Closing and Worksheet Problems and Solutions

 

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Problem # 20.1: Following data extracted from the books of Mahnoor Malik.

closing entries and worksheet

Adjustments

1. Stock at 31st, December was valued at Rs. 320

2. General Expenses of Rs. 300 paid for two years, first year had expired

3. A Debt of Rs. 100 is to be written off as bad by direct method

4. Unpaid Salaries during the 2008 was Rs. 140

 

Requirements

1. Pass Adjusted Entries

2. Pass Closing Entries                                                                     

3. Prepare Worksheet

Solution:

closing and adjustment entries

worksheet

 

Problem # 20.2: Following data extracted from the books of Abdul Fattakh Ltd.

adjusting entries, closing entries and worksheet

Adjustments

1. Inventory on 31st, December 2015 was valued at Rs. 68,000.

2. Depreciation Machinery by 10 % and Amortization of Patents by 20 %.

3. Unexpired Insurance at the end financial year was Rs. 2,000.

4. Advance Wages paid to of Rs. 7,000.

Requirements

1. Pass Adjusted Entries

2. Pass Closing Entries

3. Prepare Work Sheet

Solution:                                                               

adjusting entries and closing entries

worksheet

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