8/20/2019 comprehensive problem accounting cycle newv2(1) (2).doc

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The Balance Sheet of “Architectural Services Ltd ” on 31.12.13 is shown below:

Cash 1!!!

"ebtors #!!!

$achiner% #!!!

Less Accu&ulated de'reciation 3!!!

(!!!)ffice e*ui'&ent +(!!!

 Less Accu&ulated "e'reciation: 1(!!!

3!!!!

Creditors 1!!!!

Lon, ter& Loan !!!

-etained arnin,s 1#!!!

Share ca'ital 2(!!!

Totals 60000 60000

The followin, transactions too/ 'lace durin, the %ear 2!1+.201. The co&'an% 're'aid rent for the net 1# &onths for 3!! 'er &onth.

301: The co&'an% 'aid !!! for the 'urchase of a new 'hotoco'ier. The esti&ated

useful life is %ears.#01: the co&'an% &ade a 'a%&ent on lon, ter& loan of 1(!!

2202. The co&'an% 'aid +!!! to creditors for a&ounts due.

10+: “Best Client ver Ltd” 're'aid 3!!! for services that will be 'rovided b% “$obile

Services Ltd” in the future.(0: The co&'an% 'rovided services worth 2((!!. The co&'an% received (!! and

,ave credit for the rest.

2!0#: Bou,ht 2.!!! worth of stationer%4 on credit110: The co&'an% issued new shares for 2(!!!.

3!011. 5rovided services worth !!! and received the a&ount in cash

2012. The co&'an% sold its &achiner% in the a&ount of (!!2#012. 5aid tele'hone and salaries e'enses +(!4 #!!!4 res'ectivel%.

31012: The co&'an% declared and 'aid dividends of (.!!!

Additional information

16 Additional salaries of 3!!! for the %ear 2!1+ were 'aid on (0202!1(26: Su''lies on hand 7i.e.4 stationer%6 at 31012 a&ounted to 1(!!

36: The electricit% bill of the %ear was received in the a&ount of 1!!!. The a&ount is

not due till 2#0202!1(.

+6: B% "ece&ber 2!1+4 the co&'an% co&'leted 10( of the services contracted for “BestClient ver Ltd”.

(6 The office e*ui'&ent and &achiner% were 'urchased on 10102!11.86 9nterest accrued on the loan for the %ear was 'aid on 20101(. The ban/ char,es anannual interest rate of 8 . The co&'an% &a/es one annual 'a%&ent of 1(!! for the

re'a%&ent of ca'ital on the # ;anuar% of ever% %ear.

6 The co&'an%