Principal of accounting chapter 1

1. Presentation On
Financial and Managerial Accounting
Group Name: Bug Free
Sec : G
Group members:
1.Nahian Ahmed
2.Monsur Ahmed
3.Sajibul Hasan
4.Tariqul Islam
5. Roksana Yasmin

2. ON NOVEMBER 1, TARIQUL ESTABLISHED TARIQ TRAVEL AGENCY. THE FOLLOWING
TRANSACTIONS WERE COMPLETED DURING THE MONTH.
1. INVESTED $18,000 CASH TO START THE AGENCY.
2. PAID $400 CASH FOR APRIL OFFICE RENT.
3. PURCHASED EQUIPMENT FOR $2,000 CASH.
4. INCURRED $500 OF ADVERTISING COSTS IN THE AL-AMIN, ON ACCOUNT.
5. PAID $700 CASH FOR OFFICE SUPPLIES.
6. PERFORMED SERVICES WORTH $8,000: $2,000 CASH IS RECEIVED FROM CUSTOMERS, AND
THE BALANCE OF $6,000 IS BILLED TO CUSTOMERS ON ACCOUNT.
7. WITHDREW $400 CASH FOR PERSONAL USE.
8. PAID AL-AMIN $300 OF THE AMOUNT DUE IN TRANSACTION (4).
9. PAID EMPLOYEES’ SALARIES $1,500.
10. RECEIVED $3,000 IN CASH FROM CUSTOMERS WHO HAVE PREVIOUSLY BEEN BILLED IN
TRANSACTION (6).
(A) PREPARE A TABULAR ANALYSIS OF THE TRANSACTIONS USING THE FOLLOWING COLUMN
HEADINGS:
CASH, ACCOUNTS RECEIVABLE, SUPPLIES, EQUIPMENT, ACCOUNTS PAYABLE, OWNER’S
CAPITAL, OWNER’S DRAWINGS, REVENUES, AND EXPENSES
(B) PREPARE AN INCOME STATEMENT FOR AUGUST, AN OWNER’S EQUITY STATEMENT FOR
NOVEMBER , AND A BALANCE SHEET AT NOVEMBER 30

3. Sajibul Hasan
ID:151-15-4986

4. 1. Invested $18,000 cash to start the agency.
2. Paid $400 cash for April office rent.

5. Nahian Ahmed
ID:151-15-5137

6. 3. Purchased equipment for $2,000 cash.
4. Incurred $500 of advertising costs in the Al-Amin, on account.

7. Monsur Ahmed
ID:151-15-5439

8. 5. Paid $700 cash for office supplies.
6. Performed services worth $8,000: $2,000 cash is received from customers,
and the balance of $6,000 is billed to customers on account.

9. Roksana Yasmin
ID:151-15-4801

10. 7. Withdrew $400 cash for personal use.
8. Paid Al-Amin $300 of the amount due in transaction (4).

11. Tariqul Islam
ID:151-15-5144

12. 9. Paid employees’ salaries $1,500.
10. Received $3,000 in cash from customers who have previously been billed in
transaction (6).

13. Tariq Travel Agency
Summery of transection
For the month of ended Nov 30,2017
Requirement(a)

14. Tariq Travel Agency
Income Statement
For the month of ended Nov 30,2017
Explanation Amount Amount
Revenue:
Service Revenue 8000
Expense:
Rent Expense 400
Advertise Expense 500
Salaries Expense 1500
2400 2400
Net Income 5600
Requirement(b)

15. Tariq Travel Agency
Owners Equity Statement
For the month of ended Nov 30,2017
Explanation Amount Amount
Owners capital , Nov 1
Add:
0
Investment 18000
Net Income 5600
23600
Less:
Drawing (400)
Owners capital , Nov 30 23200

16. Tariq Travel Agency
Balance Sheet
As at Nov 30,2017
Explanation Amount
Assets
Cash 17600
Account Receivable 3000
Supplies 700
Equipment 2000
Total assets 23300
Liabilities and OE
Liabilities
Account payable 100
Owners Equity
Owners capital 23200
Total liabilities and OE 23300

17. Thank You!