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Q2) Following is the Trial Balance of Yousaf Trading Company as on 31-12-2021. ...

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Accounting

Q2) Following is the Trial Balance of Yousaf Trading Company as on 31-12-2021.

Name of Account

SR

Name of Account

SR

Purchases

Supplies expenses

Salaries expenses

Electricity charges

Building

Cash

Telephone charges

Account receivable

Wages

Investments

Prepaid Rent

Advertisement expenses

Opening inventory

Total

23,190

200

500

250

19,500

1500

100

1,000

310

2,000

7,300

650

6,500

63000

Sales

Account payable

Interest received

Bank loan

Capital

Total

33,000

3,190

300

5,000

21,510

63000

requirements:-

You are required to prepare Income Statement and Balance Sheet. End period adjustments are as follow:

The merchandise inventory as on 31-12-2021 was valued at SR 2,000.

Interest unearned SR 50.

Unexpired rent SR 1200.

Interest on other investments earned but not received yet SR 700.

Outstanding salaries SR 400.

Depreciation 3% to be changed on Building.

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