Unique Furniture Repairs Finance Assingment Help With Solution

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
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


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