Prepare opening balance sheet and record for opening balances. -Make the journal entries for… 1 answer below »
a) Account balances of Company X are listed below: Cash 50.000 Cheques Received 50.000 Common Stocks 30.000 Banks 75.000 Customers 20.000 Suppliers 55.000 Notes Receivable 55.000 Notes Payable 45.000 Trade goods 100.000 Vehicles 85.000 Fixture&Furniture 35.000 Capital ? b) Transactions made during the period are listed below: 2/12: Purchased merchandise of 20.000 $. VAT is paid in cash, half is via cheques endorsement, half is on account. 3/12: notes receivable of 5.000 $ discounted via banks and get 4.500 $. 4/12: Returned merchandise of 2.000 $ (it was purchased on account) 5/12: Sold merchandise of 30.000 $ (cost is 20.000). VAT in cash, remaining via cheques. 7/12: Purchased computer of 3.000 $, paid in cash. 8/12: Collected cheques of 30.000 $. 9/12: Customer returned merchandise of 5.000 $. Company paid in cash (Cost is 3.500 $). 10/12: Tiled at rented building at 15.000 +VAT. 12/12: Deposit for gas subscription paid as 600 $. 13/12: Sold merchandise of 40.000 $ (Cost 25.000). VAT+10.000 in cash, 20.000 in cheques, 10.000 with notes. 14/12: Ordered for some merchandise of 25.000 $ to Company Y. Paid in advance for 12.000 $. 18/12: Purchased fixture and furniture of 1.000+VAT. 20/12: Get ordered merchandise of 25.000 $. VAT in cash, after deducting advance remaining paid via notes. 21/12: Customer paid in advance of 10.000 $ for 25.000 $ of order. 22/12: Sold vehicle of 90.000+VAT. Get payment via bank account. 23/12: Delivered the order to Customer. Got payment after advance in cash (cost 15.000 $). 25/12: Purchased land of 60.000 $ in cash. 26/12: Sold merchandise of 45.000 (tax exc.) (Cost 30.000). 31/12: Rent payment of 5.000. c) Transactions made at the end of period are listed below: 1. Depreciation rate is %20 (straigtht line depreciation) 2. Rent is for 10 years (Special cost) 3. 4.000 $ of receivables become doubtful and made provision. 4. Rediscount on notes receivable is 5.000, rediscount on notes payable 4.000 $. 5. Market price for common stocks is 27.500. 6. Bank statement shows balance of 152.690 $. Of this amount 1.400 $ is 7. 8. caccrued interest and %15 of income tax. REQUIREMENTS: a. Prepare opening balance sheet and record for opening balances. b. Make the journal entries for current term transactions. c. Prepare general trial balance. d. Record for end of period transactions. e. Prepare adjusted trial balance. f. Prepare postclosing balance sheet and Income Statement. g. Make closing balance sheet journal entries.
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Accounting.docx