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Financial Statement Problems and Solutions
Problem # 1:
Prepare Adjustment Entries, Adjusted Trial Balance and three Informal Financial Statements excluding cash flow statement.
- Inventory on 31st, December 2015 was valued at Rs. 68,000.
- Depreciation Machinery by 10 % and Amortization of Patents by 20 %.
- Unexpired Insurance at the end financial year was Rs. 2,000.
- Wages includes Rs. 7,000 paid as advance to employees (Prepaid Wages Debit).
Solution # 1 Adjustment Entries
Solution # 2 Adjusted Trial Balance
Solution # 3 Three Financial Statements (Informal)