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Sammy Ltd Financial Statements

   

Added on  2020-01-07

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Accounting Questions
Sammy Ltd Financial Statements_1

Table of Contents3.1 Preparing the necessary balance day adjustments for Sammy Ltd........................................33.2 Preparing an income statement..............................................................................................33.3 Preparation of statement of changes of equity.......................................................................43.4 Preparation of statement of financial position.......................................................................4
Sammy Ltd Financial Statements_2

3.1 Preparing the necessary balance day adjustments for Sammy Ltd Balance day adjustments For Sammy Ltd S. No. ParticularsDebit (in $)Credit (in $) 1.Interest of loan a/cDr.To Accrued loan a/c142014202.Prepaid Rates a/cDr.To rates a/c 100010003.Rent received a/cDr.To Unearned rent a/c 5005004. Accruedcommission a/c Dr.To commissionreceived a/c 8008005.Depreciation onplant a/c Dr. Accumulateddepreciation a/c 8210.48210.46.Depreciation onplant a/c Dr. Accumulateddepreciation a/c500050007.Salary a/c Dr.To Outstandingsalary a/c 344034403.2 Preparing an income statement Income Statement of Sammy Ltd for the year ended at 31st December 2015Particulars 2015(in $)Revenue 179520cost of sales88960Gross profit 90560Commission received 810Accrued commission 8001610
Sammy Ltd Financial Statements_3

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