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Corporate Accounting Colour Ltd

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Added on  2020-04-07

Corporate Accounting Colour Ltd

   Added on 2020-04-07

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CORPORATEACCOUNTING
Corporate Accounting Colour Ltd_1
Colour LtdJournalDateDetails Debit ($) Credit ($) 30-06-2017Salaries and wages ..........dr 32,000 To Outstanding Salaries and Wages 32,000 (Being unaccounted salaries recorded in the books of accounts)30-06-2017Heating and lighting expenses ..........dr 16,000 To Outstanding Heating and lighting expenses 16,000 (Being unaccounted Heating and lighting expenses recorded in the books of accounts)30-06-2017Insurance Expenses ..........dr 20,000 To Prepaid Insurance 20,000 (Being insurance expenses for the year accounted for)30-06-2017Interest Expense ..........dr 30,000 To Outstanding Interest Expense 30,000 (Being unaccounted Interest Expense recorded in the books of accounts)30-06-2017Depreciation ..........dr 85,000 To Accumulated Depreciation – Plant & Machinery 36,000 To Accumulated Depreciation - Computers 20,000 To Accumulated Depreciation – Buildings 29,000 (Being depreciation for the year recorded in the books)30-06-2017Income Tax Expense ..........dr 1,60,000 To Provision for Income Tax Expense 1,60,000 (Being income tax expenses for the year accounted for30-06-2017Final Dividend .........dr 50,000 To Provision for Dividend 50,000 (Being dividend for the year being declared and
Corporate Accounting Colour Ltd_2
approved by board)
Corporate Accounting Colour Ltd_3

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