Financial statement of ABC 31/12/2020 Notes receivable 20,000 Share capital (180,000stocks/face value 2€) 360,000 Taxes payable 15,000 Retained earnings ? Reservations and contributions payable 25,000 Mortgage loan 100,000 Notes in delay 15,000 Cash desk 40,000 Notes payable 25,000 Demand deposit 100,000 Goods 50,000 Securities 20,000 Packaging materials 17,000 Participations 34,500 Suppliers 20,000 Building (estimated life 20years/residual value 20,000) 220,000 Deposit-advanced payment of suppliers 5,000 Depreciated buildings 50,000 Deposit-advanced payment of customers 20,000 Furniture (estimated life 10years/residual value 1,000) 40,000 Customers 15,000 Depreciated furniture 39,000 Debtors 30,000 Economic unit 30,000 Difference above par 30,000 Track (estimated life 10years/residual value5,000) 70,000 Depreciated track value 58,500 Prepaid insurance 3,000 Negotiable promissory notes 2,000 General expenses payable 5,000 Find the result in neon (retained earnings) and to draw up the balance sheet of the enterprise by grouping the elements in the sub-categories of assets and liabilities? please dont give handwritten answer thanks
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
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Financial statement of ABC 31/12/2020 |
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Notes receivable 20,000 |
Share capital (180,000stocks/face value 2€) 360,000 |
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Taxes payable 15,000 |
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Reservations and contributions payable 25,000 |
Mortgage loan 100,000 |
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Notes in delay 15,000 |
Cash desk 40,000 |
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Notes payable 25,000 |
Demand deposit 100,000 |
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Goods 50,000 |
Securities 20,000 |
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Packaging materials 17,000 |
Participations 34,500 |
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Suppliers 20,000 |
Building (estimated life 20years/residual value 20,000) 220,000 |
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Deposit-advanced payment of suppliers 5,000 |
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Deposit-advanced payment of customers 20,000 |
Furniture (estimated life 10years/residual value 1,000) 40,000 |
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Customers 15,000 |
Depreciated furniture 39,000 |
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Debtors 30,000 |
Economic unit 30,000 |
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Difference above par 30,000 |
Track (estimated life 10years/residual value5,000) 70,000 |
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Depreciated track value 58,500 |
Prepaid insurance 3,000 |
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Negotiable promissory notes 2,000 |
General expenses payable 5,000 |
Find the result in neon (retained earnings) and to draw up the
please dont give handwritten answer thanks
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