Prepare the adjusted statement of financial position

Reference no: EM131191987

ABC Company- Trial Balance Year endered 31December 2012
ABC Company- Trial Balance Year endered 31December 2012
	description	Dr	Cr
1	Cash in hand	827.35	-	BS
2	Company bank	1,163,269.54	-	BS
3	Entity bank	150,974.55	-	BS
4	Establishment bank	-	2,547.87	BS
5	Current Accounts	2,533,460.00	-	BS
6	A/R	4,124,528.05	-	BS
7	Security deposit	200,040.00	-	BS
8	Prepaid Expenses	87,541.70	-	BS
9	Staff Advances	1,000.00	-	BS
10	Related party Accounts	-	2,285,310.68	BS
11	Allowance for doubtful Account		87,334.21	BS
12	Machinery	393,247.00	-	BS
13	EDP	18,835.00	-	BS
14	Tools	34,088.00	-	BS
15	Office Equipment	48,400.00	-	BS
16	Accum Depre - Machinery	-	213,409.89	BS
17	Accum Depre - EDF	-	18,831.98	BS
18	Accum Depre- Tools	-	18,358.89	BS
19	Accum Depre- Office Equipment	-	28,742.11	BS
20	Accounts payable	-	823,264.79	BS
21	Accruales	-	13,000.00	BS
22	Provision for end of service indemnity	-	68,158.02	BS
23	Retained Earnings -beginning	-	4,700,899.00	BS
24	paid up capital	-	300,000.00	BS
25	Sales Income	-	6,952,284.34	PL
26	sales discounts	85,899.10	-	PL
27	Raw materials Cost	1,496,621.18	-	PL
28	Sub Contracters payment	1,757,466.77	-	PL
29	Direct labour	564,752.12	-	PL
30	Salaries Expenses	654,952.93	-	PL
31	Labour Accommodation	290,637.48	-	PL
32	Indirect lobour	311,672.00	-	PL
33	Depreciation Cost	89,595.18	-	PL
34	Leave salary	3,010.30	-	PL
35	End of Service Indeminity	78,731.25	-	PL
36	Accounting/Auditing Exp	36,000.00	-	PL
37	Accommodation	68,000.00	-	PL
38	Utilities Expenses	14,864.98	-	PL
39	Bad debts	-	-	PL
40	Fuel	108,082.00	-	PL
41	Rent & Lease Expenses	720,875.30	-	PL
42	Tranasportation charges	109,514.75	-	PL
43	Car Rental Charges	34,492.00	-	PL
44	Licenses & Other permits	163,790.00	-	PL
45	Allowance&Repair Expenses	38,366.00	-	PL
46	Utilities Expenses	8,567.00	-	PL
47	Bank Charges	1,060.00	-	PL
48	Telephone Expenses	45,629.03	-	PL
49	Office Supplies Expenses	2,348.00	-	PL
50	Other Office Expenses	47,508.50	-	PL
51	Salaes Promotion Expenses	1,800.00	-	PL
52	Depreciation Expenses	21,694.72	-	PL
		15,512,141.78	15,512,141.78

Additional Information-

1. The Company during the year paid AED 200,000 for security deposit and bank charges of AED 40

2. The Warehouse reported inventory stock count of AED 286,500

3. XYZ Company's confirmation ,(Customer) stated a balance of AED 475,000/-The Company's book balance shows AED 495,000/-which later proved there was double posting of proforma Invoice. The accountant did not rectify the accounts at the end of the year.

4. The Company 's policy on allowances for doubtful accounts is 5% of Accounts receivables.

5. The three Shareholders daclared dividends of AED 250,000 each and which will be paid on the 10th of the following year.

Required-

1. Prepare the Adjusted statement of financial position

2. prepare adjusted statement of comprehensive income

3. Prepare a statement of Changes in equity

4. Prepare adjusting entries.

Attachment:- Assignment.rar

Reference no: EM131191987

Questions Cloud

Generated by elastic vs inelastic goods : If gasoline is inelastic, who pays the tax? How much tax revenue is generated by elastic vs inelastic goods? Pease support with a source or two. Let's assume for a "reasonable" increase in the tax.

Identify topics of interest in fields related to education : Explain what motivated you to pursue an advanced graduate degree in education and identify three topics of interest in fields related to education that ignite your passion. Finally, explain why these topics are important to you.

What is the real interest rate over the past year : Suppose that the price of refrigerators always changes at the rate of the economy's inflation. A refrigerator sells for $1,100 today, but the same refrigerator sold for $1,000 one year ago. A bank deposit of $100 a year ago earned 4% interest over..

Indicate the effect of each transaction : Indicate the effect of each transaction on the accounting equation elements by listing the numbers identifying the transactions,

Prepare the adjusted statement of financial position : Required- Prepare the Adjusted statement of financial position and prepare adjusted statement of comprehensive income

How has it influenced health care : How has it influenced health care? Why is it important to understand the appropriate application of the term or concept?

Concept of consumer and producer surplus : You have been assigned to a team that has the responsibility of preparing a paper consisting of 1,750 words for the governor's next economic conference. Your paper should address the following:

What amount should fisher report as its investment : What amount should Fisher report as its Investment in Steel on its December 31, 2015, balance sheet?- What amount should Fisher report as Equity in Earnings of Steel on its December 31, 2015 income statement?

Determine what the role of families is in learning process : Determine what, in your opinion, the role of families is in the assessment-learning process. Thinking about the age of children you desire to work with and the unique needs of that age group.

User Account

All Pages