CENT 1400 Accounting And Financial Management : Free Samples
Requirement-2: Post from journal to ledger accounts and then Prepare a trial balance for the end of Jan.
Requirement-3: Continue the journal entries for Feb.Requirement-4: Post from journal to ledger accounts and then Prepare a trial balance for the end of Feb.
Requirement-5: Journalize the adjustments for the following cases:
a. Two months of the insurance has expired.
b. Only $500 of supplies are left.
c. Equipment in the restaurant depreciated $500 per month. Equipment in the coffee shop depreciated $300 per
month. Furniture in restaurant depreciated $300 per month and in coffee shop $200 per month.
Requirement-6: Prepare an adjusted trial balance.
Requirement-7: Prepare Income Statement, RE Statement, and Balance Sheet.
Requirement-8: Go through the closing process and close temporary accounts based on the recent adjusted trial balance. Then prepare a post-closing trial balance.
Answer:
Journal Entries:
|
In the books of ……. | ||||
|
Journal Entries | ||||
|
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount | |
|
01-01-2015 |
Cash A/c. |
Dr. |
$1,00,000 | |
|
To, |
Common Stock A/c. |
$1,00,000 | ||
|
01-01-2015 |
Cash A/c. |
Dr. |
$2,20,000 | |
|
To, |
N/P1 A/c. |
$2,20,000 | ||
|
01-01-2015 |
Equipment 1 A/c. |
Dr. |
$1,50,000 | |
|
Furniture 1 A/c. |
Dr. |
$1,00,000 | ||
dth="81"> |
To, |
Cash A/c. |
$2,50,000 | |
|
02-01-2015 |
Rent Expenses A/c. |
Dr. |
$2,000 | |
|
To, |
Cash A/c. |
$2,000 | ||
|
02-01-2015 |
PP-Insurance A/c. |
Dr. |
$4,800 | |
|
To, |
Cash A/c. |
$4,800 | ||
|
02-01-2015 |
Equipment 1 A/c. |
Dr. |
$40,000 | |
|
To, |
Cash A/c. |
$10,000 | ||
|
To, |
A/P A/c. |
$30,000 | ||
|
03-01-2015 |
Inventory A/c. |
Dr. |
$15,000 | |
|
To, |
Cash A/c. |
$15,000 | ||
|
03-01-2015 |
Supplies A/c. |
Dr. |
$2,000 | |
|
To, |
Cash A/c. |
$2,000 | ||
|
08-01-2015 |
Cash A/c. |
Dr. |
$20,000 | |
|
CC/R A/c. |
Dr. |
$5,000 | ||
|
CGS A/c. |
Dr. |
$5,000 | ||
|
To, |
Sales Revenue A/c. |
$25,000 | ||
|
To, |
Inventory A/c. |
$5,000 | ||
|
10-01-2015 |
A/P A/c. |
Dr. |
$2,000 | |
|
To, |
Cash A/c. |
$2,000 | ||
|
12-01-2015 |
Inventory A/c. |
Dr. |
$4,000 | |
|
To, |
A/P A/c. |
$4,000 | ||
|
15-01-2015 |
Cash A/c. |
Dr. |
$21,000 | |
|
A/R A/c. |
Dr. |
$3,000 | ||
|
CC/R A/c. |
Dr. |
$6,000 | ||
|
CGS A/c. |
Dr. |
$6,000 | ||
|
To, |
Sales Revenue A/c. |
$30,000 | ||
|
To, |
Inventory A/c. |
$6,000 | ||
|
15-01-2015 |
Wages Expenses A/c. |
Dr. |
$8,000 | |
|
To, |
Cash A/c. |
$8,000 | ||
|
16-01-2015 |
Cash A/c. |
Dr. |
$3,000 | |
|
To, |
CC/R A/c. |
$3,000 | ||
|
23-01-2015 |
Cash A/c. |
Dr. |
$16,000 | |
|
A/R A/c. |
Dr. |
$2,000 | ||
|
CC/R A/c. |
Dr. |
$2,000 | ||
|
CGS A/c. |
Dr. |
$4,000 | ||
|
To, |
Sales Revenue A/c. |
$20,000 | ||
|
To, |
Inventory A/c. |
$4,000 | ||
|
24-01-2015 |
A/P A/c. |
Dr. |
$4,000 | |
|
To, |
Cash A/c. |
$4,000 | ||
|
25-01-2015 |
Inventory A/c. |
Dr. |
$6,000 | |
|
To, |
A/P A/c. |
$6,000 | ||
|
29-01-2015 |
Wages Expenses A/c. |
Dr. |
$7,500 | |
|
To, |
Cash A/c. |
$7,500 | ||
|
29-01-2015 |
Cash A/c. |
Dr. |
$2,000 | |
|
To, |
A/R A/c. |
$2,000 | ||
|
29-01-2015 |
Cash A/c. |
Dr. |
$4,000 | |
|
To, |
CC/R A/c. |
$4,000 | ||
|
29-01-2015 |
Cash A/c. |
Dr. |
$19,600 | |
|
A/R A/c. |
Dr. |
$2,800 | ||
|
CC/R A/c. |
Dr. |
$5,600 | ||
|
CGS A/c. |
Dr. |
$5,600 | ||
|
To, |
Sales Revenue A/c. |
$28,000 | ||
|
To, |
Inventory A/c. |
$5,600 | ||
|
29-01-2015 |
N/P 1 A/c. |
Dr. |
$2,000 | |
|
Interest Expenses A/c. |
Dr. |
$1,000 | ||
|
To, |
Cash A/c. |
$3,000 | ||
|
01-02-2015 |
Rent Expenses A/c. |
Dr. |
$2,000 | |
|
To, |
Cash A/c. |
$2,000 | ||
|
01-02-2015 |
Cash A/c. |
Dr. |
$1,60,000 | |
|
To, |
N/P 2 A/c. |
$1,60,000 | ||
|
01-02-2015 |
Equipment 2 A/c. |
Dr. |
$1,00,000 | |
|
Furniture 2 A/c. |
Dr. |
$1,00,000 | ||
|
To, |
Cash A/c. |
$2,00,000 | ||
|
01-02-2015 |
Cash A/c. |
Dr. |
$3,000 | |
|
To, |
Rental Revenue A/c. |
$3,000 | ||
|
02-02-2015 |
Dividend A/c. |
Dr. |
$30,000 | |
|
To, |
Cash A/c. |
$30,000 | ||
|
03-02-5015 |
Cash A/c. |
Dr. |
$2,000 | |
|
To, |
CC/R A/c. |
$2,000 | ||
|
03-02-2015 |
Inventory A/c. |
Dr. |
$25,000 | |
|
To, |
Cash A/c. |
$2,000 | ||
|
To, |
A/P A/c. |
$23,000 | ||
|
07-02-2015 |
Cash A/c. |
Dr. |
$14,000 | |
|
A/R A/c. |
Dr. |
$2,000 | ||
|
CC/R A/c. |
Dr. |
$4,000 | ||
|
CGS A/c. |
Dr. |
$4,000 | ||
|
To, |
Sales Revenue A/c. |
$20,000 | ||
|
To, |
Inventory A/c. |
$4,000 | ||
|
08-02-2015 |
Utility Expenses A/c. |
Dr. |
$500 | |
|
To, |
U/P A/c. |
$500 | ||
|
09-02-2015 |
Cash A/c. |
Dr. |
$3,000 | |
|
To, |
A/R A/c. |
$3,000 | ||
|
10-02-2015 |
A/P A/c. |
Dr. |
$3,000 | |
|
To, |
Cash A/c. |
$3,000 | ||
|
14-02-2015 |
Cash A/c. |
Dr. |
$9,000 | |
|
A/R A/c. |
Dr. |
$3,000 | ||
|
CC/R A/c. |
Dr. |
$3,000 | ||
|
CGS A/c. |
Dr. |
$3,000 | ||
|
To, |
Sales Revenue A/c. |
$15,000 | ||
|
To, |
Inventory A/c. |
$3,000 | ||
|
14-02-2015 |
Wages Expenses A/c. |
Dr. |
$8,000 | |
|
To, |
Cash A/c. |
$8,000 | ||
|
15-02-2015 |
Cash A/c. |
Dr. |
$40,000 | |
|
To, |
Common Stock A/c. |
$40,000 | ||
|
16-02-2015 |
Inventory A/c. |
Dr. |
$3,000 | |
|
To, |
Cash A/c. |
$3,000 | ||
|
23-02-2015 |
Cash A/c. |
Dr. |
$12,000 | |
|
A/R A/c. |
Dr. |
$8,000 | ||
|
CGS A/c. |
Dr. |
$4,000 | ||
|
To, |
Sales Revenue A/c. |
$20,000 | ||
|
To, |
Inventory A/c. |
$4,000 | ||
|
24-02-2015 |
U/P A/c. |
Dr. |
$500 | |
|
To, |
Cash A/c. |
$500 | ||
|
25-02-2015 |
A/P A/c. |
Dr. |
$2,000 | |
|
To, |
Cash A/c. |
$2,000 | ||
|
28-02-2015 |
Cash A/c. |
Dr. |
$21,000 | |
|
A/R A/c. |
Dr. |
$3,000 | ||
|
CC/R A/c. |
Dr. |
$6,000 | ||
|
CGS A/c. |
Dr. |
$6,000 | ||
|
To, |
Sales Revenue A/c. |
$30,000 | ||
|
To, |
Inventory A/c. |
$6,000 | ||
|
28-02-2015 |
Dividend A/c. |
Dr. |
$20,000 | |
|
To, |
Cash A/c. |
$20,000 | ||
|
28-02-2015 |
N/P 1 A/c. |
Dr. |
$2,000 | |
|
Interest Expense A/c. |
Dr. |
$1,000 | ||
|
To, |
Cash A/c. |
$3,000 | ||
|
28-02-2015 |
Supplies A/c. |
Dr. |
$2,000 | |
|
To, |
Cash A/c. |
$2,000 | ||
|
28-02-2015 |
N/P 2 A/c. |
Dr. |
$2,500 | |
|
Interest Expense A/c. |
Dr. |
$1,000 | ||
|
To, |
Cash A/c. |
$3,500 | ||
|
28-02-2015 |
Insurance Expenses A/c. |
Dr. |
$800 | |
|
To, |
PP-Insurance A/c. |
$800 | ||
|
28-02-2015 |
Supply Expenses A/c. |
Dr. |
$3,500 | |
|
To, |
Supplies A/c. |
$3,500 | ||
|
28-02-2015 |
Dep-Exp Equipment 1 A/c. |
Dr. |
$500 | |
|
Dep-Exp Equipment 2 A/c. |
Dr. |
$300 | ||
|
Dep-Exp Furniture 1 A/c. |
Dr. |
$300 | ||
|
Dep-Exp Furniture 2 A/c. |
Dr. |
$200 | ||
|
To, |
ACC-DEP Equipment 1 A/c. |
$500 | ||
|
To, |
ACC-DEP Equipment 2 A/c. |
$300 | ||
|
To, |
ACC-DEP Furniture 1 A/c. |
$300 | ||
|
To, |
ACC-DEP Furniture 2 A/c. |
$200 | ||
|
28-02-2015 |
Sales Revenue A/c. |
Dr. |
$1,88,000 | |
|
Rental Revenue A/c. |
Dr. |
$3,000 | ||
|
To, |
PL Adjustment A/c. |
$1,91,000 | ||
|
28-02-2015 |
PL Adjustment A/c. |
Dr. |
$74,200 | |
|
To, |
CGS A/c. |
$37,600 | ||
|
To, |
Rent Expenses A/c. |
$4,000 | ||
|
To, |
Supply Expenses A/c. |
$3,500 | ||
|
To, |
Insuarnce Expenses A/c. |
$800 | ||
|
To, |
Wages Expenses A/c. |
$23,500 | ||
|
To, |
Utility Expenses A/c. |
$500 | ||
|
To, |
Dep-Exp Equipment 1 A/c. |
$500 | ||
|
To, |
Dep-Exp Equipment 2 A/c. |
$300 | ||
|
To, |
Dep-Exp Furniture 1 A/c. |
$300 | ||
|
To, |
Dep-Exp Furniture 2 A/c. |
$200 | ||
|
To, |
Interest Expenses A/c. |
$3,000 | ||
|
28-02-2015 |
PL Adjustment A/c. |
Dr. |
$1,16,800 | |
|
To, |
RE A/c. |
$66,800 | ||
|
To, |
Dividend A/c. |
$50,000 | ||
Ledgers:
|
Cash A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
01-01-2015 |
Common Stock A/c. |
100000 |
100000 |
DR. | |
|
01-01-2015 |
N/P 1 A/c. |
220000 |
320000 |
DR. | |
|
01-01-2015 |
Equipment 1 A/c. |
150000 |
170000 |
DR. | |
|
Furniture 1 A/c. |
100000 |
70000 |
DR. | ||
|
02-01-2015 |
Rent Expenses A/c. |
2000 |
68000 |
DR. | |
|
02-01-2015 |
PP-Insurance A/c. |
4800 |
63200 |
DR. | |
|
02-01-2015 |
Equipment 1 A/c. |
10000 |
53200 |
DR. | |
|
03-01-2015 |
Inventory A/c. |
15000 |
38200 |
DR. | |
|
03-01-2015 |
Supplies A/c. |
2000 |
36200 |
DR. | |
|
08-01-2015 |
Sales Revenue A/c. |
20000 |
56200 |
DR. | |
|
10-01-2015 |
A/P A/c. |
2000 |
54200 |
DR. | |
|
15-01-2015 |
Sales Revenue A/c. |
21000 |
75200 |
DR. | |
|
15-01-2015 |
Wages Expenses A/c. |
8000 |
67200 |
DR. | |
|
16-01-2015 |
CC/R A/c. |
3000 |
70200 |
DR. | |
|
23-01-2015 |
Sales Revenue A/c. |
16000 |
86200 |
DR. | |
|
24-01-2015 |
A/P A/c. |
4000 |
82200 |
DR. | |
|
29-01-2015 |
Wages Expenses A/c. |
7500 |
74700 |
DR. | |
|
29-01-2015 |
A/R A/c. |
2000 |
76700 |
DR. | |
|
29-01-2015 |
CC/R A/c. |
4000 |
80700 |
DR. | |
|
29-01-2015 |
Sales Revenue A/c. |
19600 |
100300 |
DR. | |
|
29-01-2015 |
N/P 1 A/c. |
2000 |
98300 |
DR. | |
|
Interest Expenses A/c. |
1000 |
97300 |
DR. | ||
|
31-01-2015 |
Closing Balance |
97300 |
DR. | ||
|
01-02-2015 |
Rent Expenses A/c. |
2000 |
95300 |
DR. | |
|
01-02-2015 |
N/P 2 A/c. |
160000 |
255300 |
DR. | |
|
01-02-2015 |
Equipment 2 A/c. |
100000 |
155300 |
DR. | |
|
Furniture 2 A/c. |
100000 |
55300 |
DR. | ||
|
01-02-2015 |
Rental Revenue A/c. |
3000 |
58300 |
DR. | |
|
02-02-2015 |
Dividend A/c. |
30000 |
28300 |
DR. | |
|
03-02-2015 |
CC/R A/c. |
2000 |
30300 |
DR. | |
|
03-02-2015 |
Inventory A/c. |
2000 |
28300 |
DR. | |
|
07-02-2015 |
Sales Revenue A/c. |
14000 |
42300 |
DR. | |
|
09-02-2015 |
A/R A/c. |
3000 |
45300 |
DR. | |
|
10-02-2015 |
A/P A/c. |
3000 |
42300 |
DR. | |
|
14-02-2015 |
Sales Revenue A/c. |
9000 |
51300 |
DR. | |
|
14-02-2015 |
Wages Expenses A/c. |
8000 |
43300 |
DR. | |
|
15-02-2015 |
Common Stock A/c. |
40000 |
83300 |
DR. | |
|
16-02-2015 |
Inventory A/c. |
3000 |
80300 |
DR. | |
|
23-02-2015 |
Sales Revenue A/c. |
12000 |
92300 |
DR. | |
|
24-02-2015 |
U/P A/c. |
500 |
91800 |
DR. | |
|
25-02-2015 |
A/P A/c. |
2000 |
89800 |
DR. | |
|
28-02-2015 |
Sales Revenue A/c. |
21000 |
110800 |
DR. | |
|
28-02-2015 |
Dividend A/c. |
20000 |
90800 |
DR. | |
|
28-02-2015 |
N/P 1 A/c. |
2000 |
88800 |
DR. | |
|
Interest Expense A/c. |
1000 |
87800 |
DR. | ||
|
28-02-2015 |
Supplies A/c. |
2000 |
85800 |
DR. | |
|
28-02-2015 |
N/P 2 A/c. |
2500 |
83300 |
DR. | |
|
Interest Expense A/c. |
1000 |
82300 |
DR. | ||
|
28-02-2015 |
Closing Balance |
82300 |
DR. | ||
|
A/R A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
15-01-2015 |
Sales Revenue A/c. |
3000 |
3000 |
DR. | |
|
23-01-2015 |
Sales Revenue A/c. |
2000 |
5000 |
DR. | |
|
29-01-2015 |
Cash A/c. |
2000 |
3000 |
DR. | |
|
29-01-2015 |
Sales Revenue A/c. |
2800 |
5800 |
DR. | |
|
30-01-2015 |
Closing Balance |
5800 |
DR. | ||
|
07-02-2015 |
Sales Revenue A/c. |
2000 |
7800 |
DR. | |
|
09-02-2015 |
Cash A/c. |
3000 |
4800 |
DR. | |
|
14-02-2015 |
Sales Revenue A/c. |
3000 |
7800 |
DR. | |
|
23-02-2015 |
Sales Revenue A/c. |
8000 |
15800 |
DR. | |
|
28-02-2015 |
Sales Revenue A/c. |
3000 |
18800 |
DR. | |
|
28-02-2015 |
Closing Balance |
18800 |
DR. | ||
|
CC/R A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
08-01-2015 |
Sales Revenue A/c. |
5000 |
5000 |
DR. | |
|
15-01-2015 |
Sales Revenue A/c. |
6000 |
11000 |
DR. | |
|
16-01-2015 |
Cash A/c. |
3000 |
8000 |
DR. | |
|
23-01-2015 |
Sales Revenue A/c. |
2000 |
10000 |
DR. | |
|
29-01-2015 |
Cash A/c. |
4000 |
6000 |
DR. | |
|
29-01-2015 |
Sales Revenue A/c. |
5600 |
11600 |
DR. | |
|
30-01-2015 |
Closing Balance |
11600 |
DR. | ||
|
03-02-2015 |
Cash A/c. |
2000 |
9600 |
DR. | |
|
07-02-2015 |
Sales Revenue A/c. |
4000 |
13600 |
DR. | |
|
14-02-2015 |
Sales Revenue A/c. |
3000 |
16600 |
DR. | |
|
28-02-2015 |
Sales Revenue A/c. |
6000 |
22600 |
DR. | |
|
28-02-2015 |
Closing Balance |
22600 |
DR. | ||
|
Inventory A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
03-01-2015 |
Cash A/c. |
15000 |
15000 |
DR. | |
|
08-01-2015 |
CGS A/c. |
5000 |
10000 |
DR. | |
|
12-01-2015 |
A/P A/c. |
4000 |
14000 |
DR. | |
|
15-01-2015 |
CGS A/c. |
6000 |
8000 |
DR. | |
|
23-01-2015 |
CGS A/c. |
4000 |
4000 |
DR. | |
|
25-01-2015 |
A/P A/c. |
6000 |
10000 |
DR. | |
|
29-01-2015 |
CGS A/c. |
5600 |
4400 |
DR. | |
|
30-01-2015 |
Closing Balance |
4400 |
DR. | ||
|
03-02-2015 |
Cash A/c. |
2000 |
6400 |
DR. | |
|
A/P A/c. |
23000 |
29400 |
DR. | ||
|
07-02-2015 |
CGS A/c. |
4000 |
25400 |
DR. | |
|
14-02-2015 |
CGS A/c. |
3000 |
22400 |
DR. | |
|
16-02-2015 |
Cash A/c. |
3000 |
25400 |
DR. | |
|
24-02-2015 |
CGS A/c. |
4000 |
21400 |
DR. | |
|
28-02-2015 |
CGS A/c. |
6000 |
15400 |
DR. | |
|
28-02-2015 |
Closing Balance |
15400 |
DR. | ||
|
Supplies A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
03-01-2015 |
Cash A/c. |
2000 |
2000 |
DR. | |
|
30-01-2015 |
Closing Balance |
2000 |
DR. | ||
|
28-02-2015 |
Cash A/c. |
2000 |
4000 |
DR. | |
|
28-02-2015 |
Supply Expenses A/c. |
3500 |
500 |
DR. | |
|
28-02-2015 |
Closing Balance |
500 |
DR. | ||
|
PP-Insurance A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
02-01-2015 |
Cash A/c. |
4800 |
4800 |
DR. | |
|
30-01-2015 |
Closing Balance |
4800 |
DR. | ||
|
28-02-2015 |
Insurance Expenses A/c. |
800 |
4000 |
DR. | |
|
28-02-2015 |
Closing Balance |
4000 |
DR. | ||
|
Equipment 1 A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
01-01-2015 |
Cash A/c. |
150000 |
150000 |
DR. | |
|
02-01-2015 |
Cash A/c. |
10000 |
160000 |
DR. | |
|
A/P A/c. |
30000 |
190000 |
DR. | ||
|
30-01-2015 |
Closing Balance |
190000 |
DR. | ||
|
Equipment 2 A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
01-02-2015 |
Cash A/c. |
100000 |
100000 |
DR. | |
|
28-02-2015 |
Closing Balance |
100000 |
DR. | ||
|
Furniture 1 A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
01-01-2015 |
Cash A/c. |
100000 |
100000 |
DR. | |
|
30-01-2015 |
Closing Balance |
100000 |
DR. | ||
|
28-02-2015 |
Closing Balance |
100000 |
DR. | ||
|
Furniture 2 A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
01-02-2015 |
Furniture 2 A/c. |
100000 |
100000 |
DR. | |
|
28-02-2015 |
Closing Balance |
100000 |
DR. | ||
|
A/P A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
02-01-2015 |
Equipment 1 A/c. |
30000 |
30000 |
CR. | |
|
10-01-2015 |
Cash A/c. |
2000 |
28000 |
CR. | |
|
12-01-2015 |
Inventory A/c. |
4000 |
32000 |
CR. | |
|
24-01-2015 |
Cash A/c. |
4000 |
28000 |
CR. | |
|
25-01-2015 |
Inventory A/c. |
6000 |
34000 |
CR. | |
|
30-01-2015 |
Closing Balance |
34000 |
CR. | ||
|
03-02-2015 |
Inventory A/c. |
23000 |
57000 |
CR. | |
|
10-02-2015 |
Cash A/c. |
3000 |
54000 |
CR. | |
|
25-02-2015 |
Cash A/c. |
2000 |
52000 |
CR. | |
|
28-02-2015 |
Closing Balance |
52000 |
CR. | ||
|
U/P A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
08-02-2015 |
Utility Expenses A/c. |
500 |
500 |
CR. | |
|
24-02-2015 |
Cash A/c. |
500 |
0 |
CR. | |
|
28-02-2015 |
Closing Balance |
0 |
CR. | ||
|
N/P 1 A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
01-01-2015 |
Cash A/c. |
220000 |
220000 |
CR. | |
|
29-01-2015 |
Cash A/c. |
2000 |
218000 |
CR. | |
|
30-01-2015 |
Closing Balance |
218000 |
CR. | ||
|
28-02-2015 |
Cash A/c. |
2000 |
216000 |
CR. | |
|
28-02-2015 |
Closing Balance |
216000 |
CR. | ||
|
N/P 2 A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
01-02-2015 |
Cash A/c. |
160000 |
160000 |
CR. | |
|
28-02-2015 |
Cash A/c. |
2500 |
157500 |
CR. | |
|
28-02-2015 |
Closing Balance |
157500 |
CR. | ||
|
ACC-DEP Equipment- 1 A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
28-02-2015 |
Dep-Exp Equipment 1 A/c. |
500 |
500 |
CR. | |
|
28-02-2015 |
Closing Balance |
500 |
CR. | ||
|
ACC-DEP Equipment- 2 A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
28-02-2015 |
Dep-Exp Equipment 2 A/c. |
300 |
300 |
CR. | |
|
28-02-2015 |
Closing Balance |
300 |
CR. | ||
|
ACC-DEP Furniture- 1 A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
28-02-2015 |
Dep-Exp Furniture 1 A/c. |
300 |
300 |
CR. | |
|
28-02-2015 |
Closing Balance |
300 |
CR. | ||
|
ACC-DEP Furniture- 2 A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
28-02-2015 |
Dep-Exp Furniture 2 A/c. |
200 |
200 |
CR. | |
|
28-02-2015 |
Closing Balance |
200 |
CR. | ||
|
Common Stock A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
01-01-2015 |
Cash A/c. |
100000 |
100000 |
CR. | |
|
31-01-2015 |
Closing Balance |
100000 |
CR. | ||
|
15-02-2015 |
Cash A/c. |
40000 |
140000 |
CR. | |
|
28-02-2015 |
Closing Balance |
140000 |
CR. | ||
|
PL Adjustment A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
28-02-2015 |
Sales Revenue A/c. |
188000 |
188000 |
CR. | |
|
Rental Revenue A/c. |
3000 |
191000 |
CR. | ||
|
28-02-2015 |
CGS A/c. |
37600 |
153400 |
CR. | |
|
Rent Expenses A/c. |
4000 |
149400 |
CR. | ||
|
Supply Expenses A/c. |
3500 |
145900 |
CR. | ||
|
Insuarnce Expenses A/c. |
800 |
145100 |
CR. | ||
|
Wages Expenses A/c. |
23500 |
121600 |
CR. | ||
|
Utility Expenses A/c. |
500 |
121100 |
CR. | ||
|
Dep-Exp Equipment 1 A/c. |
500 |
120600 |
CR. | ||
|
Dep-Exp Equipment 2 A/c. |
300 |
120300 |
CR. | ||
|
Dep-Exp Furniture 1 A/c. |
300 |
120000 |
CR. | ||
|
Dep-Exp Furniture 2 A/c. |
200 |
119800 |
CR. | ||
|
Interest Expenses A/c. |
3000 |
116800 |
CR. | ||
|
28-02-2015 |
RE A/c. |
116800 |
0 |
CR. | |
|
28-02-2015 |
Closing Balance |
0 |
CR. | ||
|
Dividend A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
02-02-2015 |
Cash A/c. |
30000 |
30000 |
DR. | |
|
28-02-2015 |
Cash A/c. |
20000 |
50000 |
DR. | |
|
28-02-2015 |
RE A/c. |
50000 |
0 |
DR. | |
|
28-02-2015 |
Closing Balance |
0 |
DR. | ||
|
RE A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
28-02-2015 |
PL Adjustment A/c. |
116800 |
116800 |
CR. | |
|
Dividend A/c. |
50000 |
66800 |
CR. | ||
|
28-02-2015 |
Closing Balance |
66800 |
CR. | ||
|
Sales Revenue A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
08-01-2015 |
Cash A/c. |
20000 |
20000 |
CR. | |
|
CC/R A/c. |
5000 |
25000 |
CR. | ||
|
15-01-2015 |
Cash A/c. |
21000 |
46000 |
CR. | |
|
A/R A/c. |
3000 |
49000 |
CR. | ||
|
CC/R A/c. |
6000 |
55000 |
CR. | ||
|
23-01-2015 |
Cash A/c. |
16000 |
71000 |
CR. | |
|
A/R A/c. |
2000 |
73000 |
CR. | ||
|
CC/R A/c. |
2000 |
75000 |
CR. | ||
|
29-01-2015 |
Cash A/c. |
19600 |
94600 |
CR. | |
|
A/R A/c. |
2800 |
97400 |
CR. | ||
|
CC/R A/c. |
5600 |
103000 |
CR. | ||
|
31-01-2015 |
Closing Balance |
103000 |
CR. | ||
|
07-02-2015 |
Cash A/c. |
14000 |
117000 |
CR. | |
|
A/R A/c. |
2000 |
119000 |
CR. | ||
|
CC/R A/c. |
4000 |
123000 |
CR. | ||
|
14-02-2015 |
Cash A/c. |
9000 |
132000 |
CR. | |
|
A/R A/c. |
3000 |
135000 |
CR. | ||
|
CC/R A/c. |
3000 |
138000 |
CR. | ||
|
23-02-2015 |
Cash A/c. |
12000 |
150000 |
CR. | |
|
A/R A/c. |
8000 |
158000 |
CR. | ||
|
28-02-2015 |
Cash A/c. |
21000 |
179000 |
CR. | |
|
A/R A/c. |
3000 |
182000 |
CR. | ||
|
CC/R A/c. |
6000 |
188000 |
CR. | ||
|
28-02-2015 |
Closing Balance |
188000 |
CR. | ||
|
Rental Revenue A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
01-02-2015 |
Cash A/c. |
3000 |
3000 |
CR. | |
|
28-02-2015 |
Closing Balance |
3000 |
CR. | ||
|
CGS A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
08-01-2015 |
Inventory A/c. |
5000 |
5000 |
DR. | |
|
15-01-2015 |
Inventory A/c. |
6000 |
11000 |
DR. | |
|
23-01-2015 |
Inventory A/c. |
4000 |
15000 |
DR. | |
|
29-01-2015 |
Inventory A/c. |
5600 |
20600 |
DR. | |
|
31-01-2015 |
Closing Balance |
20600 |
DR. | ||
|
07-02-2015 |
Inventory A/c. |
4000 |
24600 |
DR. | |
|
14-02-2015 |
Inventory A/c. |
3000 |
27600 |
DR. | |
|
24-02-2015 |
Inventory A/c. |
4000 |
31600 |
DR. | |
|
28-02-2015 |
Inventory A/c. |
6000 |
37600 |
DR. | |
|
28-02-2015 |
Closing Balance |
37600 |
DR. | ||
|
Rent Expenses A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
02-01-2015 |
Cash A/c. |
2000 |
2000 |
DR. | |
|
31-01-2015 |
Closing Balance |
2000 |
DR. | ||
|
01-02-2015 |
Rent Expenses A/c. |
2000 |
4000 |
DR. | |
|
28-02-2015 |
Closing Balance |
4000 |
DR. | ||
|
Supply Expenses A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
28-02-2015 |
Supplies A/c. |
3500 |
3500 |
DR. | |
|
28-02-2015 |
Closing Balance |
3500 |
DR. | ||
|
Insurance Expenses A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
28-02-2015 |
PP-Insurance A/c. |
800 |
800 |
DR. | |
|
28-02-2015 |
Closing Balance |
800 |
DR. | ||
|
Wages Expenses A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
15-01-2015 |
Cash A/c. |
8000 |
8000 |
DR. | |
|
29-01-2015 |
Cash A/c. |
7500 |
15500 |
DR. | |
|
31-01-2015 |
Closing Balance |
15500 |
DR. | ||
|
14-02-2015 |
Cash A/c. |
8000 |
23500 |
DR. | |
|
28-02-2015 |
Closing Balance |
23500 |
DR. | ||
|
Utility Expenses A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
08-02-2015 |
U/P A/c. |
500 |
500 |
DR. | |
|
28-02-2015 |
Closing Balance |
500 |
DR. | ||
|
Dep-Exp Equipment -1 A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
28-02-2015 |
ACC-DEP Equipment 1 A/c. |
500 |
500 |
DR. | |
|
28-02-2015 |
Closing Balance |
500 |
DR. | ||
|
Dep-Exp Equipment -2 A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
28-02-2015 |
ACC-DEP Equipment 2 A/c. |
300 |
300 |
DR. | |
|
28-02-2015 |
Closing Balance |
300 |
DR. | ||
|
Dep-Exp Furniture -1 A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
28-02-2015 |
ACC-DEP Furniture 1 A/c. |
300 |
300 |
DR. | |
|
28-02-2015 |
Closing Balance |
300 |
DR. | ||
|
Dep-Exp Furniture -2 A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
28-02-2015 |
ACC-DEP Furniture 2 A/c. |
200 |
200 |
DR. | |
|
28-02-2015 |
Closing Balance |
200 |
DR. | ||
|
Interest Expenses A/c. |
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount |
Balance | |
|
29-01-2015 |
Cash A/c. |
1000 |
1000 |
DR. | |
|
31-01-2015 |
Closing Balance |
1000 |
DR. | ||
|
28-02-2015 |
Cash A/c. |
1000 |
2000 |
DR. | |
|
28-02-2015 |
Cash A/c. |
1000 |
3000 |
DR. | |
|
28-02-2015 |
Closing Balance |
3000 |
DR. | ||
Trial Balance for January:
|
Trial Balance | ||
|
as on 31 Jan 2015 | ||
|
Dr. |
Cr. | |
|
Particulars |
Amount |
Amount |
|
Cash |
$97,300 | |
|
A/R |
$5,800 | |
|
CC/R |
$11,600 | |
|
Inventory |
$4,400 | |
|
Supplies |
$2,000 | |
|
PP-Insurance |
$4,800 | |
|
Equipment-1 |
$1,90,000 | |
|
Equipment-2 |
$0 | |
|
Furniture-1 |
$1,00,000 | |
|
Furniture-2 |
$0 | |
|
A/P |
$34,000 | |
|
U/P |
$0 | |
|
N/P 1 |
$2,18,000 | |
|
N/P 2 |
$0 | |
|
ACC-DEP Equipment 1 |
$0 | |
|
ACC-DEP Equipment 2 |
$0 | |
|
ACC-DEP Furniture 1 |
$0 | |
|
ACC-DEP Furniture 2 |
$0 | |
|
Common Stock |
$1,00,000 | |
|
RE |
$0 | |
|
Dividend |
$0 | |
|
Sales Revenue |
$1,03,000 | |
|
Rental Revenue |
$0 | |
|
CGS |
$20,600 | |
|
Rent Expenses |
$2,000 | |
|
Supply Expense |
$0 | |
|
Insurance Expense |
$0 | |
|
Wages Expense |
$15,500 | |
|
Utility Expense |
$0 | |
|
Dep-Exp Equipment 1 |
$0 | |
|
Dep-Exp Equipment 2 |
$0 | |
|
Dep-Exp Furniture 1 |
$0 | |
|
Dep-Exp Furniture 2 |
$0 | |
|
Interest Expense |
$1,000 | |
|
TOTAL |
$4,55,000 |
$4,55,000 |
Unadjusted Trial Balance for February:
|
Unadjusted Trial Balance | ||
|
as on 28 Feb 2015 | ||
|
Dr. |
Cr. | |
|
Particulars |
Amount |
Amount |
|
Cash |
$82,300 | |
|
A/R |
$18,800 | |
|
CC/R |
$22,600 | |
|
Inventory |
$15,400 | |
|
Supplies |
$4,000 | |
|
PP-Insurance |
$4,800 | |
|
Equipment-1 |
$1,90,000 | |
|
Equipment-2 |
$1,00,000 | |
|
Furniture-1 |
$1,00,000 | |
|
Furniture-2 |
$1,00,000 | |
|
A/P |
$52,000 | |
|
U/P |
$0 | |
|
N/P 1 |
$2,16,000 | |
|
N/P 2 |
$1,57,500 | |
|
ACC-DEP Equipment 1 |
$0 | |
|
ACC-DEP Equipment 2 |
$0 | |
|
ACC-DEP Furniture 1 |
$0 | |
|
ACC-DEP Furniture 2 |
$0 | |
|
Common Stock |
$1,40,000 | |
|
RE |
$0 | |
|
Dividend |
$50,000 | |
|
Sales Revenue |
$1,88,000 | |
|
Rental Revenue |
$3,000 | |
|
CGS |
$37,600 | |
|
Rent Expenses |
$4,000 | |
|
Supply Expense |
$0 | |
|
Insurance Expense |
$0 | |
|
Wages Expense |
$23,500 | |
|
Utility Expense |
$500 | |
|
Dep-Exp Equipment 1 |
$0 | |
|
Dep-Exp Equipment 2 |
$0 | |
|
Dep-Exp Furniture 1 |
$0 | |
|
Dep-Exp Furniture 2 |
$0 | |
|
Interest Expense |
$3,000 | |
|
TOTAL |
$7,56,500 |
$7,56,500 |
Adjusted Trial Balance for February:
|
Adjusted Trial Balance | ||
|
as on 28 Feb 2015 | ||
|
Dr. |
Cr. | |
|
Particulars |
Amount |
Amount |
|
Cash |
$82,300 | |
|
A/R |
$18,800 | |
|
CC/R |
$22,600 | |
|
Inventory |
$15,400 | |
|
Supplies |
$500 | |
|
PP-Insurance |
$4,000 | |
|
Equipment-1 |
$1,90,000 | |
|
Equipment-2 |
$1,00,000 | |
|
Furniture-1 |
$1,00,000 | |
|
Furniture-2 |
$1,00,000 | |
|
A/P |
$52,000 | |
|
U/P |
$0 | |
|
N/P 1 |
$2,16,000 | |
|
N/P 2 |
$1,57,500 | |
|
ACC-DEP Equipment 1 |
$500 | |
|
ACC-DEP Equipment 2 |
$300 | |
|
ACC-DEP Furniture 1 |
$300 | |
|
ACC-DEP Furniture 2 |
$200 | |
|
Common Stock |
$1,40,000 | |
|
RE |
$0 | |
|
Dividend |
$50,000 | |
|
Sales Revenue |
$1,88,000 | |
|
Rental Revenue |
$3,000 | |
|
CGS |
$37,600 | |
|
Rent Expenses |
$4,000 | |
|
Supply Expense |
$3,500 | |
|
Insurance Expense |
$800 | |
|
Wages Expense |
$23,500 | |
|
Utility Expense |
$500 | |
|
Dep-Exp Equipment 1 |
$500 | |
|
Dep-Exp Equipment 2 |
$300 | |
|
Dep-Exp Furniture 1 |
$300 | |
|
Dep-Exp Furniture 2 |
$200 | |
|
Interest Expense |
$3,000 | |
|
TOTAL |
$7,57,800 |
$7,57,800 |
Income Statement:
|
Income Statement | |
|
for the period ending 28 Feb 2015 | |
|
Particulars |
Amount |
|
Sales Revenue |
$1,88,000 |
|
Rental Revenue |
$3,000 |
|
TOTAL REVENUE |
$1,91,000 |
|
CGS |
-$37,600 |
|
GROSS PROFIT |
$1,53,400 |
|
Operating Expenses: | |
|
Rent Expenses |
-$4,000 |
|
Supply Expense |
-$3,500 |
|
Insurance Expense |
-$800 |
|
Wages Expense |
-$23,500 |
|
Utility Expense |
-$500 |
|
Dep-Exp Equipment 1 |
-$500 |
|
Dep-Exp Equipment 2 |
-$300 |
|
Dep-Exp Furniture 1 |
-$300 |
|
Dep-Exp Furniture 2 |
-$200 |
|
TOTAL OPERATING EXPENSES |
-$33,600 |
|
NET OPERATING PROFIT |
$1,19,800 |
|
Interest Expense |
-$3,000 |
|
NET PROFIT |
$1,16,800 |
RE Statement:
|
RE Statement | |
|
for the period ending 28 Feb 2015 | |
|
Particulars |
Amount |
|
Opening Balance of RE |
$0 |
|
Add: Net profit for the period |
$1,16,800 |
|
$1,16,800 | |
|
Less: Dividend |
-$50,000 |
|
Closing Balance of RE |
$66,800 |
Balance Sheet:
|
Balance Sheet | |
|
as on 28 Feb 2015 | |
|
Particulars |
Amount |
|
Current Assets: | |
|
Cash |
$82,300 |
|
A/R |
$18,800 |
|
CC/R |
$22,600 |
|
Inventory |
$15,400 |
|
Supplies |
$500 |
|
PP-Insurance |
$4,000 |
|
TOTAL CURRENT ASSETS |
$1,43,600 |
|
Non-Current Assets: | |
|
Equipment-1 |
$1,90,000 |
|
ACC-DEP Equipment 1 |
-$500 |
|
Equipment-2 |
$1,00,000 |
|
ACC-DEP Equipment 2 |
-$300 |
|
Furniture-1 |
$1,00,000 |
|
ACC-DEP Furniture 1 |
-$300 |
|
Furniture-2 |
$1,00,000 |
|
ACC-DEP Furniture 2 |
-$200 |
|
TOTAL NON-CURRENT ASSETS |
$4,88,700 |
|
TOTAL ASSETS |
$6,32,300 |
|
Current Liabilities: | |
|
A/P |
$52,000 |
|
U/P |
$0 |
|
TOTAL CURRENT LIABILITIES |
$52,000 |
|
Non-Current Liabilities: | |
|
N/P 1 |
$2,16,000 |
|
N/P 2 |
$1,57,500 |
|
TOTAL NON-CURRENT LIABILITIES |
$3,73,500 |
|
TOTAL LIABILITIES |
$4,25,500 |
|
Equity Capital: | |
|
Common Stock |
$1,40,000 |
|
RE |
$66,800 |
|
TOTAL EQUITY CAPITAL |
$2,06,800 |
|
TOTAL EQUITY & LIABILITIES |
$6,32,300 |
Post-Closing Trial Balance:
|
Post-Closing Trial Balance | ||
|
as on 28 Feb 2015 | ||
|
Dr. |
Cr. | |
|
Particulars |
Amount |
Amount |
|
Cash |
$82,300 | |
|
A/R |
$18,800 | |
|
CC/R |
$22,600 | |
|
Inventory |
$15,400 | |
|
Supplies |
$500 | |
|
PP-Insurance |
$4,000 | |
|
Equipment-1 |
$1,90,000 | |
|
Equipment-2 |
$1,00,000 | |
|
Furniture-1 |
$1,00,000 | |
|
Furniture-2 |
$1,00,000 | |
|
A/P |
$52,000 | |
|
U/P |
$0 | |
|
N/P 1 |
$2,16,000 | |
|
N/P 2 |
$1,57,500 | |
|
ACC-DEP Equipment 1 |
$500 | |
|
ACC-DEP Equipment 2 |
$300 | |
|
ACC-DEP Furniture 1 |
$300 | |
|
ACC-DEP Furniture 2 |
$200 | |
|
Common Stock |
$1,40,000 | |
|
RE |
$66,800 | |
|
Dividend |
$0 | |
|
Sales Revenue |
$0 | |
|
Rental Revenue |
$0 | |
|
CGS |
$0 | |
|
Rent Expenses |
$0 | |
|
Supply Expense |
$0 | |
|
Insurance Expense |
$0 | |
|
Wages Expense |
$0 | |
|
Utility Expense |
$0 | |
|
Dep-Exp Equipment 1 |
$0 | |
|
Dep-Exp Equipment 2 |
$0 | |
|
Dep-Exp Furniture 1 |
$0 | |
|
Dep-Exp Furniture 2 |
$0 | |
|
Interest Expense |
$0 | |
|
TOTAL |
$6,33,600 |
$6,33,600 |
Bibliography:
Deegan, C., 2012. Australian financial accounting. McGraw-Hill Education Australia
Hoyle, J.B., Schaefer, T. and Doupnik, T., 2015. Advanced accounting. McGraw Hill
Mueller, G.G. and Gernon, H., 1997. Accounting: an international perspective. Irwin Professional Publishing.
Schroeder, R.G., Clark, M.W. and Cathey, J.M., 2011. Financial accounting theory and analysis: text and cases. John Wiley and Sons
Scott, W.R., 2015. Financial accounting theory (Vol. 2, No. 0, p. 0). Prentice Hall.
Warren, C.S. and Jones, J., 2018. Corporate financial accounting. Cengage Learning
Williams, J., 2014. Financial accounting. McGraw-Hill Higher Education.
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