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10:16 AM Mon 22 Jul 52% Final Project.pdf 1 of 3 Fund...

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Accounting

10:16 AM Mon 22 Jul
52%
Final Project.pdf
1 of 3
Fund of Financial Accounting
Final Project Spring 2024
Q1) Following is the Trial Balance of Osamah Trading Company as on 31-12-2021. You are required to prepare Income Statement and Balance Sheet.
\table[[Name of Account,SR,Name of Account,SR],[Purchases,28,000,Sales,43,390],[Opening inventory,2,000,Account payable,5,310],[Salaries expenses,950,Purchase returns,300],[Buildings,19,500,Capital,21,110],[Cash,1,200,,],[Wages,300,,],[Telephone charges,750,,],[Accounts receivable,1,000,,],[Sale returns,610,,],[Rent expenses,6,500,,],[Prepaid insurance,9,300,,],[Total,70,110,Total,70,110]]
End period adjustments are as follow:
The merchandise inventory as on 31-12-2021 was valued at SR 2,310
Depreciation 5% to be provided on Building.
Unexpired insurance SR 1300.
Other cost on purchases SR 500.
Wages paid in advance SR 15.
Q2) Following is the Trial Balance of Yousaf Trading Company as on 31-12-2021. You are required to prepare Income Statement and Balance Sheet.
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