So, i had CFA test today. It was was adjusting trial balance creating income statement and financial statement them by choice Trial Balance.
I wonder how I could enlighten everyone with the questions.
I had my own personal answers. Well what can I really say I tried. I think its good enough.
| Books of imoh Enterprise | for 2020 year ended 31st financial year. | |||||||||||
| Income statement | ||||||||||||
| NOTE 2 | ||||||||||||
| DR | CASH | CR | Provision for Depreciation | |||||||||
| opening inventory | 7,000 | Description | Debit($) | Description | ||||||||
| Purchases | 50,000.00 | bal c/d | 10,500 | DV Depreciation expense | ||||||||
| COGAS | 57,000.00 | PPE Depreciation expense | ||||||||||
| Closing Inventory | (11,000) | 10,500 | ||||||||||
| COG | 46,000.00 | |||||||||||
| NOTE 4 | PPE Depreciation expense | |||||||||||
| DV Depreciation expense | Description | Debit($) | Description | Credit($) | ||||||||
| Description | Debit($) | Description | Credit($) | 2,000 | P or L | 2,000 | ||||||
| Provision for Depreciation | P or L | |||||||||||
| Bal/bd | 2,000 | |||||||||||
| Rent | NOTE 6 | Accrued Rent | ||||||||||
| Description | Debit($) | Description | Credit($) | Description | Debit($) | Description | Credit($) | |||||
| Accrued Rent | 5,000 | P or L | 5,000 | bal c/d | Rent | |||||||
| NOTE 8 | accrued Salaries | |||||||||||
| Salaries and wages | Description | Debit($) | Description | Credit($) | ||||||||
| Description | Debit($) | Description | Credit($) | bal c/d | Salaries and wages | |||||||
| bal b/d | 9,000 | P or L | ||||||||||
| accrued Salaries | 3,000 | |||||||||||
| 12,000 | 12,000 | |||||||||||
| Provision for bad debt | NOTE 10 | Account Receivables | ||||||||||
| Description | Debit($) | Description | Credit($) | Description | Debit($) | Description | Credit($) | |||||
| P or L | 400 | Account Receivables | 400 | bal b/d | 4,000 | bal c/d | 4,000 | |||||
| Provision for bad debt | 0 | |||||||||||
| 4,000 | 4,000 | |||||||||||
| Note 11 | Operating Expense | |||||||||||
| Salaries and Wages | 12,000 | |||||||||||
| DV Depreciation expense | 8,500 | |||||||||||
| PPE Depreciation expense | 2,000 | |||||||||||
| Rent | 5,000 | |||||||||||
| Provision for bad debt | 400 | |||||||||||
| 27,900 | ||||||||||||
| IMOH ENTERPRISES | ||||||||||||
| STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER 2020. | ||||||||||||
| Assets | Notes | $ | ||||||||||
| Non Current Asset | ||||||||||||
| Properties, Plant and Equipment | 2,000 | |||||||||||
| Delivery Van | 8,500 | |||||||||||
| Furniture and Fittings | 20,000 | |||||||||||
| Current Assets | ||||||||||||
| Computers | 6,000 | |||||||||||
| Accounts Receivables | 4,400 | |||||||||||
| Cash | 8,000 | |||||||||||
| Inventories | 11,000 | |||||||||||
| 29,400 | ||||||||||||
| Liabilities | ||||||||||||
| Bank Overdraft | 8,000 | |||||||||||
| Accounts Payables | 9,000 | |||||||||||
| Provision for Depreciation | 10,500 | |||||||||||
| Accrued Rent | 5,000 | |||||||||||
| accrued Salaries | 3,000 | |||||||||||
| 35,500 | ||||||||||||
| owners Equity | ||||||||||||
| Capital | 25,000 | |||||||||||
| Drawings | (4,000) | |||||||||||
| 21,000 | ||||||||||||
| 85,900 | ||||||||||||
| Adjusted Trial Balance | ||||||||||||
| Particulars | Dr($’000) | Cr($’000) | ||||||||||
| Capital | 25,000 | |||||||||||
| Properties, Plant and Equipment | 40,000 | |||||||||||
| Accounts Receivables | 4,400 | |||||||||||
| Computers | 6,000 | |||||||||||
| Bank Overdraft | 8,000 | |||||||||||
| Delivery Van | 34,000 | |||||||||||
| Furniture and Fittings | 20,000 | |||||||||||
| Drawings | 4,000 | |||||||||||
| Purchases | 50,000 | |||||||||||
| Revenue | 140,000 | |||||||||||
| Accounts Payables | 9,000 | |||||||||||
| Salaries and Wages | 12,000 | |||||||||||
| Cash | 8,000 | |||||||||||
| Inventories | 7,000 | |||||||||||
| Provision for Depreciation | 10,500 | |||||||||||
| DV Depreciation expense | 8,500 | |||||||||||
| PPE Depreciation expense | 2,000 | |||||||||||
| Rent | 5,000 | |||||||||||
| Accrued Rent | 5,000 | |||||||||||
| accrued Salaries | 3,000 | |||||||||||
| Provision for bad debt | 400 | |||||||||||
| 200,900 | 200,900 | |||||||||||
