Financial Statement Examples

Example # 1:

Following are the Adjusted Trial Balance related to Naeem & CO (Pvt.) Limited. Prepare Financial Statements (Income Statement, Statement of Owner Equity and Balance Sheet) for the year ended 31st March, 2017:

financial statement

 

Solution:

financial statements

 

what is a financial statement

 

balance sheet



Example # 2:

Prepare corrected Trial Balance, Adjustment Entries, Adjusted Trial Balance, Income Statement, Statement of Owner Equity and Balance Sheet (Informal 3 Financial Statements):

unadjusted trial balance

 

Adjustments:

  1. Salary due to his shop assistants on December 31, 2016 is Rs. 800.
  2. Rent includes Rs. 25,000 deposited as security (Debit Prepaid Rent).
  3. Loan from Mr. Ahmed Ali taken on July 01, 2016 carries simple interest at the rate of 10%.
  4. Inventory in the shop on December 31, 2016 is Rs. 35,000.
  5. Insurance Expense for the period September 1, 2016 to August 31, 2017.

 

Solution 1 : Correction of Trial Balance

 

adjusted trial balance

 

Solution 2: Adjustments Entries

what are financial statement

 

Solution 3: Adjustments Trial Balance

 

adjusted trial balance

 

Solution 4: Income Statement (Informal)

 

income statement

 

Solution 5: Statement of Owner Equity (Informal)

 

accounting statements

 

Solution 6: Balance Sheet (Informal)

 

balance sheet

 

>> Solve Financial Statement Problems and Solutions.



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