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Financial Statements Unsolved PDF

The document provides a trial balance for Mah Gul Jadoon as of December 31, 2015 and instructions to prepare adjustment entries, an adjusted trial balance, and three informal financial statements excluding the cash flow statement. It lists accounts and balances for the trial balance and notes adjustments needed for inventory valuation, depreciation and amortization, prepaid insurance, and prepaid wages. Blank templates are provided for the general journal of adjustment entries, adjusted trial balance, income statement, statement of owner's equity, and balance sheet.

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Mark Dave Sambrano
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271 views4 pages

Financial Statements Unsolved PDF

The document provides a trial balance for Mah Gul Jadoon as of December 31, 2015 and instructions to prepare adjustment entries, an adjusted trial balance, and three informal financial statements excluding the cash flow statement. It lists accounts and balances for the trial balance and notes adjustments needed for inventory valuation, depreciation and amortization, prepaid insurance, and prepaid wages. Blank templates are provided for the general journal of adjustment entries, adjusted trial balance, income statement, statement of owner's equity, and balance sheet.

Uploaded by

Mark Dave Sambrano
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Problems Accounting 19

PROBLEMS FINANCIAL STATEMENTS (1)

Problem # 19.1: Prepare Adjustment Entries, Adjusted Trial Balance and three Informal Financial Statements excluding
cash flow statement.

Mah Gul Jadoon


Trial Balance

31-Dec-15

Description Debit Description Credit

Sundry Debtors 145,000 Sundry Creditors 63,000

Drawings 52,450 Opening Capital 710,000

Insurance Expense 6,000 Purchase Return 5,000

General Expenses 30,000 Sales 988,800

Salaries 150,000 Commission 3,200

Patents 75,000

Machinery 200,000

Leasehold Land 100,000

Building 300,000

Opening Inventory 58,600

Carriage on Purchases 20,400

Carriage on Sales 32,000

Fuel and Power 47,300

Wages 104,800

Return Inward 6,800

Cash at Bank 29,500

Cash in Hand 5,400

Purchases 406,750

Total Rs. 1,770,000 Total Rs. 1,770,000

Adjustments
(a) Inventory on 31st, December 2015 was valued at Rs. 68,000
(b) Depreciation Machinery by 10 % and Amortization of Patents by 20 %
(c) Unexpired Insurance at the end financial year was Rs. 2,000
(d) Wages includes Rs. 7,000 paid as advance to employees (Prepaid Wages Debit)

www.accountancyknowledge.com 1 Financial Statement


Problems Accounting 19

Solution # 1 Adjustment Entries

General Journal

Amount (Rs)

Date Account Title and Explanations Ref Debit Credit


2015
Dec 31

31

31

31

Total Rs. 112,000 Rs. 112,000

Solution # 2 Adjusted Trial Balance


Mah Gul Jadoon
Adjusted Trial Balance

31-Dec-15

Description Debit Description Credit

www.accountancyknowledge.com 2 Financial Statement


Problems Accounting 19

Total Rs. 1,805,000 Total Rs. 1,805,000

Solution # 3 Three Financial Statements (Informal)

Mah Gul Jadoon

Income Statement

For the Year ended 31st December, 2015

Expenses Debit Revenue Credit

Total Rs. 985,200 Total Rs. 985,200

www.accountancyknowledge.com 3 Financial Statement


Problems Accounting 19

Mah Gul Jadoon

Statement of Owner Equity


For the Year ended 31st December, 2015

Description Debit Description Credit

Total Rs. 944,950 Total Rs. 944,950

Mah Gul Jadoon

Balance Sheet

As on 31st December, 2015

Assets Debit Equities Credit

Total Rs. 990,500 Total Rs. 990,500

www.accountancyknowledge.com 4 Financial Statement

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