Question

(a) Prepare the necessary adjusting journal entries on December 31, 2017 so as to bring the financial records of All Star Company up-to-date. Workings are required, but explanations are NOT required. If no adjusting entries are required, state \"No entry\" and name the accounting principle applied. (9 marks) (b) Prepare the income statement of the Company for the year ended December 31, 2017, showing breakdown of items under the captions of Total Revenues, Total Expenses, Profit before Tax, Profit after Tax. (5 marks) (c) Prepare the statement of financial position as of December 31, 2017, showing breakdown of items under the captions of Total Assets, Total Liabilities, Total Shareholder's Equity and Total Liabilities & Shareholders' Equity. (11 marks)

          (a)
Prepare the necessary adjusting journal entries on December 31, 2017 so as to bring the
financial records of All Star Company up-to-date. Workings are required, but
explanations are NOT required. If no adjusting entries are required, state \"No entry\" and
name the accounting principle applied.
(9 marks)
(b) Prepare the income statement of the Company for the year ended December 31, 2017,
showing breakdown of items under the captions of Total Revenues, Total Expenses, Profit
before Tax, Profit after Tax.
(5 marks)
(c)
Prepare the statement of financial position as of December 31, 2017, showing breakdown
of items under the captions of Total Assets, Total Liabilities, Total Shareholder's Equity
and Total Liabilities & Shareholders' Equity.
(11 marks)

(a)
Prepare the necessary adjusting journal entries on December 31, 2017 so as to bring the
financial records of All Star Company up-to-date. Workings are required, but
explanations are NOT required. If no adjusting entries are required, state N̈o entryänd
name the accounting principle applied.
(9 marks)
(b) Prepare the income statement of the Company for the year ended December 31, 2017,
showing breakdown of items under the captions of Total Revenues, Total Expenses, Profit
before Tax, Profit after Tax.
(5 marks)
(c)
Prepare the statement of financial position as of December 31, 2017, showing breakdown
of items under the captions of Total Assets, Total Liabilities, Total Shareholder's Equity
and Total Liabilities Shareholders' Equity.
(11 marks)

Added by Destiny R.

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