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Thread: FIN621 Financial Statement Analysis Assignment No. 01 Solution Fall 2014

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    FIN621 Financial Statement Analysis Assignment No. 01 Solution Fall 2014

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    FIN621 Financial Statement Analysis Assignment No. 01 Discussion and Solution Fall 2014 Last Date 1st December 2014





    Question # 1:



    Life insurance agency was organized on September 01, 2013. Assume that the accounts are closed and financial statements prepared each month. The company occupies rented office space but owns office equipment estimated to have a useful life of 5 years from date of acquisition, September 01, 2013. The trial balance for Life insurance agency at November 30, 2013 is shown below.



    LIFE INSURANCE AGENCY

    TRIAL BALANCE


    NOVEMBER 30, 2013
    Particulars
    Debit
    Credit
    Rs.
    Rs.
    Cash
    6,565
    Account receivable
    17,050
    Office supplies
    500
    Office equipment
    18,000
    Accumulated Depreciation: Office equipment
    600

    Accounts payable
    1,260
    Capital
    35,000
    Drawing
    2,500
    Commission earned
    15,555
    Advertising expense
    1,400
    Salaries expense
    2,600
    Rent expense
    3,800
    Total
    52,415
    52,415
    Life Insurance Agency estimated that only about Rs.300 worth of office supplies remained on hand at November 30, 2013.



    You are required to:



    a. Prepare adjusting entries at November 30, 2013 to reflect the office supplies used in



    November and depreciation expense for the month. (2 Marks)



    b. Prepare an adjusted trial balance at November 30, 2013. (2 Marks)



    c. Prepare Income Statement and balance sheet at November 30, 2013. (3 + 2 Marks)



    Question: 2



    What is purpose of making period-end adjusting entries? (1 Marks)
    NOTE:



    Complete calculations are required for every part of the problem. Incomplete calculations will result in loss of marks.



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  2. #2
    Administrator Vuhelper's Avatar
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    please share with me your balance sheet total.any one of you done this?

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