3. Financial StatementsFinancial Statements
Accounting systems communicateAccounting systems communicate
information to decision makers bothinformation to decision makers both
inside and outside the business entityinside and outside the business entity
and the statements that communicateand the statements that communicate
economic information of aneconomic information of an
organization to individuals andorganization to individuals and
institutions residing outside theinstitutions residing outside the
organization is called financialorganization is called financial
statements.statements.
4. Elements of Financial StatementsElements of Financial Statements
1.1. Income: The definition of incomeIncome: The definition of income
encompasses both revenue and gain.encompasses both revenue and gain.
2.2. Expense: Expense means an economicExpense: Expense means an economic
sacrifice that is incurred in the processsacrifice that is incurred in the process
of generating revenue.of generating revenue.
3.3. Assets: Assets are the economicAssets: Assets are the economic
resources that have probable futureresources that have probable future
economic benefits.economic benefits.
5. Liabilities: Liabilities are economic obligationLiabilities: Liabilities are economic obligation
of the business to non-owners or thirdof the business to non-owners or third
parties.parties.
Equity: Equity is a residual interest in theEquity: Equity is a residual interest in the
assets of the business remains afterassets of the business remains after
deducting all its liabilities.deducting all its liabilities.
Gains: Gains defined as increases to equityGains: Gains defined as increases to equity
(net assets) resulting from incidental(net assets) resulting from incidental
transactions not associated with thetransactions not associated with the
business enterprises major or central lines ofbusiness enterprises major or central lines of
business.business.
6. Losses: Losses defined as decreases toLosses: Losses defined as decreases to
equity (net assets) resulting fromequity (net assets) resulting from
incidental transactions not associatedincidental transactions not associated
with the business enterprises major orwith the business enterprises major or
central lines of business.central lines of business.
Investment by Owners: Investment byInvestment by Owners: Investment by
owners is increased in net assets of aowners is increased in net assets of a
particular enterprise.particular enterprise.
7. Distribution to Owners: Distribution toDistribution to Owners: Distribution to
owners are decrease in net assets of aowners are decrease in net assets of a
particular enterprise resulting fromparticular enterprise resulting from
transferring assets, rendering service ortransferring assets, rendering service or
incurring liabilities by the enterprise toincurring liabilities by the enterprise to
owners.owners.
Comprehensive Income: ComprehensiveComprehensive Income: Comprehensive
income is the change in equity (netincome is the change in equity (net
assets)assets)
8. Components of Financial StatementsComponents of Financial Statements
ďŽ Income Statement;Income Statement;
ďŽ Statement of Ownerâs Equity;Statement of Ownerâs Equity;
ďŽ Balance Sheet; andBalance Sheet; and
ďŽ Statement of Cash Flows;Statement of Cash Flows;
10. Contents of Income StatementContents of Income Statement
ďŽ Sales Revenues or Revenues fromSales Revenues or Revenues from
Services;Services;
ďŽ Cost of Goods Sold or Expenses ofCost of Goods Sold or Expenses of
Providing Services;Providing Services;
ďŽ Operating Expenses;Operating Expenses;
ďŽ Other Revenues and Gains;Other Revenues and Gains;
ďŽ Other Expenses or Losses;Other Expenses or Losses;
11. Sales Revenues or Revenues from ServicesSales Revenues or Revenues from Services
Sales (excluding VAT)
******
Less: Sales Discounts
***
Sales Returns and Allowances
*** ***
Sub-Total *****
Less: Freight out ***
Net Sales
*****
12. Cost of Goods Sold or ExpensesCost of Goods Sold or Expenses
of Providing Servicesof Providing Services
Beginning Inventory ******
Add: Cost of Goods Purchased:
Purchase (Excluding VAT) ***
Less: Purchase Discounts ***
Purchase Returns and Allowances *** ***
Sub-Total ***
Add: Freight-In ***
Cost of Goods Purchased ****
Cost of Goods Available for *****
Less: Ending Inventory ******
Cost of Goods Sold ******
13. Operating ExpensesOperating Expenses
ďŽ General and Administrative Expenses:General and Administrative Expenses:
Expenses incurred in the general operationsExpenses incurred in the general operations
and an administrative purpose of theand an administrative purpose of the
business is classified as general andbusiness is classified as general and
administrative expenses. Examples ofadministrative expenses. Examples of
general and administrative expenses aregeneral and administrative expenses are
office salaries, repairs of office equipment,office salaries, repairs of office equipment,
depreciation on office equipment; officedepreciation on office equipment; office
supplies expenses, general insurance, gassupplies expenses, general insurance, gas
and electricity expenses, taxes andand electricity expenses, taxes and
miscellaneous expenses.miscellaneous expenses.
14. ďŽ Selling and Distribution Expenses:Selling and Distribution Expenses:
Expenses that are incurred directly andExpenses that are incurred directly and
entirely in connection with the sale andentirely in connection with the sale and
distribution of goods is classified as sellingdistribution of goods is classified as selling
and distribution expenses. Examples ofand distribution expenses. Examples of
selling and distribution expenses are salesselling and distribution expenses are sales
salaries, advertising, store suppliessalaries, advertising, store supplies
expenses, depreciation on store equipment,expenses, depreciation on store equipment,
depreciation on delivery equipment, baddepreciation on delivery equipment, bad
debt expenses, transportation out etc.debt expenses, transportation out etc.
15. ďŽ Other Revenues and Gains: RevenuesOther Revenues and Gains: Revenues
earn from source of other than theearn from source of other than the
normal business activities are classifiednormal business activities are classified
as other revenues and gains. Theseas other revenues and gains. These
incomes include interest revenue, rentincomes include interest revenue, rent
revenue, divided revenue and profitsrevenue, divided revenue and profits
resulting from sale of plant andresulting from sale of plant and
intangible assets are treated as gains.intangible assets are treated as gains.
16. ďŽ Other Expenses or Losses: Expenses notOther Expenses or Losses: Expenses not
incurred to perform normal businessincurred to perform normal business
activities are classified as other expenses.activities are classified as other expenses.
Examples of other expenses are interest onExamples of other expenses are interest on
bank loan, interest on notes payable, interestbank loan, interest on notes payable, interest
on mortgage loan. Loses that arise in theon mortgage loan. Loses that arise in the
disposal of plant assets, casualty losses likedisposal of plant assets, casualty losses like
accident & destroy, losses from strikes areaccident & destroy, losses from strikes are
shown in income statement as other losses.shown in income statement as other losses.
17. ďŽ Forms of Income StatementForms of Income Statement
The income statement traditionally has beenThe income statement traditionally has been
prepared by using the following two forms:prepared by using the following two forms:
ďŽ Single-Step Income StatementSingle-Step Income Statement
ďŽ Multiple-Step Income StatementMultiple-Step Income Statement
18. Following is an example of aFollowing is an example of a
single step income statement:single step income statement:
Single-step income statementSingle-step income statement
for Service Enterprise (usingfor Service Enterprise (using
imaginary figure)imaginary figure)
19. Ritu EnterpriseRitu Enterprise
Income StatementIncome Statement
For the Year Ended December 31, 2008For the Year Ended December 31, 2008
Particulars Amount-Tk. Amount-
Tk.
Service Revenue 200,000
Less: Operating Expenses
Salaries Expense 120,000
Rent Expense 30,000
Supplies Expense 10,000 160,000
Net Income 40,000
20. Single-step income statementSingle-step income statement
for Merchandizing Enterprisefor Merchandizing Enterprise
(using imaginary figure)(using imaginary figure)
21. Satu EnterpriseSatu Enterprise
Income StatementIncome Statement
For the Year Ended December 31, 2008For the Year Ended December 31, 2008
Particulars Amount-
Tk.
Amount-
Tk.
Sales Revenue 500,000
Less: Cost of Goods Sold
350,000
General and Administrative
Expenses 50,000
Selling and Distribution
Expenses 20,000 420,000
Net Income 80,000
22. Multiple-Step Income StatementMultiple-Step Income Statement
ďŽ The multiple-step incomeThe multiple-step income
statement refers several steps instatement refers several steps in
determining net income.determining net income.
23. Particulars Amount-Tk. Amount-Tk. Amount-Tk.
Revenues
Sales Revenue 500,000
Less: Cost of Goods Sold 230,000
Gross Profit 270,000
Less: Operating Expenses
Selling Expenses
Sales Salaries 40,000
Store Supplies Expense 30,000
Total Selling Expenses 70,000
General and Administrative Expenses
Office Salaries Expense 40,000
Office Supplies Expense 10,000
Total General and Administrative Expenses 50,000
Total Operating Expenses 120,000
Income from operations 150,000
Other Income and Gains:
Gain on of Plant Assets 30,000
Interest Income 15,000
45,000
Other Expenses or Losses:
Interest Expense 10,000
Losses from Strike 10,000 20,000
25,000
Net Income Before Income Tax 125,000
Less: Tax (20%) 25,000
Net Income 100,000
24. Statement of Ownerâs EquityStatement of Ownerâs Equity
Laboni EnterpriseLaboni Enterprise
Statement of Ownerâs EquityStatement of Ownerâs Equity
For the Year Ended December 31, 2009For the Year Ended December 31, 2009
Particulars Amount-
Tk.
Amount-
Tk.
Laboni Capital, January 01, 2009 2,000,000
Add: Additional Investment 200,000
Net Income 500,000 700,000
Sub-Total 2,700,000
Less: Drawings 500,000
Laboni Capital, December 31,
2009
2,200,000
25. Balance SheetBalance Sheet
Assets Liabilities Ownerâs
Equity
Current
Assets
Non-current
Assets
Current
Liabilities
Non-current
Liabilities
Capital
26. Particulars Amount-Tk. Amount-Tk.
Assets
Current Assets:
Cash 68,000
Accounts Receivable 152,000
Inventories 180,000
Supplies 6,000
Prepaid Insurance 2,400
Total current Assets 408,400
Non-current Assets
Tangible Assets:
Land and Building 600,000
Lease Hold Property 578,000
Office Equipment 22,000 1,200,000
Intangible Assets:
Goodwill 90,000
Trademarks 10,000
Total Intangible Assets 100,000
Total Assets 1,708,400
27. Liabilities and Ownerâs
Equity
Current Liabilities:
Accounts Payable 120,000
Bank Overdraft 120,000
Unearned Revenue 4,800
Expenses Payable 3,200
Total Current Liabilities 248,000
Long-Term Liabilities:
Mortgage Loan 600,000
Notes Payable 410,000
Total Long Term Liabilities 1,010,000
Total Liabilities 1,258,000
Ownerâs Equity:
Capital 450,400
Total Liabilities and
Ownerâs Equity
1,708,400
28. Statement of Cash FlowsStatement of Cash Flows
Particulars Amount-Tk. Amount-
Tk.
A: Net cash flows from operating activities:
Net income as per income statement ****
Adjustment to reconcile net income to net cash flows from
operation:
Add: (i) Non-cash expenses charges to net income ****
Depreciation on fixed assets ****
Amortization of patent ****
Amortization of discount on issue of share and debenture etc. ****
(ii) Non business loss ****
(iii) Decrease in non-cash current assets ****
(iv) Increase in current liabilities **** ****
Less: (i) non business loss ****
(ii) Increase on non-cash current assets ****
(iii) Decrease in current liabilities **** ****
Net cash flows from operating activities ****
29. B: Cash flows from investing
activities:
Cash received from sale of securities ****
Cash received from sale of fixed assets ****
Total inflows from investing activities ****
Less: Cash paid for purchase of fixed
assets
****
Net cash flows from investing
activities
****
30. C: Cash flows from financing activities:
Cash received from short term notes payable ****
Cash received from issuance of debentures ****
Cash received from issuance of shares ****
Total cash inflows from financing activates ****
Less: Cash paid for treasury stock ****
Cash paid for dividend ****
Cash paid for redemption of debenture and
preferred stock
****
Net cash flows from financing activities ****
Net charge in cash during the period (consider A,
B &C)
****
Add: Beginning balance of cash ****
Ending Balance of Cash ****
31. Problem-01:Problem-01:
The following are the adjustedThe following are the adjusted
trial balance of Dhakatrial balance of Dhaka
Workshop at December 31,Workshop at December 31,
2009 owned by Nusrat Jahan2009 owned by Nusrat Jahan
Ritu.Ritu.
32. Dhaka WorkshopDhaka Workshop
Adjusted Trial BalanceAdjusted Trial Balance
December 31, 2009December 31, 2009
Account Titles Amount -Tk.
Cash in Hand 32,620
Accounts Receivable 35,500
Salaries Expenses 51,250
Stores Supplies 37,800
Prepaid Insurance 12,000
Accounts Payable 40,000
Salary Payable 1,500
Plant and Machinery 350,000
Accumulated Depreciation-Plant and Machinery 3,500
Ritu, Capital 413,000
Ritu, Withdrawal 30,000
Service Revenue 102,500
Utilities Expense 3,330
Rent Expense 4,000
Depreciation Expense-Plant and Machinery 3,500
Miscellaneous Expenses 500
33. ďŽInstruction:Instruction:
ďŽ Prepare an Income Statement. (Single-Prepare an Income Statement. (Single-
step).step).
ďŽ A Statement of Ownerâs Equity; andA Statement of Ownerâs Equity; and
ďŽ A Classified Balance Sheet. (ReportA Classified Balance Sheet. (Report
Form).Form).
34. Solution-01:Solution-01:
Requirement a.Requirement a.
Dhaka WorkshopDhaka Workshop
Income Statement (single-step)Income Statement (single-step)
For the Year Ended December 31, 2009For the Year Ended December 31, 2009
Particulars Amount-Tk. Amount-
Tk.
Revenue
Service Revenue 102,500
Less: Expenses
Salaries Expenses 51,250
Utilities Expense 3,330
Rent Expense 4,000
Depreciation Expense-Plant and
Machinery
3,500
Miscellaneous Expense 500
Total Expenses 62,580
Net Income 39,920
35. Requirement b.Requirement b.
Dhaka WorkshopDhaka Workshop
Ownerâs Equity StatementOwnerâs Equity Statement
For the Year Ended December 31, 2009For the Year Ended December 31, 2009
Particulars Amount-
Tk.
Amount-
Tk.
Ritu, Capital January 01,
2009
413,000
Add: Net Income 39,920
Sub-Total 452,920
Less: Ritu, Withdrawal 30,000
Ritu -Capital December 31,
2009
422,920
36. Requirement c.Requirement c.
Dhaka WorkshopDhaka Workshop
Balance Sheet (classified report form)Balance Sheet (classified report form)
As on December 31, 2009As on December 31, 2009
Amount-Tk. Amount-Tk.
Assets
Current Assets:
Cash in Hand 32,620
Accounts Receivable 35,500
Stores Supplies 37,800
Prepaid Insurance 12,000
Total Current Assets 117,920
Long Term Assets:
Plant and Machinery 350,000
Less: Accumulated Depreciation 3,500
Total Long Term Assets 346,500
Total Assets 464,420
37. Liabilities and Ownerâs Equity
Current Liabilities:
Accounts Payable 40,000
Salary Payable 1,500
Total Current Assets 41,500
Ownerâs Equity
Ritu -Capital December 31, 2009 422,920
Total Liabilities and Ownerâs
Equity
464,420
38. Problem-02Problem-02
The following particulars areThe following particulars are
extracted from the books ofextracted from the books of
Rahul Telecom relating toRahul Telecom relating to
the year ended December 31,the year ended December 31,
2009.2009.
40. ďŽ Additional information:Additional information:
1)1) Telephone bill for December is unpaidTelephone bill for December is unpaid
Tk.1,950.Tk.1,950.
2)2) Unpaid salaries are Tk.600.Unpaid salaries are Tk.600.
3)3) Unrecorded service Tk.10,500.Unrecorded service Tk.10,500.
4)4) Depreciation expenses for the year onDepreciation expenses for the year on
the office equipment is Tk.2,550.the office equipment is Tk.2,550.
5)5) Supplies on hand on December 31, 2009Supplies on hand on December 31, 2009
Tk.9,000.Tk.9,000.
41. ďŽ Required:Required:
ďŽ Prepare a single-step incomePrepare a single-step income
statement.statement.
ďŽ An ownerâs equity statement; andAn ownerâs equity statement; and
ďŽ A classified balance sheet in reportA classified balance sheet in report
formform
42. Solution-2:Solution-2:
Requirement a.Requirement a.
Rahul TelecomRahul Telecom
Income Statement (single-step)Income Statement (single-step)
For the Year Ended December 31, 2009For the Year Ended December 31, 2009
Particulars Amount-Tk. Amount-Tk.
Revenues
Service Revenue 105,000
Add: Service Revenue (unrecorded) 10,500 115,500
Less: Operating Expenses:
Salaries Expense 6,000
Add: Salaries Expense (accrued 600 6,600
Rent Expense 13,500
Miscellaneous Expense 36,000
Telephone Bill Expense 1,950
Depreciation Expense-Office Equipment 2,550
Supplies 13,500
Less: Supplies on Hand 9,000 4,500
Total Operating Expense 65,100
Net Income 50,400
43. Requirement b.Requirement b.
Rahul TelecomRahul Telecom
Ownerâs Equity StatementOwnerâs Equity Statement
December 31, 2009December 31, 2009
Particulars Amount-Tk. Amount-Tk.
Rahul Capital, January 01,
2009
54,000
Add: Net Income 50,400
Additional Investment 0 50,400
Sub-Total 104,400
Less: Drawing 6,000
Rahul Capital, December 31,
2009
98,400
44. Requirement c.Requirement c.
Rahul TelecomRahul Telecom
Balance sheetBalance sheet
As at December 31, 2009As at December 31, 2009
Amount-Tk. Amount-Tk.
Assets
Current Assets:
Cash 30,000
Accounts Receivable 16,500
Add: Accounts Receivable (Unrecorded) 10,500 27,000
Supplies on Hand 9,000
Prepaid Insurance 9,000
Prepaid Advertising 6,000
Total Current Assets 81,000
Property, Plant and Equipment:
Office Equipment 30,000
Less: Accumulated Depreciation (3,000+2,550) 5,550
Total Property, Plant and Equipment 24,450
Total Assets 105,450
45. Liabilities and Ownerâs Equity
Current Liabilities:
Account Payable 4,500
Telephone Bill Payable (accrued) 1,950
Salaries Payable(accrued) 600
Total Current Liabilities 7,050
Long-Term Liabilities Nil Nil
Total Liabilities 7,050
Ownerâs Equity:
Capital December 31, 2009 98,400
Total Liabilities and Ownerâs Equity 105,450
46. Problem-16: Ch#10 Page#46Problem-16: Ch#10 Page#46
ďŽ The trial balance of âSatkhiraThe trial balance of âSatkhira
Fashion Houseâ contained theFashion Houseâ contained the
following account balances on Junefollowing account balances on June
30, 2009 at the end of the30, 2009 at the end of the
accounting period.accounting period.
47. Satkhira Fashion HouseSatkhira Fashion House
Trial BalanceTrial Balance
June 30, 2009June 30, 2009
Account Titles Debit-Tk. Credit-Tk.
Cash 90,600
Accounts Receivable 96,600
Merchandize Inventory 120,000
Store Equipment 270,000
Accumulated Depreciation-Store Equipment 54,000
Delivery Van 141,000
Accumulate Depreciation- Delivery Van 15,000
Notes Payable 150,000
Accounts Payable 148,500
Capital 303,000
Drawing 39,000
Sales 2,314,500
Sales Returns and Allowances 19,500
Rent-Office Space 45,000
Rent-Showroom 27,000
Office Salaries 270,000
Delivery Van Repair Expenses 36,300
Delivery Expenses 50,700
Utilities Expenses-Office 41,400
Store Supplies 16,500
Advertising Expenses 79,200
Cost of Goods Sold 1,492,200
Salesman Salaries 150,000
Total 2,985,000 2,985,000
48. ďŽ Adjustments data:Adjustments data:
ďŽ Store supplies used during the yearStore supplies used during the year
Tk.6,000.Tk.6,000.
ďŽ Depreciation is Tk.27,000 on the storeDepreciation is Tk.27,000 on the store
equipment and Tk.18,000 of theequipment and Tk.18,000 of the
delivery van.delivery van.
ďŽ Interest of Tk.27,000 is accrued onInterest of Tk.27,000 is accrued on
notes payable at June 30, 2009.notes payable at June 30, 2009.
49. ďŽ Required:Required:
ďŽ Prepare a multi step income statement,Prepare a multi step income statement,
an ownerâs equity statement and aan ownerâs equity statement and a
classified balance sheet as on June 30,classified balance sheet as on June 30,
2009.2009.
ďŽ Journalize the adjusting entries.Journalize the adjusting entries.
ďŽ Journalize the closing entries; andJournalize the closing entries; and
ďŽ Prepare a post-closing trial balance.Prepare a post-closing trial balance.
50. Solution-16:Solution-16:
Requirement a.Requirement a.
Satkhira Fashion HouseSatkhira Fashion House
Income StatementIncome Statement
For the Year Ended June 30, 2009For the Year Ended June 30, 2009
Particulars
Amount-
Tk.
Amount-Tk.
Amount-
Tk.
Sales 2,314,500
Less: Sales Returns and
Allowances
19,500
Net Sales 2,295,000
Less: Cost of Goods Sold 1,492,200
Gross Profit 802,800
51. Less: Operating Expenses
General and Administrative
Expenses:
Office Salaries 270,000
Office Rent 45,000
Utilities Expense 41,400 356,400
52. Selling Expenses:
Salesmen Salaries 150,000
Showroom Rent 27,000
Delivery Van Repair Expenses 36,300
Delivery Expenses 50,700
Store supplies Expenses 6,000
Depreciation on Delivery Van 18,000
Depreciation on Office
Equipment
27,000
Advertising Expenses 79,200
Total Selling Expenses 394,200
53. Total operating Expenses 750,600
Income from Operation 52,200
Non-operating Income and
Expenses:
Interest Expense 27,000
Net Income 25,200
54. Satkhira Fashion HouseSatkhira Fashion House
Ownerâs Equity StatementOwnerâs Equity Statement
For the Year Ended June 30, 2009For the Year Ended June 30, 2009
Particulars Amount-Tk.
Amount-
Tk.
Beginning Capital 3,03,000
Add: Net Income 25,200 3,28,200
Less: Drawings 39,000
Ownerâs Closing Capital 289,200
55. Satkhira Fashion HouseSatkhira Fashion House
Balance SheetBalance Sheet
As at June 30, 2009As at June 30, 2009
Amount-Tk. Amount-Tk. Amount-Tk.
Assets
Current Assets:
Cash 90,600
Accounts Receivable 96,600
Merchandize Inventory 120,000
Store Supplies 10,500
Total Current Assets 317,700
Property, Plant and Equipment:
Store Equipment 270,000
Less: Accumulated Depreciation 81,000 189,000
Delivery Van 141,000
Less: Accumulated Depreciation 33,000 108,000
Total Property, Plant and
Equipment
297,000
Total Assets 614,700
56. Liabilities and Ownerâs Equity
Current Liabilities:
Accounts Payable 148,500
Interest Payable 27,000
Total Current Liabilities 175,500
Long-Term Liabilities:
Notes Payable 150,000
Total Long term Liabilities 150,000
Total Liabilities 325,500
Owners Equity:
Closing Capital 289,200
Total Liabilities and Owners Equity 614,700
57. Requirement b.Requirement b.
Satkhira Fashion HouseSatkhira Fashion House
Adjusting EntriesAdjusting Entries
For the Year Ended June 30, 2009For the Year Ended June 30, 2009
S/L
no
Account Titles and Explanations Debit-
Tk.
Credit-
Tk.
1
Supplies Expenses
Supplies
(To record supplies expenses)
6,000
6,000
2
Depreciation Expenses
Accumulated Depreciation-Store
Equipment
Accumulated Depreciation-Delivery
Van
(To record depreciation expenses)
45,000
27,000
18,000
3
Interest Expense
Interest Payable
(To record interest expense)
27,000
27,000
58. Requirement c.Requirement c.
Satkhira Fashion HouseSatkhira Fashion House
Closing EntriesClosing Entries
For the Year Ended June 30, 2009For the Year Ended June 30, 2009
June-30
June-30
June-30
June-30
Account Titles and Explanations Debit-Tk. Credit-Tk.
Sales
Income Summary
(To record sales account)
2,314,500
2,314,500
Income Summary
Cost of Goods Sold
Sales Returns and Allowances
Office Salaries
Office Rent
Utilities Expenses
Salesmen Salaries
Showroom Rent
Delivery Van Repair Expenses
Delivery Expenses
Store Supplies Expenses
Depreciation on Delivery Van
Depreciation on Store Equipment
Advertising Expenses
Interest Expenses
(To record expense accounts)
2,289,300
1,492,200
19,500
270,000
45,000
41,400
150,000
27,000
36,300
50,700
6,000
18,000
27,000
79,200
27,000
Income Summary
Capital
(To close net income to capital; 2,314,500-2,289,300)
25,200
25,200
Capital
Drawings
(To close drawings account to capital)
39,000
39,000
59. Requirement d.Requirement d.
Satkhira Fashion HouseSatkhira Fashion House
Post-closing Trial BalancePost-closing Trial Balance
For the Year Ended June 30, 2009For the Year Ended June 30, 2009
Account Titles Debit-Tk. Credit-Tk.
Accounts Payable 148,500
Interest Payable 27,000
Notes Payable 150,000
Capital 289,200
Accumulated Depreciation-Store
Equipment
81,000
Accumulated Depreciation-Delivery Van 33,000
Store Equipment 270,000
Delivery Van 141,000
Cash 90,600
Accounts Receivable 96,600
Merchandize Inventory 120,000
Store Supplies 10,500
Total 728,700 728,700
60. Thanks to Everybody for ProperThanks to Everybody for Proper
Cooperation.Cooperation.
Please say five time prayers.Please say five time prayers.
Always speak the truth.Always speak the truth.
Donât misbehave with others.Donât misbehave with others.
The end !!The end !!