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Elegant Builders

Trial Balance
As of December 31, 2014

Unadjusted Balance Adjustments Adjusted Balance


Debit Credit Debit Credit Debit
Petty Cash Fund 25,000 5,991 19,009
Cash in Bank 3,470,600 226,900 226,300 3,471,200
Trading Securities 728,400 151,600 86,400 793,600
Accounts Receivable 4,800,000 134,200 300,000 4,634,200
Allowance for Doubtful Accounts 153,920 243,680
Other Receivables 25,000 5,600 14,000 16,600
Merchandise Inventory, January 1 2,025,400 2,025,400
Prepaid Expenses 60,920 60,920
Land 6,000,000 6,000,000
Leasehold Improvements 580,000 580,000
Equipment 920,000 14,600 934,600
Accumulated Depreciation -LI 406,000
Accumulated Depreciation - Equipment 690,000 1,825
Other Non-current Financial Assets - 120,000 120,000
Trade Payables and Accrued Expenses 1,460,000 140,000 286,900
Notes Payable andAccrued Interest 900,000
Dividends Payable 1,650,000
Income Tax Payable
Ordinary Share capital (100 par) 11,000,000
Additional Paid in capital 950,000 1,000,000
Retained Earnings, January 1 2014 1,800,000 1,650,000
Net Sales 9,200,000 160,000
Net Purchases 6,495,000 60,000 6,555,000
Salaries Expense 1,200,000 1,200,000
Representation and advertising 320,000 131 320,131
Depreciation and Amortization 153,000 1,825 154,825
Rent Expense 432,000 432,000
Repairs and Maintenance 60,000 11,000 49,000
Supplies Expense 70,000 70,000
Bank Charges 12,000 2,100 14,100
Transportation Expense 5,000 260 3,600 1,660
Utilities Expense 240,000 240,000
Interest Expense 64,000 64,000
Other Operating Expense and Losses -
Other Operating Income 1,126,400 1,086,400 8,000
Income Tax Expense
Total 27,686,320 27,686,320 3,753,616 3,837,696 27,756,245
Adjusted Balance
Credit

397,600

406,000
691,825

1,606,900
900,000
1,650,000

11,000,000
1,950,000
150,000
9,040,000

48,000

27,840,325
Adjusting Entries

A. Petty Cash Fund

Advances to Employees 5,600


Transportation Expense 260
Representation Expense 131
Petty Cash Fund 5,991

B Bank charges 2,100


Cash in Bank 2,100

Accounts Payable 140000


Cash in Bank 140000

Cash in Bank 226000


Accounts Payable 226000

Accounts Receivable 84200


Cash in bank 84200

Cash in Bank 900


Accounts Payable 900

C Accounts Receivable 36000


Allowance for Bad debts 36000

Sales 35000
Accounts Receivable 35000

Sales return 20000


Accounts Receivable 20000

Cost of Goods Sold 6800


Inventory 6800

Accounts Receivable 14000


Advances from Customers 14000

Advances to Officers and Affiliates 120000


Accounts Receivable 120000

Doubtful Accounts 207680


Allowance for Doubtful Accounts 207680

D Sales 145000
Accounts Receivable 145000
Inventory 100000
Cost of Goods Sold 100000

Inventory 60000
Cost of Goods Sold 60000

Purchases 60000
Accounts Payable 60000

E
A. Petty cash Fund Balance (Jan.4 2015)
Bills and Coins 4,255
IOU notes -Dec 2014 5,600
Paid Petty Cash Vouchers
Date No.
Dec.29 125 5,200
Dec.30 126 3,054
Dec.31 127 6,500
Jan.3 128 260
Jan.4 129 131
Balance 25,000
128 (260)
129 (131)
IOU notes -Dec 2014 (5,600)
Correct Balance 19,009

B Deposits in transit 375250


less: Postdated checks 84200
Balance 291050

Outstanding checks 546750


Unreleased checks 226000
Erroneous recording -900
Balance 319850

Unadjusted bank balance 3500000 Unadjusted book balance


Deposit in transit 291050 Debit memo
Outstanding checks 319850 Unreleased checks
Balance 3471200 Postdated checks
Erroneous recording
Balance
Required Allowance
Trade Accounts - not due 1480000
Uncollectible 2%
29600

Trade Accounts - past due 3320000


Uncollectible 10%
332000

Required Allowance 361600


Allowance for bad debts - recorded 153920
Expense 207680

E
3470600
142100
226000
84200
900
3471200

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