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Ahmad and co. presented following data on June 30, 2002 Title of account...

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Accounting

Ahmad and co. presented following data on June 30, 2002

Title of account Debit Credit

Cash 15,000

A/c Receivable 25,600

Supplies 1500

Note receivable 12,000

Equipment 18,000

Furniture 25,000

Land 125,000

A/c payable 17,000

Note payable 5,000

Bank overdraft 18,600

Commission revenue 85,000

Salaries expense 24,200

Advertising expense 4500

Drawing 7000

Rent expense 12000

Capital 144,200

total 269,800 269,800

Additional information;

1. Accrued commission revenue Rs.700

2. Accrued salaries expense Rs. 4500

3. Depreciation expense on equipment 5% and on furniture 10%

4. Interest expense 8% on overdraft is due but not paid by company yet.

5. Bad debts estimated on A/c receivable 3%

Required:

i) prepare adjusting entries

ii) prepare income statement

iii) prepare balance sheet

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