Anusha naeem

18020418
Unadjusted trial balance
Dr
Cr
Dr
Land
Cash
Opening inventory
Equipment
Purchases
Unearned revenue
debtors
Acc dep.
Bank
creditors
Telephone payable
Capital
Withdrawals
Revenue
Motor car depreciation
Equipment depreciation
Insurance expense
salaries expense
wages expense
rent expense
motor cars expense
electricity expense
postage and telephone expense
discount Dr
general charges
repair expenses
advertising expense

7760
50000
20000

400

50000
21000

10000

10000
10000
1000
5024
110000

35000
1000
34000
6000

10000
600000
1024
4000
10000

12000
40000
9000
10240
6000
3000
11400
4000
9600
9000
269000

1000
1000
400
669000

Missing item is purchases= 40000

Adjustments:
Dr
Repairs
Cash

Adjustments
Cr
100000

Cr
400
400

Discount allowed
Sundry debtors

1000

Motor car depreciation

Accumulated depreciation

1024

Equipment depreciation

4000

1000

1024

137424

137424

Anusha naeem
18020418
Accumulated depreciation
Drawings
Purchases
Telephone expense
telephone payable

4000
10000
10000
1000
1000

Bank
Lohan & co (unearned revenue)

10000

insurance
bank

10000

land
loan

10000

10000
100000
100000

Anusha naeem
18020418
Dr

Adjusted trial balance

Cr
100000
7360
50000
20000
10000
10000
49000
5024
79000
35000
1000
34000
16000
600000
1024
4000
10000
12000
40000
9000
10240
6000
4000
12400
4000
10000
9000
374024
774024

Anusha naeem
18020418

Anusha naeem
18020418
incorrect entry
correct entry
correcting entry

incorrect entry
correct entry
correcting entry

incorrect entry
correct entry
correcting entry

incorrect entry
correct entry
correcting entry

incorrect entry
correct entry
correcting entry

incorrect entry
correct entry
correcting entry

1 Description
machinery
purchases
machinery
accounts payable
purchases
accounts payable

Dr

2 Description
cash
sales revenue
cash
sales revenue
cash
sales revenue

Dr

3 Description
general expenses
Cash
Intangible assets(License expense)
Cash
general expenses
Intangible assets(License expense)
4 Description
cash
sales
sales return
account payable
cash
account payable

Dr

5 Description
cash
purchases
purchase returns
account receivable
purchases
account receivable

Dr

6 Description
Rent expense
Rental revenue
Rent expense
Rental revenue
Rent expense

Dr

Cr
56000
56000
56000
56000
56000
56000
Cr
175000
175000
157000
157000
18000
18000
Cr
30000
30000
30000
30000
30000
30000

Dr

Cr
100000
100000
100000
100000
100000
100000
Cr
550000
550000
550000
550000
550000
550000
Cr
59000
59000
95000
95000
36000

Anusha naeem
18020418
Rental revenue

incorrect entry
correct entry
correcting entry

incorrect entry
correct entry
correcting entry

incorrect entry
correct entry
correcting entry

7 Description
sales
Paul rudd limited
Accounts receivable
Paul rudd limited
sales
accounts receivable
8 Description
van
interest payable
Interest expense
Interest payable
van
Interest expense
9 Description
cash
capital
cash
account payable
capital
account payable

10 Description
Purchase return
Cash
correct entry
Sales return
Cash
correcting entry
Purchase return
Sales return
incorrect entry

36000
Dr

Cr
19200
19200
19200
19200
19200
19200

Dr

Cr
40000
40000
40000
40000
40000
40000

Dr
Cr
2000000
2000000
2000000
2000000
2000000
2000000
Dr

Cr
21600
21600
21600
21600
21600
21600

Anusha naeem
18020418
Balance sheet
Non current assets
Land
Equipment
less depreciation
Motor car
less depreciation

Current assets
Closing stock
Debtors
Prepaid insurance
Bank
Cash

Current liabilities
Creditors
Lohan & co
Accrued bills

Equity
Capital
Withdrawals
long term loan
Net profit

100000
20000
-4000
10240
-1024
125216

75000
49000
10000
21000
7360
162360

35000
10000
1000
46000

34000
-16000
100000
123576
241576

Anusha naeem
18020418
Income statement
Revenue
motor car expense
insurance expense
salaries
wages
rent
postal and telephone
Discount allowed
General charges
Repairs
Electricity
Advertising
Motor car depreciation
Equipment depreciation

600000
10240
10000
12000
40000
9000
4000
12400
4000
10000
6000
9000
1024
4000

Anusha naeem
18020418
Statement of retained earnings
Retained earnings
Net income
Less withdrawals/dividends
Retained earnings

123576
16000
107576