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Q3) Following is the Trial Balance of Hamza Trading Company as on 31-12-2021. ...

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Accounting

Q3) Following is the Trial Balance of Hamza Trading Company as on 31-12-2021.

Name of Account

SR

Name of Account

SR

Cash

Account receivable

Prepaid rent

Opening inventory

Insurance expenses

Office equipment

Sale returns

Wages

Supplies expenses

General expenses

Purchases

Total

2,125

3,700

6,050

2,300

250

1,500

875

2,400

2,650

375

23,750

45,975

Sales

Account payable

Notes payable

Purchase returns

Capital

Total

30,000

1,625

2,000

625

11,725

45,975

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 3,000.

Supplies unexpired SR 650.

Outstanding wages SR 120.

Commission earned but not received yet SR 500.

Bad debts SR. 700.

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