Preparation of Worksheet, Financial Statements, Adjusting and Closing Entries.
The trial balance of Admark Ltd. Is as follows:
ADMARK LTD.
Trial Balance, March 31, 20X2
|
Account |
Debit |
Credit |
|
Office Equipment |
10,000 |
|
|
Accumulated Depreciation, Office Equipment |
1,000 |
|
|
Office Supplies |
2,510 |
|
|
Cash |
5,600 |
|
|
Creditors |
1,600 |
|
|
Unearned Revenue |
2,100 |
|
|
Share Capital |
10,000 |
|
|
Retained Earnings |
2,340 |
|
|
Dividends |
2,000 |
|
|
Revenue from Services |
13,810 |
|
|
Salaries Expense |
5,940 |
|
|
Rent Expense |
4,800 |
|
|
30,850 |
30,850 |
Required
1. Enter the trial balance amounts on a worksheet and complete the worksheet using the following information:
(a) Estimated depreciation on office equipment, Rs.1,000
(b) Inventory of office supplies, Rs.930
(c) Services provided to clients paid for in advance but not taken as revenue, Rs.460
(d) Services provided but not yet billed, Rs.370
(e) Unpaid salaries, Rs.490
(f) Unpaid clearing expense, Rs.240
(g) Estimated income tax expense, Rs.300
2. Prepare a profit and loss account, a statement of retained earnings and a balance sheet as on March 31, 20X2.
3. Prepare adjusting and closing entries.