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Lyn Co.

The document presents the trial balance for Lyn Company as of December 31, 20X3, detailing assets, liabilities, and equity with corresponding debit and credit adjustments. It includes a breakdown of revenue, cost of goods sold, operating expenses, and net income. The final figures indicate total debits and credits of 862,160, with a net income of 15,080.

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19 views4 pages

Lyn Co.

The document presents the trial balance for Lyn Company as of December 31, 20X3, detailing assets, liabilities, and equity with corresponding debit and credit adjustments. It includes a breakdown of revenue, cost of goods sold, operating expenses, and net income. The final figures indicate total debits and credits of 862,160, with a net income of 15,080.

Uploaded by

kanh4630
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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TRIAL BALANCE

Lyn company
as at 31 Dec 20X3
TB Adjustment
No Acc
Dr Cr Dr Cr
Machinery, at cost 300,000
Vehicles, at cost 90,000
Acc. Depre. - Machinery 135,000 45,000
Acc. Depre. - Vehicles 32,400 11,520
Purchases (COGS) 136,380
Sales 304,530
Inventory, OB (COGS) 8,400
Carriage outward (Operating expense) 4,200
Carriage inward (COGS) 2,550
Wages and salaries 49,200 450
Bad debts 6,150 3,360
Rent 7,500
Trade payables 162,000
Trade receivables 108,000 3,360
Cash in hand 1,500
Bank Account 23,400
Drawings 30,000 450
15% long-term loan 75,000
Capital, OB 87,150
Electricity 10,800 3,600
Insurance 18,000
Inventory 9,560
Closing inventory (-COGS) 9,560
Depreciation expense - Machine 45,000
Depreciation expense - Vehicle 11,520
Prepayment 3,600
Net income - P/l Acc
Reatanied earning
796,080 796,080 73,490 73,490
TRIAL BALANCE
Lyn company
as at 31 Dec 20X3
Adjusted TB PL statement BS
Dr Cr Dr Cr Dr Cr
300,000 300,000
90,000 90,000
180,000 180,000
43,920 43,920
136,380 136,380
304,530 304,530
8,400 8,400
4,200 4,200
2,550 2,550
48,750 48,750
9,510 9,510
7,500 7,500
162,000 162,000
104,640 104,640
1,500 1,500
23,400 23,400
30,450 30,450
75,000 75,000
87,150 87,150
7,200 7,200
18,000 18,000
9,560 9,560
9,560 9,560
45,000 45,000
11,520 11,520
3,600 3,600
15,080 15,080

862,160 862,160 314,090 314,090 563,150 563,150

Revenue 304,530
Expense (289,450)
15,080
Closing BS
Dr Cr Dr Cr
300,000
90,000 1. Revenue
180,000
43,920
136,380 2. COGS/Operating expense
304,530
8,400
4,200
2,550
48,750
9,510
7,500
162,000
104,640
1,500
23,400 3
30,450
75,000 4
30,450 56,700
7,200
18,000
9,560
9,560
45,000
11,520
3,600
289,450 304,530
15,080
633,990 633,990 532,700 532,700
137,770

1. Revenue
Dr Revenue 304,530
Cr P/L acc 304,530
2. COGS/Operating expense
Dr P/L acc 289,450
Cr COGS 137,770
Cr Carriage outwards 4,200
Cr Wages and salaries 48,750
Cr Bad debts 9,510
Cr Rent 7,500
Cr Electricity 7,200
Cr Insurance 18,000
Cr Depreciation expense - Machine 45000
Cr Depreciation expense - Vehicle 11520
Dr P/L acc 15,080
Cr Retained earnings 15,080
Dr Capital 30450
Cr Drawings 30450

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