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Double entry bookkeeping Recevables d depreciation 3.700 1800 Acruals frent 0800 apita Tangible Asset Prepayments nurance2400Reserves 7.4SO After having opened the accounts, record entity transactions of the period 2015 and adjustments at the end of that period using T accounts. Prepare an income statement and a balance sheet for the year ended 31 December 2015 (no specific classification of financial statements items is required) 1. Purchase of raw material 3.500 (payables) 2. Loan received from bank: 6.700 (bank) 3. Sales of finished goods: 20.000 (half paid in cash to bank and half receivables) 4. Rent paid for 360 from 01/11/2014 to 3004/2015 (bank) 5. Payables paid: 1.750 (bank) 6. Receivables paid: 9.000 (bank) 7. Wages paid: 3.250 (bank) 8. Insurance paid for period from 0109 2015 to 31/08/2016: 3.600 (bank) 9. Closing inventory is valued at 600 10. Annual depreciation of tangible assets: 1.800 11. Taxation expense is estimated for 1.200 12. Insurance expense adjustment 13. Accrued interests on loan are 1.900 14. Provision for doubtful debts is estimated to be 800

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Question is for creating T Accounts, Income Statement and Balance sheet.Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you Bank Income Statement Debit Beginning Balance 6,000 4 $ 6,700 5 10,000 7 5 9,000 8 inning Balance 10,000 20,000 $-4,700 15,300 Less: Cost of Goads Sold Ending Balance 10,000 3,600 Less: Operating Expense Rent Expense Reserves Debit 3,250 1,800 3,600 Depreciation Expense Insurance Expense Bad Debt Expense Not Operating Income Less: Interest Ex Income before ta:x ess: Income Tax Net Income Receivable Ending Balance S7450 -9,690 Debit Balance 3,500 6 9,000 Purchase 1,900 10,000 Debit 3,500 9 S 3,500 $-1,200 Ending Balance 4,500 Balance Sheet Balance 1,800 9 Cost of Goods Sold Current Assets 3,500 (1900+3 Debit Credit Receivable Less: Prov for Doubtful ACc -0D 3,700 $ 2,400 s29,440 1800+3500-600) Ending Dalance Tangible Assets Credit Total Current Assets Tangible Assets Less: Acc Dep Tangible Assets,Ne Debit ginning Balance$10,800 Loan Payable 10,800 Debit Ending Balance 10,800 S 6,700 Ending Balace 6,700 Total Asscts 34,660 Balance 2,400 12 3,600 Liabilities $ 3,G00 300 per month 12 Debit Credit Current Liobilitles Accounts Payable ance $ 2,400 S 20,000 Ending Balance S 20,000 $ 1,900 Debit Credit Total current Liabilities Loan Payable Rent Expense 1,800 Debit 6,700 Ending Balance S,580 Total Liabilitios $ 14,700 Accounts Payable Debit S 10,000 9,960 19,960 34,660 1,750 Beginning Balance Debit 450+2510 Total Capital Total Liabilities and Capital 3,250 Fnding Ralanor 4.900 3,250 Accruals Debit Credit Debit Ending Balance Ending Balance 800 Income Tax payable Income Tax E Debit Debit 1,200 Ending Balance 1,200 Ending Balance Interest Payable Insurance Expense Credit Debit 13 12 (300 per month 12) Ending Balance 3,600 Provision for Doubtful Accounts Interest Expense Debit 13 Ending Balance Ending Balance1,900 Bad debt Expense Credit Ending Balance800

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