Q Answer the following:
A XYZ Centre Ltd was setup on July XX Its trial balance as on July is as follows:
XYZ Centre Ltd
The following additional information is available:
a The swimming pool has an estimated life of five years, and the tennis court has an estimated life of eight years. Neither has any scrap value.
b The inventory of supplies on July is Rs
c Subscription revenue of Rs is due from members who have been admitted on a provisional basis.
d Unearned subscription includes an amount of Rs for July
e Staff salaries for the last week totaling Rs have not been paid.
f The local electricity company sent a bill for Rs for July after the close of the month's transactions.
g Insurance premium of Rs was paid on a oneyear policy effective from July
You are required to:
i Prepare adjusting entries
ii Prepare the July month Balance Sheet and Statement of Profit and Loss.
