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Ms. Samina Noreen a Lawyer started his new business in Chiniot, Samina and Zafar law associates. She incurred the following transactions during the Month of December 2020. She adjusts and closes accounts on monthly basis.

1^st December: She introduces capital in the business Rs. 5000,000.

5^th December: Acquired land and building worth Rs.2500,000. Payment was made through check Rs.1300,000 and remaining balance through issuance of 12.5%. p.a. Notes payable.

10^th December: S.K mart want to obtain legal consultancy from Ms. Samina Noreen for future period and made advance payment of Rs. 108,000.

20^th December: Wages and salary paid to employees for first three week of December Rs.60,000.

22^nd December: Purchased office supplies Rs.12,000 on account. The supplies will last for several months.

Data for Adjustments:

The life of the building was 50 years. The interest for the month of December is accrued; legal services which were rendered to S.K mart during the month of December were Rs.25,000. The wages and salaries for the last week of December Rs.20,000 are yet to be paid. Supplies on hand at December 31, 2020 were 11,500.

Process adjusting entries and prepare the adjusted trial balance (in the books of Samina and Zafar associates).