Unique Furniture Repairs Finance Assingment Help With Solution
Balance Day Adjustments, Closing and Reversing Entries Exercise
The following information has been supplied by Unique Furniture Repairs.
Unique Furniture Repairs: Trial Balance as at 31 December 2012
Cash at bank | 2,500 | Capital | 27,600 |
Advertising | 3,300 | Repair Fees | 92,000 |
Equipment | 21,000 | Accumulated depreciation – equipment | 8,400 |
Office Furniture | 4,000 | Accumulated depreciation – Furniture | 900 |
Vehicle | 24,000 | Accumulated depreciation – vehicles | 6,000 |
Insurance | 3,400 | Loan – AC Finance | 7,000 |
Interest | 8,400 | ||
Stock of Repair materials | 22,800 | ||
Rent | 21,000 | ||
Assistant’s wages | 23,000 | ||
Debtors | 1,100 | ||
Telephone | 740 | ||
Stock of Stationery | 660 | ||
Term Deposit | 6,000 | ||
$141,900 | $141, 900 |
Note: Stock of repair materials listed here was as at the beginning of the period – 1st January 2013
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Adjustments required:
Stock of repair materials as at 31 December 2012 was $900
The term deposit was taken out on 1 June 2012 for 12 months and is returning 9% per annum. No interest has been received as yet.
Insurance paid in advance amounted to $150
Telephone expense owing is $180.
The repair fees in the trial balance includes $1 500 which has been paid in advance for work to be done in January 2013.
Stationery on hand as at 31 December 2012 was $150
Depreciation entries required for the year:
Vehicle 20% p.a on the reducing balance
Equipment 25% p.a on straight line method
Office furniture 10% p.a straight line method
Required:
1. Prepare all adjusting entries in the general journal.
2. Prepare the general ledger accounts for the following expense and revenue accounts (based on the updated trial balance): repair materials, interest revenue, insurance, telephone, repair fees and stationery.
3. Close off the following general ledger accounts to the Profit and Loss account in the general ledger:
repair materials, interest revenue, insurance, telephone, repair fees and stationery
4. Prepare a Profit and Loss Statement for the year ended 31 December 2012
5. Prepare a Balance Sheet as at 31 December 2012.
6. Enter the reversing entries into the general ledger as at 1 Jan 2013
Product Code :Fin254
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