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Perform necessary adjustments

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Question - Following is the unadjusted trial balance of Mr. A Enterprises for the Year ended 31st Jan, 2020. Accounts Dr.(Rs.) Cr.(Rs.) Cash 20,000 Prepaid Rent 12,000 Prepaid Insurance 10,000 Furniture 20,000 Purchase (15 TVs) 150,000 Telephone bill Expenses 2,000 Interest Expenses 100 Supplies 5,000 Capital 49,100 Sales (10 TVs) 150,000 Bank Loan 20,000 Total 219,000 219,000 Following were the adjustments for this period:

1) 10% of rent & insurance is expired in this year.

2) Supplies expired = Rs. 4000

3) Accrued Electricity bill Rs. 2000

4) Depreciate furniture @ 20% per annum.5) Bank Loan was taken on 1 st Jan 2020 @ 24% per annum

Required -

(1) Perform necessary adjustments.

(2) Prepare adjusted trial balance.

(3) Prepare Income Statement for the period ending 31st Jan, 2020. Note: The accounting period is Yearly. Keep this in mind and the adjusting entry dates while performing necessary calculations.

Reference no: EM132633283

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