Unadjusted Trial Balance of the ABC Company dated December 31, 2015 is as follows:
ABC Company
UNADJUSTED TRIAL BALANCE December 31, 2015 (t)
Account Names
Totals Debit Credit
200,000 110,000
120,000 80,000
250,000 300,000
240,000 20,000
660,000 660,000
Balances Debit
90,000 120,000
80,000 250,000
300,000 240,000
20,000 550,000
550,000
HSVD-001
102- BANKS
120- CUSTOMERS
500- CAPITAL
600- DOMESTIC SALES
621- COST OF TRADE GOODS SOLD
770- GENERAL AND ADMINISTRATIVE EXPENSES
TOTAL
Inventory transactions for the period end (December 31, 2015) are as follows:
1- In the case of cash counts, it is determined that it is 80,000 f: in the safe
2- It is determined that the difference in cash is caused by the thief.
REQUIREMENTS:
a) Made period end transactions to the Journal and the Ledger of the company.
b) Prepare the Adjusted Trial Balance.
c) Prepare Income Statement and Balance Sheet year ended December 31, 2015 Made closing records.
NOTE: 20% Corporation tax is calculated from the period profit.
The Uniform Chart of Accounts
100 Cash
300 Bank Loans
101 Cheques Received
320 Suppliers (Accounts Payable)
102 Banks
321 Notes Payable
103 Cheques Given and Payment Orders (-)
360 Taxes and Funds Payables
108 Other Liquid Assets
370 Prov. For Income Taxes and Other Legal Liabilities
110 Common Stocks
391 VAT Calculated
111 Private Sector Bonds, Notes and Shares
500 Capital (Share Capital)
112 Public Sector Bonds, Notes and Shares
590 Net Profit for the Period
119 Provision for Decr. in Value of Marketable Sec. (-)
591 Net Loss for the Period
120 Customers
600 Domestic Sales
121 Notes Receivable
611 Sales Discounts (-)
128 Doubtful Trade Receivables
621 Cost of Trade Goods Sold (-)
129 Provisions for Doubtful Trade Receivables (-)
630 Research and Development Expenses (-)
131 Due from Shareholders
631 Marketing, Selling and Distribution Expenses (-)
135 Due from Personnel
632 General Administrative Expenses (-)
153 Trade Goods
642 Interest Income
157 Other Inventories
660 Short-Term Borrowing Expenses (-)
158 Provision for Inventories (-)
689 Other Extraordinary Expenses and Losses (-)
181 Income Accruals
690 Income or Loss for the Period
190 Deferred VAT
691 Prov/Taxes Statutory Oblig
191 Deductible VAT
692 Net Period Profit or Loss
250 Land
750 Research and Development Expenses
251 Land Improvements
751 Reflection Account for Research and Development Expenses
252 Buildings
760 Marketing, Sales and Distribution Expenses
253 Machinery, Equipment and Installations
761 Reflection Account for Marketing, Sales and Distribution Expenses
254 Motor Vehicles
770 General and Administrative Expenses
255 Furniture and Fixtures
771 Reflection Account for General and Administrative Expenses
257 Accumulated Depreciation (-)
780 Financial Expenses
259 Fixed Assets Advances Given
781 Reflection Account for Financial Expenses
