Sontex corporation prepares its financial statement at the end of the year 2018,however some of its accounts were remained unadjusted due to inefficient staff. You are qualified accountant and the Sontex corporation hired you to adjust the following transactions. 01) On 1st January 2016 Sontex corporation paid advance rent Rs. 75000 for 5 years at the rate of 20% per year. How many amount would you treat in profit or loss account and in balance sheet at the end of the year 2018? 02) On 1st December 2018 Sontex corporation earned Rs. 56000 as a commission fee from other company but not yet received. How would you treat it? 03) On 1st May 2018,the company received in Rs. 82000 from one of its customers but the company could perform work only for Rs. 63000. How do you treat it?
Sontex corporation prepares its financial statement at the end of the year 2018,however some of its accounts were remained unadjusted due to inefficient staff. You are qualified accountant and the Sontex corporation hired you to adjust the following transactions.
01) On 1st January 2016 Sontex corporation paid advance rent Rs. 75000 for 5 years at the rate of 20% per year. How many amount would you treat in profit or loss account and in balance sheet at the end of the year 2018?
02) On 1st December 2018 Sontex corporation earned Rs. 56000 as a commission fee from other company but not yet received. How would you treat it?
03) On 1st May 2018,the company received in Rs. 82000 from one of its customers but the company could perform work only for Rs. 63000. How do you treat it?
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