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Accounting Worksheet
Accounting Worksheet
Problems Accounting
31-Dec-16
Adjustments
st
a) Stock at 31 , December was valued at Rs. 320
b) General Expenses of Rs. 300 paid for two years, first year had expired
Requirements
1. Pass Adjusted Entries
General Journal
Amount (Rs.)
Date Account Title and Explanations Ref Debit Credit
2016
140
Salaries A/C
31 140
Salaries Payable
(Revenue Closed)
(ii)
Income Summary A/C 4500
Owner’s Equity 70
(iv)
Drawing A/C 70
ABC Company
Work Sheet
st
For the Period ended December 31 , 2016
1 2 3 4 5 6 7 8 9 10 11 12 13 14
Trial Balance Adjustments Adj. Trial Balance Income Statement Statement of O.E Balance Sheet
A# Chart of Accounts
Dr Cr Dr Cr Dr Cr Expenses Revenues Dr Cr Assets Equities
1 Purchases 720 320 400 400
2 Carriage inward 930 930 930
3 Wages 1560 1560 1560
4 Salaries 1220 140 1360 1360
5 General Expenses 300 150 150 150
6 Cash at Bank 1600 1600 1600
7 Petty Cash 30 30 30
8 Premises 6500 6500 6500
9 Furniture 1500 1500 1500
10 Stock 550 320 870 870
11 Drawing 70 70 70
12 Account Receivable 1200 100 1100 1100
13 Prepaid General Exp. 150 150 150
14 Bad Debts 100 100 100
15 Sales 5000 5000 5000
16 Owner Equity 9500 9500 9500
17 Note Payable 700 700 700
18 Sundry Creditor 240 240 240
19 Salaries Payable 740 140 880 880
20 Net Profit c/f to O.E 500 500
21 Bal c/f to B/S 9930 9930
Total 16,180 16,180 710 710 16,320 16,320 5,000 5,000 10,000 10,000 11,750 11,750
Problem #
Following Data is extracted from books of Elixier & Co
Elixier & Co
Corrected Trial Balance
31-Dec-15
Adjustments
st
a) Inventory on 31 , December 2015 was valued at Rs. 68,000.
b) Depreciation Machinery by 10 % and Amortization of Patents by 20 %.
c) Unexpired Insurance at the end financial year was Rs. 2,000.
d) Advance Wages paid to of Rs. 7,000.
Requirements
1. Pass Adjusted Entries
2. Pass Closing Entries
3. Prepare Work Sheet
4
20
Problems Accounting
General Journal
Amount (Rs.)
Date Account Title and Explanations Ref Debit Credit
2015 Inventory A/C 68000
Dec 31
Purchases A/C 6800
Work Sheet
1 2 3 4 5 6 7 8 9 10 11 12 13 14
Trial Balance Adjustments Adj. Trial Balance Income Statement Statement of O.E Balance Sheet
A# Chart of Accounts
Dr Cr Dr Cr Dr Cr Expenses Revenues Dr Cr Assets Equities
Sundry Debtors 145000 145000 14500
Drawings 52450 52450 52450
Insurance Expense 6000 2000 4000 4000
General Expense 30000 30000 30000
Salaries 150000 150000 150000
Patents 75000 75000 75000
Machinery 200000 200000 200000
Leasehold Land 100000 100000 100000
Building 300000 300000 300000
Inventory 58600 68000 126600 126600
Carriage on purchase 20400 20400 20400
Carriage on Sales 32000 32000 32000
Fuel and Power 47300 47300 47300
Wages 104800 7000 97800 97800
Cash at Bank 29500 29500 29500
Cash in HAND 5400 5400 5400
Purchases 401750 68000 333750 333750
Sundry Creditors 6300 63000 63000
Opening Capital 710000 710000 710000
Sales 982000 982000 982000
Commission 3200 3200 3200
Dep. Exp Machinery 20000 20000 20000
Amortized. Exp Patents 15000 15000 15000
Acc Dep. Machinery 20000 20000 20000
Acc Amortized-Patents 15000 15000 15000
Unexpired Insurance 2000 2000 2000
Prepaid Wages 7000 7000 7000
Net profit c/f to O.E 234950 234950
Bal c/f to B/S 892500
TOTAL 1,758,200 1,758,200 112,000 112,000 1,793,200 1,793,200 985,200 985,200 944,950 944,950 990,500 990,500