/ Work Sheet - 10 Column Work Sheet / Accounting Worksheet Problems and Solutions
We have covered Worksheet topic in great detail. Now, it is
the right time to do practice and get good marks in the exam. Remember! Practice is the key to success in Accounting paper exams. Accounting Worksheet Problems and Solutions Jadon & Co. is a manufacturer of various types of dyes for industrial use. Following is the unadjusted trial balance as on 30 June, 2018:
Debit Credit
Cash 20,000
Debtors 48,000
Opening Inventory 40,000
Prepaid insurance 16,000
IT Equipment 200,000
Allowance for depreciation – IT Equipment 40,000
Creditors 32,000
Capital 209,200
Drawings 24,000
Revenue 320,000
Discount given to customers 16,000
Purchases 160,000
Return and allowances 20,000
Carriage-in 23,200
Advertising expense 34,000
Payroll expense 40,000
621,200 621,200
Additional information for adjustments:
1. Provide allowance for depreciation on IT Equipment $
8,000. 2. Provide allowance for bad debts @ 10 % of ending balance of debtors. 3. Insurance expired $ 10,000. 4. Prepaid advertising $ 4,800. 5. Outstanding payroll $ 8,000. 6. Closing inventory on 30 June, 2018 $ 60,000.
Required: You are required to produce ten column worksheet. Solution
Particulars Trial Balance Adjustments Adjusted T. B Income Stat. Balance Sheet
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 20,000 20,000 20,000
Accounts 48,000 48,000 48,000 receivable
Inventory 40,000 40,000 40,000
Prepaid 16,000 10,000 6,000 6,000 insurance
IT 200,000 200,000 200,000 Equipment
Allow for dep – IT 40,000 8,000 48,000 48,000 Equip.
