Problem 01: The following trial balance and additional information are extracted from the

books of Obama and Brothers:

Obama and Brothers
Trial Balance; December 31, 2018
Accounts title Dr. (tk.) Cr. (tk.)
Cash 75,000
Capital 250,000
Furniture 45,000
Accumulated depreciation-Furniture 15,000
Equipment 60,000
Accumulated depreciation-Equipment 20,000
Drawings 20,000
Inventory (01.01.2018) 50,000
Purchase 250,000
Accounts receivable 200,000
Interest revenue 7,000
Salaries expenses 31,500
Sales revenue 380,000
Purchase return 10,000
Transportation-in 24,500
Rent expenses 12,000
Sales return 8,000
Notes receivable 16,000
Accounts payable 120,000
Notes payable 10,000
Unexpired insurance 12,000
Office supplies expenses 8,000
Total 812,000 812000
Prepare a multiple-step income statement and owner’s equity statement for the year and a
classified balance as on December 31, 2018.
Problem 02: The Trial Balance of Essential Fashion center contained the following accounts
at November 30, the end the company’s fiscal year:
Essential Fashion Center
Trial Balance
November 30, 2017
Name of accounts Debit (taka) Credit (taka)
Cash 28,700
Accounts receivable 30,700
Merchandise inventory 44,700
Store supplies 6,200
Store equipment 85,000
Acc. Dep. Store Equipment 22,000
Delivery equipment 48,000
Acc. Dep. delivery equipment 6,000
Notes payable 51,000
Account payable 48,000
Capital 1, 10,000
Drawings 12,000
Sales 7, 55,200
Sales return and allowances 8,800
Cost of goods sold 4, 97,400
Salaries expense 1, 40,000
Advertising expense 24,400
Utilities expense 14,000
Repair expense 12,100
Delivery expense 16,700
Rent expense 24,000
TOTAL 9, 92,700 9, 92,700
Prepare a multiple – step income statement and owner’s equity statement for the year and a
classified Balance sheet as on November 30, 2017
Problem 03: Modern technology is engaged in real estate and consultancy business had the
following trial balance for December 31, 2018:
Accounts Title Debit (taka) Credit(taka)
Equipment 20,000
Premises 1,20,000
Capital 1,50,000
Drawings 10,000
Purchase Returns 2,500
Selling and Distribution Expense 10,000
Insurance 3,000
Administrative Expense 25,000
Wages 20,000
Inventory (01.01.2018) 10,000
Carriage in 4,000
Purchases 95,000
Sales Return 5,000
Sales 1,80,000
Accounts Receivable 15,000
Accounts payable 10,000
Cash 7,000
Allowance for Bad debt 1,500
Totals 3,44,000 3,44,000
You have to prepare:
1. A multi-step Income Statement;
2. Owner’s equity Statement;
3. A Classified Balance Sheet at December 31, 2008.
Problem 04. The following is the trial balance of Mr. Clinton as on December 31, 2009.
Mr. Clinton’s
Trial Balance; December 31, 2019.
Account Title Debit (TK.) Credit (TK.)
Cash 9,000
Accounts receivable 12,500
Inventory (01.01.2019) 27,400
Prepaid insurance 10,200
Office supplies expense 6,600
Land (cost) 62,000
Office equipment (cost) 64,000
Accumulated depreciation-office equipment 20,000
Building (cost) 160,000
Accumulated depreciation-Building 62,000
Investment in securities 125,500
Accounts payable 27,900
Mortgage loan 60,000
Capital 200,000
Drawings 10,000
Sales 228,000
Sales return & allowances 6,500
Purchase 151,000
Purchase return & allowance 6,200
Freight in 11,200
Advertising expense 9,000
Salaries expense 8,300
Utilities expense 3,600
Rent expense 8,000
Interest income 15,700
Interest expense 19,000
Allowance for bad debts 4,000
Notes payable (Tk. 20000 become due in next year) 80,000
Totals 703,800 703,800
You have to prepare a Multi-step Income Statement; an Owners Equity Statement; and a
Classified Balance Sheet as on December 31, 2019.