The document provides information about the accounting cycle for Taposhi Corporation Ltd, including a trial balance, additional information, a 10-column worksheet, income statement, statement of owner's equity, and classified balance sheet. The worksheet adjusts account balances based on additional information and carries forward balances to the financial statements. The income statement shows net income of 20,500 Taka. The statement of owner's equity shows an increase in capital from opening to closing balance. The balance sheet presents assets, liabilities, and owner's equity as of December 31.

1. Accounting Cycle
(Work Sheet)
1

2. 2
The following Trial Balance and additional data are of Taposhi Corporation Ltd.
Taposhi Corporation
Trial Balance
Account Title Dr. Tk. Cr .Tk.
Cash 24,000
Accounts Receivable 7,000
Supplies 6,000
Prepaid Insurance 9,000
Office Furniture 22,000
Accumulated Dep.-Office Furniture 2,000
Accounts Payable 3,000
Capital 40,000
Drawing 8,000
Service Revenue 70,000
Advertising Expenses 2,000
Salaries Expenses 24,000
Rent Expenses 9,000
Miscellaneous Expenses 4,000
Total 1,15,000 1,15,000

3. 3
Additional information:
(a). An inventory shows that Tk.2,000 of the supplies is on
hand at the end of year
(b). The balance of prepaid insurance for 3-year
(c). The depreciation expenses for the year on the office
furniture is Tk. 1,900
(d). Salaries incurred but unpaid at the end of the year are
Tk.1,600
Required:
1. Prepare a 10- column Work Sheet.
2. An income Statement
3. A statement of owner’s equity
4. A classified balance sheet

4. Account Titles Trial Balance Adjustments Adj. Trial Balance Income Statement Balance Sheet
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 24,000
A/Receivable 7,000
Supplies 6,000
Prepaid Insurance 9,000
Office Furniture 22,000
Accu. Dep. Off.
Furniture
2,000
A/Payable 3,000
Capital 40,000
Drawing 8,000
Service Revenue 70,000
Adv. Exp. 2,000
Salaries Exp. 24,000
Rent Exp. 9,000
Miscellaneous
Expenses
4,000
Total 115000 115000
4
Worksheet

5. Account Titles Trial Balance Adjustments Adj. Trial Balance
Dr. Cr. Dr. Cr. Dr. Cr.
Cash 24,000
A/Receivable 7,000
Supplies 6,000 4000(a)
Prepaid Insurance 9,000 3000(b)
Office Furniture 22,000
Accu. Dep. Off. Furniture 2,000 1900(c)
A/Payable 3,000
Capital 40,000
Drawing 8,000
Service Revenue 70,000
Adv. Exp. 2,000
Salaries Exp. 24,000 1600(d)
Rent Exp. 9,000
Miscellaneous Expenses 4,000
Total 115000 115000
Supplies Exp. 4000(a)
Insurance Exp. 3000(b)
Dep. Exp. 1900(c)
Salary payable 1600(d)
Totals 10,500 10,500
5
Worksheet

6. Account Titles Trial Balance Adjustments Adj. Trial Balance Income Statement Balance Sheet
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 24,000 24,000
A/Receivable 7,000 7,000
Supplies 6,000 4000(a) 2,000
Prepaid Insurance 9,000 3000(b) 6,000
Office Furniture 22,000 22,000
Accu. Dep. Off.
Furniture
2,000 1900(c) 3,900
A/Payable 3,000 3,000
Capital 40,000 40,000
Drawing 8,000 8,000
Service Revenue 70,000 70,000
Adv. Exp. 2,000 2,000
Salaries Exp. 24,000 1600(d) 25600
Rent Exp. 9,000 9000
Miscellaneous
Expenses
4,000 4000
Total 115000 115000
Supplies Exp. 4000(a) 4000
Insurance Exp. 3000(b) 3000
Dep. Exp. 1900(c) 1900
Salary payable 1600(d) 1,600
Totals 10,500 10,500 118500 118500 6
Worksheet

7. Account Titles Adj. Trial Balance Income Statement Balance Sheet
Dr. Cr. Dr. Cr. Dr. Cr.
Cash 24,000
A/Receivable 7,000
Supplies 2,000
Prepaid Insurance 6,000
Office Furniture 22,000
Accu. Dep. Off. Furniture 3,900
A/Payable 3,000
Capital 40,000
Drawing 8,000
Service Revenue 70,000 70,000
Adv. Exp. 2,000 2,000
Salaries Exp. 25600 25600
Rent Exp. 9000 9000
Miscellaneous Expenses 4000 4000
Supplies Exp. 4000 4000
Insurance Exp. 3000 3000
Dep. Exp. 1900 1900
Salary payable 1,600
Totals 118500 118500 49500 70,000
Net Income 20500
Totals 70000 70000
7
Worksheet

8. Account Titles Adj. Trial Balance Income Statement Balance Sheet
Dr. Cr. Dr. Cr. Dr. Cr.
Cash 24,000 24,000
A/Receivable 7,000 7,000
Supplies 2,000 2,000
Prepaid Insurance 6,000 6,000
Office Furniture 22,000 22,000
Accu. Dep. Off. Furniture 3,900 3,900
A/Payable 3,000 3,000
Capital 40,000 40,000
Drawing 8,000 8,000
Service Revenue 70,000 70,000
Adv. Exp. 2,000 2,000
Salaries Exp. 25600 25600
Rent Exp. 9000 9000
Miscellaneous Expenses 4000 4000
Supplies Exp. 4000 4000
Insurance Exp. 3000 3000
Dep. Exp. 1900 1900
Salary payable 1,600 1,600
Totals 118500 118500 49500 70,000 69,000 48,500
Net Income 20500 20500
Totals 70000 70000 69000 69,000
8
Worksheet

9. 9
Taposhi Corporation
Income Statement
For the year ended December-31
Details Taka Taka
Revenues:
Service Revenue 70,000
Expenses:
Supplies Expenses 4,000
Advertisement Expenses 2,000
Salaries Expenses 25,600
Rent Expenses 9,000
Miscellaneous Expenses 4,000
Insurance Expense 3,000
Depreciation Expenses 1,900
Total Expenses 49,500
Net Income 20,500

10. 10
Taposhi Corporation
Statement of Owner’s Equity
For the year ended December-31
Details Taka
Opening Capital 40,000
Add: Net Income for the year 20,500
Sub-Total 60,500
Less: Owner’s Withdraw 8,000
Closing Capital 52,500

11. 11
Taposhi Corporation
Balance Sheet
As on December-31
Details Taka Taka
Assets & Property
Current Assets:
Cash 24,000
Account Receivable 7,000
Supplies 2,000
Prepaid Insurance 6,000 39,000
Property:
Office furniture 22,000
Less: Accumulated Depreciation 3,900 18,100
Total Assets 57,100
Liabilities & Owner’s Equity
Current Liabilities:
Accounts Payable 3,000
Salary Payable 1,600 4,600
Owner’s Equity:
Closing Capital 52,500
Total Liabilities & Owner’s Equity 57,100