ADJUSTED TRIAL BALANCE
Following is the trial balance of ABC for year ended December 31, 2018.
Trial Balance
Account title
Debit
Credit
Cash
100,000
Machinery
1,000,000
Accounts Receivable
45,000
Prepaid Insurance
30,000
Accounts payable
25,000
Unearned service revenue
50,000
Share Capital
1,000,000
Revenue
500,000
Materials Expense
200,000
Electricity Expense
100,000
Salaries Expense
100,000
1,575,000
1,575,000
Following adjustments have been identified:
Pre-paid insurance asset is based on payment made on July 1st, 2018 for the insurance covering period July 1st, 2018 to June 30, 2019.
Cash amounting to Rs 10,000 received and booked in Accounts receivable and Revenue relates to work not yet performed.
Work amounting to Rs 40,000 appearing in Unearned service revenue has been performed prior to year end and qualifies to be recognized as Revenue.
Electricity bill for December received on 3rd January 2019 whose expense is yet to be booked.
A Bonus is paid to all employees in first week of January on account of their work of previous year amounting to Rs 20,000.
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