Ahmad and co. presented following data on June 30, 2002 Title of account...
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Accounting
Ahmad and co. presented following data on June 30, 2002
Title of account Debit Credit
Cash 15,000
A/c Receivable 25,600
Supplies 1500
Note receivable 12,000
Equipment 18,000
Furniture 25,000
Land 125,000
A/c payable 17,000
Note payable 5,000
Bank overdraft 18,600
Commission revenue 85,000
Salaries expense 24,200
Advertising expense 4500
Drawing 7000
Rent expense 12000
Capital 144,200
total 269,800 269,800
Additional information;
1. Accrued commission revenue Rs.700
2. Accrued salaries expense Rs. 4500
3. Depreciation expense on equipment 5% and on furniture 10%
4. Interest expense 8% on overdraft is due but not paid by company yet.
5. Bad debts estimated on A/c receivable 3%
Required:
i) prepare adjusting entries
ii) prepare income statement
iii) prepare balance sheet
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