Ql: The following Adjusted Trial Balance was extracted from the books of Anees &Sons on 31“ December, 2015. From this you are required to pass closing entries.DebitCreditParticularsRs.Rs.Cash5,000Accounts receivable9,000Merchandise inventory on 1.1.2015Plant and machineryLand and building6,00074,00080,000Furniture and fixturesOwner's equityAccounts payable2,600136,0003, 800Purchases10,000Salary payable2,800Sales70,000Rent expense4,600DrawingInsurance prepaidAdvertising expenseSalaries expense2,0003,4004,00012,000TotalRs. 212,600Rs. 212,600Use four types of closing entries then prepare POST CLOSING TRIALBALANCE.

Closing entries are used to transfer the balance from a temporary account to permanent account. We…

Ql: The following Adjusted Trial Balance was extracted from the books of Anees & Sons on 31“ December, 2015. From this you are required to pass closing entries. Debit Credit Particulars Rs. Rs. Cash 5,000 Accounts receivable 9,000 Merchandise inventory on 1.1.2015 Plant and machinery Land and building Furniture and fixtures Owner's equity Accounts payable 6,000 74,000 80,000 2,600 136,000 3,800 Purchases Salary payable Sales 10,000 2,800 70,000 Rent expense 4,600 Drawing Insurance prepaid Advertising expense Salaries expense 2,000 3,400 4,000 12,000 Total Rs. 212,600 Rs. 212,600 Use four types of closing entries then prepare POST CLOSING TRIAL BALANCE.

Ql: The following Adjusted Trial Balance was extracted from the books of Anees & Sons on 31“ December, 2015. From this you are required to pass closing entries. Debit Credit Particulars Rs. Rs. Cash 5,000 Accounts receivable 9,000 Merchandise inventory on 1.1.2015 Plant and machinery Land and building Furniture and fixtures Owner's equity Accounts payable 6,000 74,000 80,000 2,600 136,000 3,800 Purchases Salary payable Sales 10,000 2,800 70,000 Rent expense 4,600 Drawing Insurance prepaid Advertising expense Salaries expense 2,000 3,400 4,000 12,000 Total Rs. 212,600 Rs. 212,600 Use four types of closing entries then prepare POST CLOSING TRIAL BALANCE.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 10SPB

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