Scenario for the case study

Your client, Wazobia Company Limited, commenced business on 1 January, 2021, and has asked you to look at their first set of accounts made up to 31 December, 2021. Wazobia has a competent bookkeeper who prepared a trial balance on 31 December, 2021, and has given you a copy in an Excel file. You are required to perform the following tasks:

1. Create a model template to extract the BS and PNL and relevant notes and schedules from the trial balance. The model should be integrated so that adjustments and updates can be affected in just a few actions.
2. Populate the model from the trial balance making sure that the BS is in balance.
3. Update your model with the following adjustments:
   • It was discovered that the closing inventory had been understated by N10,000,000.
   • You are to make a provision of N10,512,000 for taxation.

Let's begin by preparing a WTB.