Income statement and balance sheet practice questions with solutions pdf

Financial Statement Problems and SolutionsContentsFinancial Statement Problems and SolutionsProblem # 1:Solution # 1 Adjustment EntriesSolution # 2 Adjusted Trial BalanceRelated Qu

Income statement and balance sheet practice questions with solutions pdf

Financial Statement Problems and Solutions

Contents

  • Financial Statement Problems and Solutions
  • Problem # 1:
  • Solution # 1 Adjustment Entries
  • Solution # 2 Adjusted Trial Balance
  • Related Questions
  • Related Problems
  • Related Exams
  • References
  • 7 Comments
  • Submit a Comment Cancel reply

Financial Statement Unsolved Problems PDF Download

Previous Lesson: Adjusted Trial Balance Problems

Next Lesson: Closing and Worksheet Problems

Problem # 1:

Prepare Adjustment Entries, Adjusted Trial Balance and three Informal Financial Statements excluding cash flow statement.

financial statements problems and solution

Adjustments

  • Inventory on 31st, December 2015 was valued at Rs. 68,000.
  • Depreciation Machinery by 10 % and Amortization of Patents by 20 %.
  • Unexpired Insurance at the end financial year was Rs. 2,000.
  • Wages includes Rs. 7,000 paid as advance to employees (Prepaid Wages Debit).

Solution # 1 Adjustment Entries



adjusting entries

Solution # 2 Adjusted Trial Balance

adjusted trial balance

Solution # 3 Three Financial Statements (Informal)



statement of owner equity
income statement
balance sheet

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References

Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.

Sehgal, A., & Sehgal, D. (n.d.). Advanced Accountancy (Vol. I & II). New Delhi: Taxmann Publication Pvt. Ltd.

Shukla, M. C., Grewal, T. S., & Gupta, S. C. (2008). Advanced Accountancy (Vol. I & II). New Delhi: S Chand & Co.

Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2012). Accounting Principles (10th ed.). Hoboken: John Wiley & Sons, Inc.

Williams, M., & Bettner, H. (1999). Accounting (The basic for business decisions). (11th, Ed.) USA: Irwin McGraw- Hill.

7 Comments

sana ullah

sana ullah on October 16, 2021 at 5:23 am

some time we see Acc.dep. marcahniry add in capital
and some time deprication machainery is less in Assets side??????????????????????????????????????????Reply

Saiju Hentry

Saiju Hentry on July 26, 2022 at 11:36 am

acc. dep. is an expense. they mentioned 10 and 20% on current year. so expense will affect on income statement and value decrease in asset side.
here they doing indirectly, they never reducing from asset side and adding on liability side. thats effect same, but will make confuse us.Reply

Fekede Getachew

Fekede Getachew on January 20, 2021 at 10:50 am

Is goodReply

Brandy

Brandy on February 2, 2020 at 3:35 am

Whats up, after reading this awesome piece of writing i am
also delighted to share my experience here with
colleagues.Reply

Yaurun

Yaurun on March 10, 2019 at 12:20 pm

Arent COGS = Opening inventory + New Purchase  Closing inventory?
Why the opening inventory is not included in the income statement?Reply

Saiju Hentry

Saiju Hentry on July 26, 2022 at 11:46 am

yes me also wonder abt that. may be they consider that way is classical.
here they donot add opening stock as well as closing stock. may be they want to show their boss big profit than actual.
but boss cheated by them. its vanishing on balance sheet..Reply

universite.pro

universite.pro on January 29, 2019 at 7:44 pm

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