ACCT 220 University of South Florida Buraimi Company Trading Account & Balance Sheet I attached the assignment here In Academic Affiliation with California

ACCT 220 University of South Florida Buraimi Company Trading Account & Balance Sheet I attached the assignment here In Academic Affiliation with California State University – Northridge
Department of Business Administration & Accounting
Task -3
Second Semester 2019-2020
Course Code
Course Name
Course Instructor
Hand Date
Submission Date
: ACCT220
: Introduction to Financial Accounting
: Mr. Omer Fareed Mohammed
: 27-05-2020
: 03-06-2020.
Student’s Name
: ……………………………………………………
I.D. Number
Section
Question No.
: ………………….….……………………………..
:3
Marks Obtained
Maximum
O1
O2
O3
O4
O5
O6
Comments if any
Marks
1
2
Total
Total Marks
(in figures)
/10
/20
/30
Total Marks
(in words)
Evaluator’s
Signature
Internal
External Moderator’s
Moderator’s
Signature
Signature
Remark: Candidates are advised to read all instructions before answering.
Objectives: The following student learning outcomes of the course are covered in this
Task:
1. Measure business events and summarize the resulting financial Information by preparing trading
account and profit and loss account
2. Prepare Income Statement and closing entries.
3. Prepare Income statement and balance sheet according to accrual basis.
Question-1: The following balances were taken from Buraimi Company
31.12.2015
Cash
Creditors = Accounts Payable
Buildings
Cars
Overdraft
Debtors = Accounts receivable
Bank
Furniture
Land
Loans
Marketable Securities
Machines
Purchases
Sales
Sales Returns
Purchases Returns
Opening Stock
Rent Revenues
Interest Expenses
Salaries
Electricity Expenses
Phone Expenses
Depreciation Expenses
Interest Revenues
Capital
[ 10 Marks]
250 000
75 000
175 000
200 000
62 500
25 000
500 000
150 000
87 500
162 500
112 500
87 500
200 000
375 000
37 500
50 000
75 000
25 000
30 000
45 000
10 000
15 000
25 000
37 500
495,000
810,000
Closing Stock was 87,500 at 31/12/2015
Required: Trial balance, Trading Account and Balance sheet
Page 2 of 10
Trial Balance
Account’s name
Dr
Cash
Creditors (Accounts payable)
Buildings
Cars
Overdraft
Debtors (Accounts receivable)
Bank
Furniture
Land
Loans
Marketable Securities
Machines
Purchases
Sales
Sales Returns
Purchases Returns
Opening Stock
Rent Revenues
Interest Expenses
Salaries
Electricity Expenses
Phone Expenses
Depreciation Expenses
Interest Revenues
Capital
Page 3 of 10
[ 2 Marks]
Cr
Trading account
Profit and loss Account
Current Assets:
Balance Sheet
Current Liabilities:
Long-term Liabilities:
Fixed Assets:
Owner’s equity:
Page 4 of 10
[ 1 Marks]
[2 Marks]
[5 Marks]
Question-2: The following balances were taken from Nizwa Company as at 31.12.2019
[20 Marks]
Name of accounts
Balances
370 000
Sales
50 000
Creditors
35 000
Overdraft
105 000
Loans
25 000
Notes Payable
50 000
Cash
125 000
Bank
50 000
Debtors
60 000
Marketable securities
100 000
Land
120 000
Buildings
70 000
Cars
90 000
Machines
10 000
Furniture
10 000
Rent Expenses
10 000
Salaries Expenses
20 000
Electricity Expenses
20 000
Phone Expenses
15 000
Interest Expenses
15 000
Insurance Expenses
15 000
Bad Debts
18 000
Depreciation Expenses
20 000
Services Revenues
20 000
Interest Revenues
10 000
Rent Revenues
45 000
Opening Stock
225 000
Purchases
35 000
Sales Returns
35 000
Purchases Returns
…..?
Capital
Required:
Prepare the Trial Balance and find out the Capital
Prepare Income statement According to Accrual basis
Prepare Balance Sheet.
Page 5 of 10
At the end of accounting period found that
–
Closing stock $ 50 000
–
Rent Expenses 1000/Month
–
Salaries Expenses 500/Month
–
Electricity Expenses 2000/Month
–
Phone Expenses
–
Interest Expenses 1000/Month
–
Insurance Expenses 1000/ Month
–
Services Revenues
3000/Month
–
Interest Revenues
1000/Month
–
Rent Revenues
5000 not paid yet
500/Month
Page 6 of 10
Trial Balance
Name of accounts
[2 Marks]
Dr
Sales
Creditors
Overdraft
Loans
Notes Payable
Cash
Bank
Debtors
Marketable securities
Land
Buildings
Cars
Machines
Furniture
Rent Expenses
Salaries Expenses
Electricity Expenses
Phone Expenses
Interest Expenses
Insurance Expenses
Bad Debts
Depreciation Expenses
Services Revenues
Interest Revenues
Rent Revenues
Opening Stock
Purchases
Sales Returns
Purchases Returns
Capital
Page 7 of 10
Cr
Income statement
……………….
………….
[8 Marks]
(
)
Net……………….
Less ………………………:-
(
)
Gross………….………
Less …………..:
(
Add …………..:
Net……….
Page 8 of 10
)
Current Assets
Balance sheet
[10 Marks]
Current Liabilities:
Long term Liabilities:
Fixed Assets:
Owner’s equity:
Page 9 of 10
End of Task.
Page 10 of 10

Purchase answer to see full
attachment