Unique Furniture Repairs Finance Assingment Help With Solution

Posted on March 31, 2017

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 bank2,500Capital27,600
Advertising3,300Repair Fees92,000
Equipment21,000Accumulated depreciation – equipment8,400
Office Furniture4,000Accumulated depreciation – Furniture900
Vehicle24,000Accumulated depreciation – vehicles6,000
Insurance3,400Loan – AC Finance7,000
Interest8,400  
Stock of Repair materials22,800  
Rent21,000  
Assistant’s wages23,000  
Debtors1,100  
Telephone740  
Stock of Stationery660  
Term Deposit6,000  
 $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

 

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