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Preparing Financial Statement Trial Question

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marybavel48
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12 views2 pages

Preparing Financial Statement Trial Question

Uploaded by

marybavel48
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Question

The following transactions occurred in Building Technology XYZ Ltd.

DR GH¢ CR GH¢
Cash 10,000
Accounts Receivable 2,000
Office Supplies 500
Rent Expense 1,000
Materials 100,000
Labor 150,000
Subcontract 50,000
Equipment 75,000
Miscellaneous Construction Costs 25,000
Rent and Lease Payments 10,000
Depreciation 5,000
Repairs and Maintenance 3,000
Fuel and Lubrication 2,000
Taxes, Licenses, and Insurance 1,000
Equipment Costs Charged to Jobs 4,000
Equipment Costs Charged to Employees 1,000
Office Rent 20,000
Utilities 5,000
Administrative Salaries 30,000
Interest Income 2,000
Miscellaneous Expenses 1,000
Income Tax 20000
Revenue 502,500
Owner's Equity 11000
Total 515000 515000
Additional Information

 Drawings of GH¢25000 was also recorded


 Rent expense was accrued
 Income tax will be paid the following year
 Account Receivables-Retention of GH¢31000
 Account Payables-Trade GH¢30000

You are required to prepare the

a. Income Statement for the Year ended 31st December 2023


b. Balance Sheet as at 31st December 2023

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