Reference no: EM132562887
Question - Following is the Trial Balance of Shaheen Traders for the period of 2nd Quarter of 2019:
Title of Accounts Debit (Rs.) Credit (Rs.)
Cash 22,000
Bank 62,000
Marketable Securities 55,000
Salaries Expense 60,000
Prepaid Insurance 27,000
Accounts Payable 36,000
Capital 120,000
Service Income 180,000
Furniture 70,000
Rent Revenue 64,000
Prepaid Advertisement 15,000
Insurance Expense 9,000
Equipment 80,000
Total 400,000 400,000
Data for Adjustment:
i. Salaries accrued Rs. 12,000.
ii. Insurance expired for 2nd Quarter Rs. 9,000.
iii. Service Income Accrued Rs. 20,000.
iv. Rent Revenue received but not yet earned Rs. 24,000.
v. Depreciation on Furniture and Equipment @ 10% of Cost.
vi. Prepaid Advertisement expired Rs. 10,000.
Required -
a) Prepare adjusting entries from above data.
b) Prepare Worksheet from above data.
c) Prepare Income Statement from above data.
d) Prepare Balance Sheet from above data.
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