Excel Question
- April 2: Invested AED 20,000 cash into the business.
- April 2: Purchased equipment for AED 10,500, paying AED 6,500 in cash and the balance on account.
- April 5: Purchased repair supplies for AED 2,200 on account.
- April 7: Paid AED 1,800 cash for a one-year insurance policy effective May 1.
- April 13: Billed customers AED 7,800 for repair services.
- April 16: Paid AED 3,000 cash on the amount owed for equipment and AED 1,000 on the amount owed for supplies.
- April 19: Paid AED 3,200 cash for employee salaries.
- April 22: Collected AED 2,500 cash from customers billed on April 13.
- April 26: Billed customers AED 4,900 for repair services.
- April 28: Paid AED 450 cash for electricity and utilities for the shop.
- April 30: Withdrew AED 1,200 cash for personal use.
- Journalize and post the April transactions.
- Prepare a trial balance at April 30.
- Journalize and post the following adjusting entries:
- Earned but unbilled revenue at April 30 was AED 1,600.
- Depreciation on equipment for the month was AED 350.
- One-twelfth of the insurance expired.
- An inventory count shows AED 900 of repair supplies on hand at April 30.
- Accrued but unpaid employee salaries were AED 900.
- Journalize and post-closing entries and complete the closing process.
- Prepare a post-closing trial balance at April 30.
- Illustrate how accounting principles were applied in meeting IFRS requirements, supported by specific examples from the above requirements.
- Provide an analytical discussion of the financial statements, highlighting key insights into the financial performance and position of the business.
- Based on the completed financial statements and your analysis, recommend at least three strategic actions Hamad Al Mansoori could take in the next quarter to improve the shops profitability and liquidity.
Hamad Al Mansoori established a Car Repair Shop in Dubai on April 1, contributing AED 10,000 as capital in the form of a building. During April, the following transactions were completed:
Instructions
6.Prepare the income statement and owners equity statement for April and a classified balance sheet at April 30.
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