Solve 3.

9 Page#137 Required A Closing Entries Particular

Admission Revenue Income Summary
(To Close Revenue into Income Summary Account)

Closing Entries

Date
a

P/R

Debit
$576,000

Credit
$576,000

Income Summary Advertising Exp Rent Exp Repairs Exp Salaries Exp Light & Power Exp Depreciation Exp: Building Depreciation Exp: Golf Course Structure Insurance Exp
(To Close All Expenses Account Into Income Summary)

$489,660 $45,000 $108,000 $15,600 $237,000 $13,500 $18,000 $45,000 $7,560

Income Summary Nick Palmer. Capital

(To Close Income into Income Summary)

$86,340 $86,340

Nick Palmer. Capital Nick Palmer. Drawing

(To Close Drawing into Capital )

$75,000 $75,000

Solve 3.9 Page#137 Required B Closing Entries Particular

Nick Palmer. Capital Income Summary
(To Close Income into Income Summary)

Closing Entries

Date
c

P/R

Debit
$24,000

Credit
$24,000

Muhammad Ali

Financial Accounting

FA11-EX-0009

Mr. Faisal Majid

Solve Problem 3.8 Page 136 NP Enterprises Income Statement Of owner's Equity
for the period 31 December 2001

Add

Nick Palmer. Capital Net Income Total Nick Palmer. Drawing

$331,560.00 $86,340.00 $417,900.00 $75,000.00

Less

Nick Palmer. Capital On 31,Dec 2001

$342,900.00

Solve Problem 3.8 Page 136 NP Enterprises Income Statement

for the period 31 December 2001

Income
Addmission Revenue $576,000.00

Total Income

$576,000.00

Expenses
Advertising Exp Rent Exp Repairs Exp Salaries Exp Light & Power Exp Depreciation Exp Bulding Depreciation Exp Golf Course Structures Insurance Exp $45,000.00 $108,000.00 $15,600.00 $237,000.00 $13,500.00 $18,000.00 $45,000.00 $7,560.00 $489,660.00

Total Expenses

Profit / (Loss)

$86,340.00

Muhammad Ali FA11-EX-0009

Financial Accounting Mr Faisal Majid

Solve Problem 3.8 Page 136

NP Enterprises
Balance Sheet
31.Dec,2001

ASSETS Cash Account Receivable 41,100 7,800

Current Liabilities Account Payable Salaries Payable 23,100 6,900

Total Current Assets

$48,900

Total Current Liabilities

$30,000

Non Current Assets Bulding Accumulated Depreciation Bulding Golf Course Stucture Accumulated Depreciation Golf Course Stucture 180,000 36,000 144,000 270,000 90,000 180,000

Non Current Liabilities Owner's Equity 342,900

Total Net Fixed Assets

324,000

Total Shareholders' Equity

$342,900

TOTAL ASSETS

$372,900

TOTAL LIABILITIES & EQUITY

$372,900

Muhammad Ali FA11-EX-0009

Financial Accounting Mr Faisal Majid

Page # 365 Problem # 8.2

Inventry Valuation By FIFO Method

Purchase
Date
1-May 5-May 6-May 21-May 31-May

Sale
Units
8

Balance
Amount
$320 $400 80 585

Units
20

Rate
$45

Amount
$900

Rate
$40 $40 40 45

Units
20 12 20 2 20 7

Rate
$40 $40 $45 $40 $45 45

Amount
$800 $480 $900 $80 $900 $315

10 2 13

Total

20

$9,000

33

$1,385

Net Purchase $9,000 Cost of goods sold $1,385 Cost of goods available for sale $315

Muhammad Ali FA11-EX-0009

Financial Accounting Mr Faisal Majid