• Author / Uploaded
• Kalyan Kumar

Citation preview

Liabilities Sundry Creditors Wages Payable

Customer advance

Balance sheet May-1st Amount Assets Cash Bank Accounts Receivable Inventory

Amount $ 200.00 $ 7,005.00

Total Current Liabilities

$

- Total Current Assets

$ 13,250.00 $ 2,320.00 $ 22,775.00

Payable on Equipment Total Liabilities

$ $

10,300.00 Equipment+Office furniture 10,300.00 Accumulated depreciation

$ 14,525.00 $ -

Capital Operating Profit Total Capital Total Liabilities and Capital

$

27,000.00

$ $

27,000.00 37,300.00 Total Assets

Reco

$

Prepaid expenses

Total Non-Current Assets

Liabilities Sundry Creditors Wages Payable

Customer advance

Particulars Initial Cash Cash withdrawn

$ 14,525.00

$ 37,300.00

-

Balance sheet 30-Jun Amount Assets $ 2,304.00 Cash $ 232.00 Bank $ 125.00 Accounts Receivable Inventory Prepaid expenses

2,661.00 Total Current Assets

Amount $ 5,808.00 $ 7,005.00 $ 199.00 $ 10,018.00 $ 750.00 $ 23,780.00

Total Current Liabilities

$

Payable on Equipment Total Liabilities

$ $

10,300.00 Equipment 12,961.00 Accumulated depreciation

$ 14,525.00 $ -456.67

$ $ $ $

Total Non-Current Assets 20,171.00 4,716.33 24,887.33 37,848.33 Total Assets

$ 14,068.33

Capital Operating Profit Total Capital Total Liabilities and Capital Reco

$

-

$ 37,848.33

1804 75 425 2304

Cash Ledger Amount Particulars 20000 Guaranteed Deposit 200

Cash Balance 20200

Bank Ledger Amount 20000

Particulars Deposit retuned back Additional bonds

Amount 2755 7000

200 20200 9755

Bank Ledger Particulars Office furniture Fire & Casuality Ins Cash withdrawn

Cash Balance

Amount 1650 900 200

7005 9755

Income Statement- Octane From 01 May to 30 June Revenues from sales

$ 69,788.00

Other income Total Revenue Sales cost - Inventory consumed Gross Profit Operating expenses

$ 375.00 $ 70,163.00 $ 49,730.00 $ 20,433.00

Rent Expense Utility expenses Salaries

Advertising expense

miscellaneous expenses Depreciation expense Insurance expenses Total Expense Operating Profit

$ $ $ $

3,513.00 870.00 9,682.00 690.00

$ $ $

355.00 456.67 150.00

Oustanding Provision for Bad debts

Provision for Bad debts Debtors Provision $ 15,716.67 $ 4,716.33 4716

199 3.98 Dr

Cr 3.98 199

Julio Trevino (Octane Service Station) Trial Balance June 30 Account Cash Bank Accounts Receivable Merchandise Inventory Prepaid expenses- Insurance Assets Acc. Depreciation Sundry Creditors Payable on Equipment Wages Payable Capital sales Other income Unearned revenue Outanding debtors balance(56+143) Rent Expense Utility expenses Inventory consumed Salaries Advertising expense miscellaneous expenses Depreciation expense Insurance expenses Total

Dr

Cr 5,808.00 7,005.00 199.00 10,018.00 750.00 14,525.00

Refer Cash Ledger

456.67 2,304.00 10,300.00 232.00 20,171.00 69,589.00 375.00 125.00 199.00 3,513.00 870.00 49,730.00 9,682.00 690.00 355.00 456.67 150.00 103,751.67 -

143+56 Given Refer Note:1 Refer Note:2 Refer Note:3 Refer Note:4 Refer Note-6 Given Refer Capital Ledger Given Calculated Calculated Calculated Refer Note-5 Calculated Given Calculated Given Given Note:3 Note:1

103,751.67

-

-7005 Particulars Initial Cash Sales Rent Cash withdrawn

Particulars Initial Deposit

Cash Ledger Amount Particulars 20000 Guaranteed Deposit 69510 Purchases 500 Rent 200 Salaries Utilities Advertising Misc. Withdrawal Cash Balance 90210

Deposit Ledger Amount Particulars Amount 20000 Inventory 13250 Rental fees 1420 Down paymment on Eq 2575 Given back 2755 20000

Particulars Withdrawn Self usage Balance

20000

Capital Ledger Amount Particulars 6750 Cash 79 Increase in capital 20171

27000

Particulars Deposit retuned back Additional bonds

Inventor Amount 20000 44694 2018 9450 445 690 355 6750 5808 90210

Bank Ledger Amount

Note-1 Prepaid Expense Insurance Paid Prepaid

Note-2 Assets Equipment Furniture Total Note-3 Depreciation

Amount 20000 7000

27000

Particulars 2755 Office furniture 7000 Fire & Casuality Ins Cash withdrawn

Bank Balance 9755

Particulars Initial Inventory Purchase Credit Purchase

Amount 1650 900 200

7005 9755

5608

Inventory Ledger Amount Particulars 13250 44694 Closing Balance Given 1804 Inventory Consumed 59748

Note-4 Sundry Creditors 900 Rent75 750 Vendors Utility Total Payable Note-5 12875 Rent Expense 1650 Rent 14525 Payable Initial Rent 456.6666667

Amount 10018

49730 59748

75 1804 425 2304

2018 75 1420 3513

Note-6 Payable on Equipment Paid-Down payment Payable

12875 2575 10300

25325

1013

1250

2263 245 170