| ABC Company- Trial Balance Year endered 31December 2012 |
| |
description |
Dr |
Cr |
|
| 1 |
Cash in hand |
827.35 |
- |
BS |
| 2 |
Company bank |
1,163,269.54 |
- |
BS |
| 3 |
Entity bank |
150,974.55 |
- |
BS |
| 4 |
Establishment bank |
- |
2,547.87 |
BS |
| 5 |
Current Accounts |
2,533,460.00 |
- |
BS |
| 6 |
A/R |
4,124,528.05 |
- |
BS |
| 7 |
Security deposit |
200,040.00 |
- |
BS |
| 8 |
Prepaid Expenses |
87,541.70 |
- |
BS |
| 9 |
Staff Advances |
1,000.00 |
- |
BS |
| 10 |
Related party Accounts |
- |
2,285,310.68 |
BS |
| 11 |
Allowance for doubtful Account |
|
87,334.21 |
BS |
| 12 |
Machinery |
393,247.00 |
- |
BS |
| 13 |
EDP |
18,835.00 |
- |
BS |
| 14 |
Tools |
34,088.00 |
- |
BS |
| 15 |
Office Equipment |
48,400.00 |
- |
BS |
| 16 |
Accum Depre - Machinery |
- |
213,409.89 |
BS |
| 17 |
Accum Depre - EDF |
- |
18,831.98 |
BS |
| 18 |
Accum Depre- Tools |
- |
18,358.89 |
BS |
| 19 |
Accum Depre- Office Equipment |
- |
28,742.11 |
BS |
| 20 |
Accounts payable |
- |
823,264.79 |
BS |
| 21 |
Accruales |
- |
13,000.00 |
BS |
| 22 |
Provision for end of service indemnity |
- |
68,158.02 |
BS |
| 23 |
Retained Earnings -beginning |
- |
4,700,899.00 |
BS |
| 24 |
paid up capital |
- |
300,000.00 |
BS |
| 25 |
Sales Income |
- |
6,952,284.34 |
PL |
| 26 |
sales discounts |
85,899.10 |
- |
PL |
| 27 |
Raw materials Cost |
1,496,621.18 |
- |
PL |
| 28 |
Sub Contracters payment |
1,757,466.77 |
- |
PL |
| 29 |
Direct labour |
564,752.12 |
- |
PL |
| 30 |
Salaries Expenses |
654,952.93 |
- |
PL |
| 31 |
Labour Accommodation |
290,637.48 |
- |
PL |
| 32 |
Indirect lobour |
311,672.00 |
- |
PL |
| 33 |
Depreciation Cost |
89,595.18 |
- |
PL |
| 34 |
Leave salary |
3,010.30 |
- |
PL |
| 35 |
End of Service Indeminity |
78,731.25 |
- |
PL |
| 36 |
Accounting/Auditing Exp |
36,000.00 |
- |
PL |
| 37 |
Accommodation |
68,000.00 |
- |
PL |
| 38 |
Utilities Expenses |
14,864.98 |
- |
PL |
| 39 |
Bad debts |
- |
- |
PL |
| 40 |
Fuel |
108,082.00 |
- |
PL |
| 41 |
Rent & Lease Expenses |
720,875.30 |
- |
PL |
| 42 |
Tranasportation charges |
109,514.75 |
- |
PL |
| 43 |
Car Rental Charges |
34,492.00 |
- |
PL |
| 44 |
Licenses & Other permits |
163,790.00 |
- |
PL |
| 45 |
Allowance&Repair Expenses |
38,366.00 |
- |
PL |
| 46 |
Utilities Expenses |
8,567.00 |
- |
PL |
| 47 |
Bank Charges |
1,060.00 |
- |
PL |
| 48 |
Telephone Expenses |
45,629.03 |
- |
PL |
| 49 |
Office Supplies Expenses |
2,348.00 |
- |
PL |
| 50 |
Other Office Expenses |
47,508.50 |
- |
PL |
| 51 |
Salaes Promotion Expenses |
1,800.00 |
- |
PL |
| 52 |
Depreciation Expenses |
21,694.72 |
- |
PL |
| |
|
15,512,141.78 |
15,512,141.78 |
|
Additional Information-
1. The Company during the year paid AED 200,000 for security deposit and bank charges of AED 40
2. The Warehouse reported inventory stock count of AED 286,500
3. XYZ Company's confirmation ,(Customer) stated a balance of AED 475,000/-The Company's book balance shows AED 495,000/-which later proved there was double posting of proforma Invoice. The accountant did not rectify the accounts at the end of the year.
4. The Company 's policy on allowances for doubtful accounts is 5% of Accounts receivables.
5. The three Shareholders daclared dividends of AED 250,000 each and which will be paid on the 10th of the following year.
Required-
1. Prepare the Adjusted statement of financial position
2. prepare adjusted statement of comprehensive income
3. Prepare a statement of Changes in equity
4. Prepare adjusting entries.
Attachment:- Assignment.rar