Zeeshan Company Limited is registered with an authorized capital of Rs.1,000,000 divided into ordinary share of Rs.100 each. The Preclosing Trial Balance of the company on December 31, 2000 is as follows: Title of Account _____________________ Debit Rs. ______________ Credit Rs. Cash at Bank ………………………………… 80,000 …………………….…….……… Accounts Receivable ………………………... 90,000 …………………………………… Allowance for Bad Debts ………………………………………….……………… 5,000 Merchandise Inventory (Beg) ………….……. 85,000 …………………………..……..... Machinery ………………………………...... 200,000 …………………………..……..... Accumulated Depreciation (Machinery) …………………………………............. 25,000 Building ………………………………......... 300,000 Accumulated Depreciation (Building) …………………………………................ 30,000 Office Equipment ……………………….….. 60,000 …………………………..……..... Accumulated Depreciation (Office Equipment) …………………..….…..………. 10,000 Accounts Payable ……………………………….…………………..…..………... 24,000 Share Capital ……………………………….………………………..………….. 600,000 Retained Earnings ……………………………….…………………..…………….10,000 Sales ……………………………….……………………………………….…… 365,000 Sales Return ……………………………… 15,000 ……………………………………... Purchases ……………………………..… 105,000 ……………………………………... Purchases Return ……………………………….……………………………..… 10,000 Salaries Expense ………………………… 25,000 ……………………………………... Transportation-in …………………………. 5,000 ……………………………………… Rent Expense ……………………………. 44,000 ……………………………………… Insurance Expense ………………………. 25,000 ……………………………………… Advertising Expense ……………………. 15,000 ……………………………………… Director's Fee ………………………….... 15,000 ……………………………………… Auditor's Fee …………………………..... 15,000 ……………………………………… ……………… Total …………………. 1,079,000 ………………………..… 1,079,000 Data for Adjustment: I. Merchandise Inventory Ending Rs.95,000 II. Accrued Salaries Rs.2,500 III. Unpaid Rent Rs.6,000 IV. Allowance for Depreciation Machinery Rs.20,000; Building Rs.15,000; Office Equipment Rs.5,000 Required: A. Prepare Income Statement B. Prepare Statement of Retained Earning C. Prepare Balance Sheet

Zeeshan Company Limited is registered with an authorized capital of Rs.1,000,000 divided into ordinary share of Rs.100 each. The Preclosing Trial Balance of the company on December 31, 2000 is as follows: Title of Account _______ Debit Rs. Credit Rs. Cash at Bank ………………………………… 80,000 …………………….…….……… Accounts Receivable ………………………... 90,000 …………………………………… Allowance for Bad Debts ………………………………………….……………… 5,000 Merchandise Inventory (Beg) ………….……. 85,000 …………………………..……..... Machinery ………………………………...... 200,000 …………………………..……..... Accumulated Depreciation (Machinery) …………………………………............. 25,000 Building ………………………………......... 300,000 Accumulated Depreciation (Building) …………………………………................ 30,000 Office Equipment ……………………….….. 60,000 …………………………..……..... Accumulated Depreciation (Office Equipment) …………………..….…..………. 10,000 Accounts Payable ……………………………….…………………..…..………... 24,000 Share Capital ……………………………….………………………..………….. 600,000 Retained Earnings ……………………………….…………………..…………….10,000 Sales ……………………………….……………………………………….…… 365,000 Sales Return ……………………………… 15,000 ……………………………………... Purchases ……………………………..… 105,000 ……………………………………... Purchases Return ……………………………….……………………………..… 10,000 Salaries Expense ………………………… 25,000 ……………………………………... Transportation-in …………………………. 5,000 ……………………………………… Rent Expense ……………………………. 44,000 ……………………………………… Insurance Expense ………………………. 25,000 ……………………………………… Advertising Expense ……………………. 15,000 ……………………………………… Director's Fee ………………………….... 15,000 ……………………………………… Auditor's Fee …………………………..... 15,000 ……………………………………… ……………… Total …………………. 1,079,000 ………………………..… 1,079,000 Data for Adjustment: I. Merchandise Inventory Ending Rs.95,000 II. Accrued Salaries Rs.2,500 III. Unpaid Rent Rs.6,000 IV. Allowance for Depreciation Machinery Rs.20,000; Building Rs.15,000; Office Equipment Rs.5,000 Required: A. Prepare Income Statement B. Prepare Statement of Retained Earning C. Prepare Balance Sheet

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter11: Accounting For Transactions Using A General Journal

Section: Chapter Questions

Problem 3AP

See similar textbooks

Related questions

Question

Zeeshan Company Limited is registered with an authorized capital of Rs.1,000,000 divided into ordinary share of Rs.100 each. The Preclosing Trial Balance of the company on December 31, 2000 is as follows: Title of Account _____________________ Debit Rs. ______________ Credit Rs. Cash at Bank ………………………………… 80,000 …………………….…….……… Accounts Receivable ………………………... 90,000 …………………………………… Allowance for Bad Debts ………………………………………….……………… 5,000 Merchandise Inventory (Beg) ………….……. 85,000 …………………………..……..... Machinery ………………………………...... 200,000 …………………………..……..... Accumulated Depreciation (Machinery) …………………………………............. 25,000 Building ………………………………......... 300,000 Accumulated Depreciation (Building) …………………………………................ 30,000 Office Equipment ……………………….….. 60,000 …………………………..……..... Accumulated Depreciation (Office Equipment) …………………..….…..………. 10,000 Accounts Payable ……………………………….…………………..…..………... 24,000 Share Capital ……………………………….………………………..………….. 600,000 Retained Earnings ……………………………….…………………..…………….10,000 Sales ……………………………….……………………………………….…… 365,000 Sales Return ……………………………… 15,000 ……………………………………... Purchases ……………………………..… 105,000 ……………………………………... Purchases Return ……………………………….……………………………..… 10,000 Salaries Expense ………………………… 25,000 ……………………………………... Transportation-in …………………………. 5,000 ……………………………………… Rent Expense ……………………………. 44,000 ……………………………………… Insurance Expense ………………………. 25,000 ……………………………………… Advertising Expense ……………………. 15,000 ……………………………………… Director's Fee ………………………….... 15,000 ……………………………………… Auditor's Fee …………………………..... 15,000 ……………………………………… ……………… Total …………………. 1,079,000 ………………………..… 1,079,000

Data for Adjustment:

I. Merchandise Inventory Ending Rs.95,000

II. Accrued Salaries Rs.2,500

III. Unpaid Rent Rs.6,000

IV. Allowance for Depreciation Machinery Rs.20,000; Building Rs.15,000; Office Equipment Rs.5,000

Required:

A. Prepare Income Statement

B. Prepare Statement of Retained Earning

C. Prepare Balance Sheet

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.