Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. following is the trial balance of cirose cinema fo

Following is the trial balance of Cirose Cinema for the month ended on 31 January...

90.2K

Verified Solution

Question

Accounting

Following is the trial balance of Cirose Cinema for the month ended on 31 January 2020.

The following additional information has been extracted from the record:-

i. The accounts are closed on monthly basis to determine performance.

ii. The building is on rent basis and the rent for January is yet unpaid which is amounting to Rs. 140,000.

iii. The film rentals for January amounting to Rs. 150,000 are yet to be adjusted against the prepaid film rentals

iv. The depreciation at 10% per annum on projection equipment is to be accounted for.

v. The unearned ticket revenues amounting to Rs. 6,000 have been earned during end of January 2020.

vi. Salaries of security staff amounting to Rs. 28,000 are still payable.

Required:

a) Prepare month end adjusting accounting entries.

b) Prepare 10 columns work sheet.

c) Prepare following financial statements:-

1) Income Statement

2) Statement of changes in equity

3) Balance sheet

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

A single-coil loop of radius r = 7.40 mm, shown below, is formed in the middle...

Accounting
1.2K views

1. Rose Company has a relevant range of production between 10,000 and 25,000 units. The following...

Biology
1.2K views

What happens after a mass extinction or whe a few individual leave a populatio and...

Physics
1.2K views

A satellite is orbiting Earth at a distance D from the surface of the Earth....

Accounting
1.2K views

Total gross sales for the period include the following: Sales returns...

Accounting
1.2K views

On December 31,2021, PT Petang acquired 75% of the outstanding shares of PT Sore at...

Accounting
1.2K views

Interest during Construction Dexter Construction Corporation is building a student condominium complex; it started construction...

Accounting
1.2K views

If a company's current stock price is $25.90 and it is likely to pay a...

Accounting
1.2K views

Based on the following information, compute cash flows from financing activities under GAAP. Purchase of...

Accounting
1.2K views

Suppose the following information is available for Callaway Golf Company for the years 2022 and...

Finance
1.2K views

Suppose that you are considering a loan in which you will borrow $245,000 using a...

Accounting
1.2K views

ons. Use the following balance sheet information from The Health and Fitness Centers month- end...