Accounting Worksheet Problems and

Solutions

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Accounting Worksheet Problems and Solutions
Jadon & Co. is a manufacturer of various types of dyes for
industrial use. Following is the unadjusted trial balance as
on 30 June, 2018:

Debit Credit

Cash 20,000

Debtors 48,000

Opening Inventory 40,000

Prepaid insurance 16,000

IT Equipment 200,000

Allowance for depreciation – IT Equipment 40,000

Creditors 32,000

Capital 209,200

Drawings 24,000

Revenue 320,000

Discount given to customers 16,000

Purchases 160,000

Return and allowances 20,000

Carriage-in 23,200

Advertising expense 34,000

Payroll expense 40,000

621,200 621,200

Additional information for adjustments:

1. Provide allowance for depreciation on IT Equipment $

8,000.
2. Provide allowance for bad debts @ 10 % of ending
balance of debtors.
3. Insurance expired $ 10,000.
4. Prepaid advertising $ 4,800.
5. Outstanding payroll $ 8,000.
6. Closing inventory on 30 June, 2018 $ 60,000.

Required:
You are required to produce ten column worksheet.
Solution

Particulars Trial Balance Adjustments Adjusted T. B Income Stat. Balance Sheet

Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.

Cash 20,000 20,000 20,000

Accounts
48,000 48,000 48,000
receivable

Inventory 40,000 40,000 40,000

Prepaid
16,000 10,000 6,000 6,000
insurance

IT
200,000 200,000 200,000
Equipment

Allow for
dep – IT 40,000 8,000 48,000 48,000
Equip.

Creditors 32,000 32,000 32,000

Capital 209,200 209,200 209,200

Drawings 24,000 24,000 24,000

Sales
320,000 320,000 320,000
Revenue

Sales
16,000 16,000 16,000
Discounts

Purchases 160,000 160,000 160,000

Purchase
20,000 20,000 20,000
returns

Carriage-in 23,200 23,200 23,200

Advertising
34,000 4,800 29,200 29,200
expense

Payroll
40,000 8,000 48,000 48,000
expense

Insurance
10,000 10,000 10,000
expense

Depreciation
8,000 8,000 8,000
expense

Payroll
8,000 8,000 8,000
payable

Prepaid
4,800 4,800 4,800
advertising

Bad debt
4,800 4,800 4,800
expense

Allow. For
4,800 4,800 4,800
bad debts

Closing
60,000 60,000
inventory

Net income 60,800 60,800

621,200 621,200 35,600 35,600 642,000 642,000 400,000 400,000 362,800 362,800

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