed 500,wages 8000,machinery 10000,scooter 16000,purchase return 5000. this is a trial balance please make 10 adjustment and final account? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Capital A/c 300000,cash account 90100,furniture account 10000,bank account 19000,purchases account 138000,sales account 76000,rent account 18000,x ltd 27000,advertisement 10000,drawing account 10000,donation 2000,salaries 20000,interest 2000,stationery 5000,postage 200,trade exp 500,discount received 900,commission received 400,discount allowed 500,wages 8000,machinery 10000,scooter 16000,purchase return 5000. this is a trial balance please make 10 adjustment and final account?.
Capital A/c 300000,cash account 90100,furniture account 10000,bank account 19000,purchases account 138000,sales account 76000,rent account 18000,x ltd 27000,advertisement 10000,drawing account 10000,donation 2000,salaries 20000,interest 2000,stationery 5000,postage 200,trade exp 500,discount received 900,commission received 400,discount allowed 500,wages 8000,machinery 10000,scooter 16000,purchase return 5000. this is a trial balance please make 10 adjustment and final account? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about Capital A/c 300000,cash account 90100,furniture account 10000,bank account 19000,purchases account 138000,sales account 76000,rent account 18000,x ltd 27000,advertisement 10000,drawing account 10000,donation 2000,salaries 20000,interest 2000,stationery 5000,postage 200,trade exp 500,discount received 900,commission received 400,discount allowed 500,wages 8000,machinery 10000,scooter 16000,purchase return 5000. this is a trial balance please make 10 adjustment and final account? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Capital A/c 300000,cash account 90100,furniture account 10000,bank account 19000,purchases account 138000,sales account 76000,rent account 18000,x ltd 27000,advertisement 10000,drawing account 10000,donation 2000,salaries 20000,interest 2000,stationery 5000,postage 200,trade exp 500,discount received 900,commission received 400,discount allowed 500,wages 8000,machinery 10000,scooter 16000,purchase return 5000. this is a trial balance please make 10 adjustment and final account?.
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Capital A/c 300000,cash account 90100,furniture account 10000,bank account 19000,purchases account 138000,sales account 76000,rent account 18000,x ltd 27000,advertisement 10000,drawing account 10000,donation 2000,salaries 20000,interest 2000,stationery 5000,postage 200,trade exp 500,discount received 900,commission received 400,discount allowed 500,wages 8000,machinery 10000,scooter 16000,purchase return 5000. this is a trial balance please make 10 adjustment and final account?, a detailed solution for Capital A/c 300000,cash account 90100,furniture account 10000,bank account 19000,purchases account 138000,sales account 76000,rent account 18000,x ltd 27000,advertisement 10000,drawing account 10000,donation 2000,salaries 20000,interest 2000,stationery 5000,postage 200,trade exp 500,discount received 900,commission received 400,discount allowed 500,wages 8000,machinery 10000,scooter 16000,purchase return 5000. this is a trial balance please make 10 adjustment and final account? has been provided alongside types of Capital A/c 300000,cash account 90100,furniture account 10000,bank account 19000,purchases account 138000,sales account 76000,rent account 18000,x ltd 27000,advertisement 10000,drawing account 10000,donation 2000,salaries 20000,interest 2000,stationery 5000,postage 200,trade exp 500,discount received 900,commission received 400,discount allowed 500,wages 8000,machinery 10000,scooter 16000,purchase return 5000. this is a trial balance please make 10 adjustment and final account? theory, EduRev gives you an
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