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An inexperienced book-keeper has drawn up an Incorrect and Unadjusted Trial Balance, You are required to Correct Trial Balance, Pass Adjusting Entries and then prepare Adjusted Trial Balance.
Adjustments:
- Rent received includes a deposit of Rs. 1,000 refundable to shop-keeper when the premises are vacated (Credit Unearned rent).
- Out Standing Salary of manager on December 31, 2015 is Rs. 1,500.
- Inventory in the shop on December 31, is Rs. 60,000.
- Insurance Expense for the period July 1, 2015 to June 30, 2016.
Solution 1: Corrected Trial Balance
Solution 2: Adjusted Entries
Solution 3: Adjusted Trial Balance
>>> More Resource Adjusted Trial Balance Problems and Solutions
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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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