Adjusted trial balance

Question: Presented below is the adjusted trial balance of Al Marai Company as on December 31st, 2023.

Please follow the instructions in the attachment.

Home Assignment-2
PGRD 495- Accounting and Finance Fundamentals (sections
145&461)
Deadline:11th November, 2024(Monday)
Class Drill/
Assignment
10 Marks
Instructions:
1. The answer should be with quality material
2. The Home Assignment, the copy must be upload on LMS. Late submission loses one
mark.
Fall Semester 2024-25
Home Assignment-2
PGRD-495- Accounting and Finance Fundamentals
Name of the Student:————————————–University ID——————————————-Contact:—————————————–
Instructor- Dr. Sajid Ali
Question: Presented below is the adjusted trial balance of Al Marai Company as on December 31st, 2023.
Account title
1
Amount(Debit)
Amount(Credit)
Cash
11,000
–
Accounts Receivable
21,500
–
Inventory as on 1st January 2023
5,000
–
Prepaid Insurance
2,500
–
Printing Equipment
60,000
–
Accumulated Depreciation
–
35,000
Accounts Payable
–
5,000
Interest Payable
–
150
Instructor- Dr. Sajid Ali
Home Assignment-2
PGRD 495- Accounting and Finance Fundamentals (sections
145&461)
Notes Payable
–
5,000
Commission revenue
–
5,600
Salaries payable
–
1,300
Common Stock
–
10,000
Retained earnings
–
3,500
Advertising Revenue
–
61,500
Salaries Expenses
11,300
–
Insurance expense
850
–
Interest expense
500
–
Bad debts expense
7,000
–
Purchases
3,400
–
Rent Expense
4,000
–
Total
127,050
127,050
You are required to Prepare an Income Statement, Statement of Retained Earnings and Balance Sheet as on
December 31, 2023 with the following adjustments.
Adjustments:
1.
2.
3.
4.
Inventory as on 31st December was valued at SR 3, 000.
Current year depreciation on Equipment was SR 7,000.
Commission received SR 3,000 for the next year.
Accounts receivable includes SR 1,500 as a bad debts amount.
2
Instructor- Dr. Sajid Ali