ADJUSTING ENTRIES:

Date

Accounts

Debit

31/12/20
15

Office supplies expenses

Office supplies on hand
(to record the adjusting entries for office supplies on
hand)
Depreciation expense: Furniture and fittings
Accumulated depreciation: Furniture and fittings
(to record the adjusting entries for depreciation)
Insurance expense
Prepaid insurance
(to record the adjusting entries for prepaid
insurance)
Prepaid rental expense
Rental expense
(to record the adjusting entries for prepaid rental
expense)
Salaries expense
Accrued salaries expense
(to record the adjusting entries for accrued salaries)
Bad debt expense
Allowance for doubtful debt
(to record the adjusting entries for allowance for
doubtful debts)
Rental income
Unearned rental income
(to record the adjusting entries for unearned rental
income)
Unearned commission
Commission income
(to record the adjusting entries for unearned
commission)
Accrued interest income
Interest income

6,00
0

6,000

6,00
0

6,000

3,60
0

3,600

12,0
00

1,00
0

Credi
t

12,00
0

1,000

550
550

6,00
0

6,000

2,00
0

2,000

1,00
0

1,000

ADJUSTED TRIAL BALANCE AS AT 31/12/2015

Cash
Account Receivables
Inventory
Prepaid Insurance
Office Supplies On Hand
Furniture And Fittings
Accumulated Depreciation : Furniture And Fittings
Account Payable
Capital
Sales
Rental income
Unearned commission
Sales Return
Sales Discount
Purchases
Purchase Return
Purchase Discounts
Carriage Inward
Salaries Expenses
Rental Expenses
Advertising Expenses
Drawings
Office supplies expense
Depreciation expense
Insurance expense
Prepaid rental expense
Accrued salaries expense
Bad debt expense
Allowance for doubtful debt
Unearned rental income
Commission income
Accrued interest income
Interest income
Total

RM
17,100
11,000
32,000
4,800-3,600
7,300-6,000
120,000

RM

12,000+6,00
0
23,000
60,000
378,600
12,000-6,000
4,000-2,000
1,300
2,600
173,000
2,400
3,200
3,600
44,000+1,000
24,000-12,000
8,500
46,000
6,000
6,000
3,600
12,000
1,000
550
550
6,000
2,000
1,000
503,750

1,000
503,750

SEMBOYAN ENTERPRISE
STATEMENT OF INCOME FOR THE FINANCIAL YEAR ENDED 31/12/2015
Sales
-Sales discount
- Sales return
Net Sales
Cost of Goods Sold:
Beginning Inventory
+Purchases
+Carriage inwards
-Purchase return
-Purchase discounts
Goods available for
sale
-Ending inventory
Cost of goods sold
Gross profit
Add: Other Income
Rental income
Commission income
Interest income
Less: Expenses
Salaries expense
Rental expense
Advertising
expense
Office supplies
expense
Depreciation
expense
Insurance expense
Bad debt expense
NET PROFIT

378,600
(2,600)
(1,300)
374,700
32,000
173,000
3,600
(2,400)
(3,200)
203,000
(36,000)
(167,000)
207,700
6,000
2,000
1,000
(45,000)
(12,000)
(8,500)
(6,000)
(6,000)
(3,600)
(550)
135,050

SEMBOYAN ENTERPRISE
STATEMENT OF FINANCIAL POSITION AS AT 31/12/2015
Non-current assets
Furniture and Fittings
(-) Accumulated
depreciation
Current assets:
Cash
Inventory (ending)
Accounts receivables
(-)Allowance for doubtful
debts
Office supplies on hand
Prepaid insurance
Prepaid rental expense
Accrued interest income

120,000
(18,000)

102,000

17,100
36,000
11,000
(550)

10,450
1,300
1,200
12,000
1,000

TOTAL ASSETS

79,050
181,050

Equity and Liability

Equity:
Capital
(+)Profit
(-)Drawings

60,000
135,050
(46,000)

149,050

Liability
Non-current liability
Current liability
Account Payable
Unearned commission
Accrued salaries
expenses
Unearned rental income
TOTAL EQUITY AND
LIABILITIES

23,000
2,000
1,000
6,000

32,000
181,050