FINANCIAL ACCOUNTING SECTION - B ASSIGNMENT I The right manager of Ali Babas Corporation, who had no accounting background, prepared

d the following balance sheet for the company at February 28, 2012. The Rs. Amounts were taken directly from the companys accounting records and are correct. However, the balance sheet contains a number of errors in its headings, format, and the classification of assets, liabilities, and owners equity. Ali Babas Corporation Managers Report 6.15 P.M. Thursday
Assets Capital Stock Retained Earnings Cash Building Automobiles Prepaid Expenses Short Term Investments Selling Expenses Admin Expenses Bad Debts Gain on Sale of Assets Required: Prepare a corrected balance sheet. Include a proper heading. (Rs.) 282,000 208,000 169,000 95,000 272,000 100,000 500,000 150,000 55,000 5,000 59,000 Owners Equity Accounts Receivable Notes Payable Supplies Land Accounts Payable Accrued Expenses Trade Creditors Bank Overdraft Income Tax Payable (Rs.) 210,000 325,000 28,000 89,000 48,000 50,000 50,000 300,000 200,000