Closing and Worksheet Problems and Solutions
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Problem # 1:
Following data extracted from the books of Mahnoor Malik.
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:
Problem # 2:
Following data extracted from the books of Abdul Fattakh Ltd.
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:
Related Questions
Closing and Worksheet Examples
Closing and Worksheet Questions
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Closing and Worksheet Exam Questions
Closing and Worksheet Exercises
References
Mukharji, A., & Hanif, M. (2003). Financial Accounting (Vol. 1). New Delhi: Tata McGraw-Hill Publishing Co.
Narayanswami, R. (2008). Financial Accounting: A Managerial Perspective. (3rd, Ed.) New Delhi: Prentice Hall of India.
Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.
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