The document contains an accounting exam paper with multiple questions. Question 1 asks to prepare general journal entries for various business transactions that occurred in March. Question 2 provides account balances and asks to prepare a trial balance. Question 3 asks to prepare adjusting entries related to prepaid insurance and cash received in advance. Question 4 provides an incomplete income statement and asks to fill in missing values. The exam tests accounting concepts like journal entries, trial balances, adjusting entries, and financial statements.
The document contains an accounting exam paper with multiple questions. Question 1 asks to prepare general journal entries for various business transactions that occurred in March. Question 2 provides account balances and asks to prepare a trial balance. Question 3 asks to prepare adjusting entries related to prepaid insurance and cash received in advance. Question 4 provides an incomplete income statement and asks to fill in missing values. The exam tests accounting concepts like journal entries, trial balances, adjusting entries, and financial statements.
The document contains an accounting exam paper with multiple questions. Question 1 asks to prepare general journal entries for various business transactions that occurred in March. Question 2 provides account balances and asks to prepare a trial balance. Question 3 asks to prepare adjusting entries related to prepaid insurance and cash received in advance. Question 4 provides an incomplete income statement and asks to fill in missing values. The exam tests accounting concepts like journal entries, trial balances, adjusting entries, and financial statements.
Note: Attempt any five question in all , question one is compulsory.
Q1: prepare, in proper form, general journal entries for the following transaction for the month of March: 1. Mr usman invested Rs. 30,000 cash to start business. 3. Paid advance rent for the building Rs. 10,000. 4. Purchase furniture for Rs. 5,000. 8. Purchase Equipment for Rs. 6000, paying Rs. 2000 cash and signed a note payable for the remaining cost. 9. Purchase supplies on account Rs. 700. 12. Receive Rs 15000 for the services performed. 15. Receive advance for the work to be performed later on Rs. 3000. 18. Withdrew Rs. 800 for personal use. 20. Paid the remaining cost of equipment purchased on March-9 25. Paid salary to the employee Rs. 3000. Q2: The accounts in the ledger of Tardy delivery services contain the following balance on July 31, 2002. Account Receivable $ 8642 Prepaid insurance $ 1,968
Required: Prepared a Trial Balance From the above given Data. Q3: prepare Adjusting entries of the following. a) The prepaid insurance account had a $5000 balance on Dec 31 2004, an analysis of insurance policies shows that 2200 of unexpired insurance benefits remain at Dec31,2005 b) one third of the word related to $30000 cash received in advance is performed this period Q4: fill in the blanks in the following separate income statements a through c a b c $ $ $ sale 60,000 42,500 36,000 Cost of goods sold Merchandise inventory (Beginning) 6,000 17,050 7,500 ? ? Purchases 36,000 ? Merchandise inventory (Ending) (2,700) (9,000) ? Cost of goods sold 34,050 15,900 ? ? Gross Profit 3,750