It is the financial accounting project all basis transactions end to closing trial balance of an accounting cycle is provided.
it is a project of a software house.
This is a special presentation I did at an event organized by the team from the Investment Account Platform (IAPI) in Malaysia. It provides an introduction to what fintech is and the unique definition of Islamic Fintech and Islamic crowdfunding as well as an overview of some major trends in the general global fintech industry.
Ever wonder what criteria you're evaluated on when applying for a loan? Here are the five basic principles lenders take into consideration when approving a small business loan application.
This presentation was presented by a group of students of MBA (Finance) at University Institute of Management Sciences (University of Arid Agriculture Rawalpindi, Pakistan
The WorldCom scandal was a major accounting scandal that came to light in the summer of 2002 at WorldCom, the USA's second-largest long-distance telephone company at the time.
This is a special presentation I did at an event organized by the team from the Investment Account Platform (IAPI) in Malaysia. It provides an introduction to what fintech is and the unique definition of Islamic Fintech and Islamic crowdfunding as well as an overview of some major trends in the general global fintech industry.
Ever wonder what criteria you're evaluated on when applying for a loan? Here are the five basic principles lenders take into consideration when approving a small business loan application.
This presentation was presented by a group of students of MBA (Finance) at University Institute of Management Sciences (University of Arid Agriculture Rawalpindi, Pakistan
The WorldCom scandal was a major accounting scandal that came to light in the summer of 2002 at WorldCom, the USA's second-largest long-distance telephone company at the time.
BENCHTOP STOVES R.US.
508 Darling St., Moonee Ponds VIC. 3039
TIM TIDY, a semi-retired cleaner started a retail business on 1 July 2015, supplying two grades Bench top stoves for office cleaning purposes. They are A1.
BENCHTOP STOVES and DELUX
BENCHTOP STOVES . As most of his customers are city offices, Tim is not required to provide delivery services. Therefore, he did not have to invest in motor vehicles. Instead, she invested in equipment for servicing the bench top stoves by paying $20,000 cash on the day of commencement of business.
Tim sees great potential in this business and endeavours to maintain double entry accounting records. It has been two months since the start of business and now, he has engaged your service as an accountant to develop the double entry recording system.
As there are small expenses paid directly by Tim, you recommended a Petty Cash Advance be established and a Petty Cash Book maintained.
The trial balance below shows the summary of transactions in the first two months of business, now carried forward to the 1
st
of SEPTEMBER 2015.
BENCHTOP STOVES R.US.
TRIAL BALANCE AS AT 1 SEPTEMBER 2015
ACCOUNT
DEBIT $
CREDIT $
Cash at bank
30,640
Accounts Receivable
93,000
Inventory
A1.
Benchtop Stoves
30,000
Delux Benchtop Stoves
10,000
Equipment (paid cash on 1 July 2015)
20,000
Accounts Payable
50,000
Loan from Sunny Bank Ltd
83,340
Capital – TIM TIDY
40,000
Drawings –
TIM TIDY
10,000
Sales
132,000
Cost of Sales – A1. Benchtop Stoves
60,000
Cost of Sales – Delux Benchtop Stoves
30,000
Electricity expense
3,000
Equipment Running Costs
400
Insurance expense – Equipment
600
Interest
expense
2,000
Office Supplies
300
Rent expense
12,000
Telephone expense
400
Wagesexpense
3,000
TOTAL
$
305,340
$
305,340
Information relating to opening trial balance:
1.
The Purchases and Sales history for the past two months is as follows:
Purchases
Sales
A1. BENCHTOP STOVES
150 @ $600 each
100 @ $900 each
DELUX BENCHTOP STOVES 40 @ $1,000 each
30 @ $1,400 each
NOTE
: Purchases and Sales are a combination of cash and credit transactions.
Inventory balances as at 1
st
September:
A1. BENCHTOP STOVES
50 @ $600 each
DELUX BENCHTOP STOVES
10 @ $1,000 each
Cost of Sales for two months ending 31
st
August 2015
A1. BENCHTOP STOVES 100 @ $600 each
DELUX BENCHTOP STOVES
30 @ $1,000 each
2. FIFO method of accounting for inventory is used.
3.
Accounts Receivable as at 1 SEPTEMBER 2015 consisted of:
Top Shelf Ltd
$45,000
Real Deal Ltd
$48,000
4.
Accounts Payable as at 1 SEPTEMBER 2015 consisted of:
Keener Prices Ltd
$50,000
5.
Loan from Centrality Banking Corp. for the amount of $100,000 was effective from 1 July 2015. Interest rate of 12% per annum applies. An amount of $9,330 per month is payable on the last day of each month, of which, $8,330 accounts for loan repaym.
BENCHTOP STOVES R.US.
508 Darling St., Moonee Ponds VIC. 3039
TIM TIDY, a semi-retired cleaner started a retail business on 1 July 2015, supplying two grades Bench top stoves for office cleaning purposes. They are A1. BENCHTOP STOVES and DELUX BENCHTOP STOVES . As most of his customers are city offices, Tim is not required to provide delivery services. Therefore, he did not have to invest in motor vehicles. Instead, she invested in equipment for servicing the bench top stoves by paying $20,000 cash on the day of commencement of business.
Tim sees great potential in this business and endeavours to maintain double entry accounting records. It has been two months since the start of business and now, he has engaged your service as an accountant to develop the double entry recording system.
As there are small expenses paid directly by Tim, you recommended a Petty Cash Advance be established and a Petty Cash Book maintained.
The trial balance below shows the summary of transactions in the first two months of business, now carried forward to the 1
st
of SEPTEMBER 2015.
BENCHTOP STOVES R.US.
TRIAL BALANCE AS AT 1 SEPTEMBER 2015
ACCOUNT DEBIT $ CREDIT $
Cash at bank 30,640
Accounts Receivable 93,000
Inventory
A1. Benchtop Stoves 30,000
Delux Benchtop Stoves 10,000
Equipment (paid cash on 1 July 2015) 20,000
Accounts Payable 50,000
Loan from Sunny Bank Ltd 83,340
Capital – TIM TIDY 40,000
Drawings – TIM TIDY 10,000
Sales 132,000
Cost of Sales – A1. Benchtop Stoves 60,000
Cost of Sales – Delux Benchtop Stoves 30,000
Electricity expense 3,000
Equipment Running Costs 400
Insurance expense – Equipment 600
Interest expense 2,000
Office Supplies 300
Rent expense .
A C G 6 0 2 6 - A c c o u n t i n g f o r M a n a g e r s
ACCOUNTING CYCLE ASSIGNMENT
Spring 2016
Names
Points:
Problem 1 – 30 points
Problem 2 – 70 points
Total (100 points)
Problem 1. ABC Company began business on January 1, 2015. During January, the following
transactions occurred:
January:
1
st
Issued common stock in exchange for $150,000 cash.
2
nd
Purchased inventory on account for $30,000.
4
th
Paid an insurance company $2,450 for one-year insurance policy.
10
th
Sold merchandise on account for $13,000. The cost of the merchandise was $6,000.
15
th
Borrowed $35,000 from a local bank and signed a note. Principal and interest at 10%
will be repaid in six months.
20
th
Paid employees $6,000 in wages for the first half of the month.
22
nd
Sold merchandise for $11,000 cash. The cost of the merchandise was $7,000.
24
th
Paid $15,000 to suppliers for the merchandise purchased on January 2.
26
th
Collected $5,500 on account from customers.
28
th
Paid $2,000 to the local utility company for January water.
30
th
Paid $5,000 rent for the building. $2,500 was for January rent, and $2,500 for
February rent.
Required:
1. Prepare general journal entries (i.e., no adjusting journal entries) to record each
transaction. (10p.)
2. Post the entries to T-accounts. (10p.)
3. Prepare an unadjusted trial balance as of January 30, 2015. (10p.)
Problem 2.
Florida Company manufactures and sells various types of pasta to grocery chains as private label
brands. The company's fiscal year-end is December 31. The unadjusted trial balance as of
December 31, 2015, appears below.
Information necessary to prepare the year-end adjusting entries appears below.
1. Depreciation on the equipment for the year is $20,000.
2. Employee wages are paid twice a month, on the 22
nd
for wages earned from the 1
st
through the 15
th
, and on the 7
th
of the following month for wages earned from the 16
th
through the end of the month. Wages earned from December 16 through December 31,
2015, were $2,000.
3. On October 1, 2015, Florida borrowed $50,000 from a local bank and signed a note. The
note requires interest to be paid annually on September 30 at 12%. The principal is due in
10 years.
4. On March 1, 2015, the company lent a supplier $20,000 and a note was signed requiring
principal and interest at 8% to be paid on February 28, 2016.
Account Title Debit Credit
Cash 29,000
Accounts Receivable 40,000
Supplies 1,500
Inventory 60,000
Notes Receivable 20,000
Interest Receivable -
Prepaid Rent 2,000
Prepaid Insurance 7,000
Equipment 80,000
Accumulated Depreciation-Equipment 30,000
Accounts Payable 31,000
Wages Payable -
Notes Payable 50,000
Interest Payable -
Unearned Rev.
Part 3 October TransactionsVendor Transactions Enter BillsPur.docxdanhaley45372
Part 3 October Transactions
Vendor Transactions: Enter Bills
Purchases of Supplies: Enter Bills
Date Transaction
10/02/2015 Received Invoice 66JE and shipment from Big Bytes Supplies for the purchase of computer supplies that included the purchase of USB drives on credit, Net. 30, $300.
10/03/2015 Received invoice EX32 and shipment from Sales Products Supply for the purchase of office expenses that included the purchase of paper, printer cartridges, and message pads on credit, terms Net 30, $245.
10/04/2015 Received Invoice 89JE and shipment from Big Bytes Supplies for the purchase of computer supplies that include the purchase of computer supplies that included the purchase of memory cartridges and memory sticks on credit, terms Net 30, $520.
10/05/2015 Received Invoice EX45 and shipment from Sales Products Supply for the credit purchase of office expenses that included the purchases of office supplies, Net 30, $385.
Purchase Returns: Enter Vendor Credits
Date Transaction
10/05/2015 Returned 1 USB drive to Big Bytes Supplies, Invoice 66JE, $50.
Vendor Payments: Pay Bills
Date Transaction
10/06/2015 Paid Big Bytes Supplies’ $520 opening balance by hand-writing a check (#1) for $470 and applying the October 5 vendor credit for $50. (Hint: Your business’ opening balance was $520. On October 5, you returned USB drives for a $50 credit. The balance owed to Big Bytes Supplies after the return is $470, excluding any purchases made during October.)
10/07/2015 Paid Big Bytes Supplies, Invoice 66JE, $300 for the October 4 purchase with check number 2.
10/07/2015 Paid Sales Products Supply, Invoice EX32, $245 for the October 3 purchase with check number 3.
Customer Transactions: Create Invoice
Date Transactions
10/08/2015 Sold services on account to Two Sisters B&B, Invoice No. 1004 for $1,200 which included 12 hours new services at $100 per hour due to the instillation of a wireless network.
10/09/2015 Sold maintenance services on account to NFP Access, Invoice No. 1005, for a total of $300 for 10 hours of maintenance work at $30 per hour.
10/10/2015 Sold Services on account to Cyberconnect Café, Invoice No. 1006, $780 for 6 hours of maintenance services at $30 per hour and 12 hours of repair services at $50 per hour.
10/11/2015 Sold services on account to Two Sisters B&B, Invoice 1007, $540 for 8 hours of maintenance services at $30 per hour and 1.5 hours of emergency services at $200 per hour.
Sales Returns and Allowances: Give Credit or Refund
Date Transactions
10/13/2015 Two Sisters B&B received a $150 reduction in their October 8 Invoice (#1004) due to damage done to a wall during the wireless network installation. (This is numbered Credit Memo 1008.)
Receipts From Customers: Receive Customer Payments
Date Transaction
10/13/2015 Received a check from Two sisters B&B in payment of their opening balance, $300.00, Check No. 9290.
10/16/2015 Received a check from Cyberconnect Café in payment of their opening balance, $280.00, Check No. 4522.
10/1.
6. Entry and trial balance preparation. Lee Adkins is a portra.docxssuser774ad41
6.
Entry and trial balance preparation
. Lee Adkins is a portrait artist. The following schedule represents Lee’s combined chart of accounts and trial balance as of May 31.
Account number
Account name
Debit
Credit
110
Cash
$ 2,700
120
Accounts Receivable
12,100
130
Equipment and Supplies
2,800
140
Studio
45,000
210
Accounts Payable
$2,600
310
Lee Adkins, Capital
57,400
320
Lee Adkins, Drawing
30,000
410
Professional Fee Revenue
39,000
510
Advertising Expense
2,300
520
Salaries Expense
2,100
540
Utilities Expense
2,000
$99,000
$99,000
The general ledger also revealed account no. 530, Legal and Accounting Expense. The following transactions occurred during June:
6/2
Collected $3,000 on account from customers
6/7
Sold 25% of the equipment and supplies to a young artist for $700 cash
6/10
Received a $300 invoice from the accountant for preparing last quarter's financial Statements.
6/15
Paid $1,900 to creditors on account.
6/27
Adkins withdrew $2,000 cash for personal use.
6/30
Billed a customer $3,000 for a portrait painted this month.
a. Record the necessary journal entries for June on page 2 of the company’s general journal. (See Exhibit 2.6)
b. Open running balance ledger “T” accounts by entering account titles, account numbers, and May 31 balances. (See exhibit 2.3 and 2.4)
c. Post the journal entries to the “T” accounts.
d. Prepare a trial balance as of June 30. (See exhibit 2.9)
7. Journal entry preparation.
On January 1 of the current year, Peter Houston invested $80,000 cash into his companyMuniServ.The cash was obtained from an owner investment by Peter Houston of $50,000 and a $30,000 bank loan. Shortly thereafter, the company acquired selected assets of a bankrupt competitor. The acquisition included land ($10,000), a building ($40,000), and vehicles ($10,000). MuniServ paid $45,000 at the time of the transaction and agreed to remit the remaining balance due of $15,000 (an account payable) by February 15.
During January, the company had additional cash outlays for the following items:
Purchases of store equipment
$4,600
Note payment
500
Salaries expense
2,300
Advertising expense
700
The January utility bill of $200 was received on January 31 and will be paid next month. MuniServ rendered services to clients on account amounting to $9,400.
All customers have been billed; by month end, $3,700 had been received in settlement of account balances.
Instructions
a.
Present journal entries that reflect MuniServ's January transactions, including the $80,000raised from the owner investment and loan. (See exhibit 2.6)
b.
Compute the total debits, total credits, and ending balance that would befound in the company's Cash account. (Post to “T” Accounts, see exhibit 2.3 and 2.4)
c.
Determine the amount that would be shown on the January 31 trial balance for Accounts
Payable. Is the balance a debit or a credit?
.
Course material for An introduction to keeping financial records in business for small and medium sized enterprises organised by the Lagos hub of the Global Shapers with support from Abraaj for small and medium enterprises in Lagos NIgeria held in June 2016
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these slides are according to Pakistan HDI and covering the aspects and some important details of HDI.
Little bit description and introduction of HDI as well.
this is a project related to schedule of meetings and this project provides details about the room and equipment present in that room for meeting..
this is a general description about the project and UML diagrams of the project..
The development and coding of project is not yet finalized.
Control an android app from one phone to another using same app by sending sms...
Download from here:
https://drive.google.com/open?id=0B5QIosG1CvkcWXN0OWtrUXBWWHc
The "Job Portal" where you can find different UML diagrams of this system and that includes:
1) Use case diagram
2) Fully dressed use case
3) Sequence Diagram
4) Activity Diagram
5) Class Diagram
6) Component Diagram
These are the basic details about the importance of learning communication skills which may help readers in getting least information about communication skills.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
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USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
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Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
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Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
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USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
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What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
2. Transaction in words
1. Jan 1,2015:
“Zee” opens an account in ‘Meezan Bank’ in the name of “Zee Production” paying
$4,000,000 cash.
2. Jan 5,2015:
Paid $200,000 to the insurance company in cash.
3. Jan 8,2015:
Purchase land for business paying $140,000 cash.
4. Jan 10,2015:
Purchase building for business paying $200,000 cash.
5. Jan 12,2015:
Purchase office equipment for business paying $150,000 cash.
6. Jan 15,2015:
Purchase internet equipment (e.g. router, hub, switches, wires etc) paying $365,000 in
cash.
7. Jan 25,2015:
Paid $20,000 cash to the ABC transport company.
3. General Journal
For month of January 2015
Date Particulars Debit (Dr) Credit (Cr)
Jan 1 Cash 4000,000
Capital 4000,000
Jan 5 Premium Insurance
Expense
200,000
Cash 200,000
Jan 8 Land 140,000
Cash 140,000
Jan 10 Building 200,000
Cash 200,000
Jan 12 Office Equipment 150,000
Cash 150,000
Jan 15 Internet Equipment 365,000
Cash 365,000
Jan 25 Transportation Expense 20,000
Cash 20,000
4. Transaction in words
1. Feb 1,2015:
Paid $25,000 cash to the BCD advertising company for the advertising of business.
2. Feb 3,2015:
Paid $100,000 cash for the salaries of the employees.
3. Feb 7,2015:
Purchase medical equipment for business in $20,000 cash.
4. Feb 15,2015:
Purchase computer equipment for business and office use $150,000 paying $90,000
cash and sign accounts payable for remaining balance.
5. Feb 18,2015:
Purchase software’s for different projects paying $20,000 cash.
6. Feb 25,2015:
Sell the spare office equipment for $30,000.
7. Feb 27,2015:
Paid $10,000 for the bill of month of February.
5. General Journal
For month of February 2015
Date Particulars Debit (Dr) Credit (Cr)
Feb 1 Advertising Expense 25,000
Cash 25,000
Feb 3 Salary Expense 100,000
Cash 100,000
Feb 7 Medical Equipment 20,000
Cash 20,000
Feb 15 Computer Equipment 150,000
Cash 90,000
Accounts Payable 60,000
Feb 18 Software Expense 20,000
Cash 20,000
Feb 25 Accounts Receivable 30,000
Office equipment 30,000
Feb 27 Utility Expense 10,000
Cash 10,000
6. Transaction in words
1. Mar 1,2015:
Paid $10,000 cash to the add company.
2. Mar 3,2015:
Generated revenue of $95,000 cash.
3. Mar 10,2015:
Paid $10,000 for maintenance.
4. Mar 15,2015:
Paid the salaries of employee’s $100,000 cash.
5. Mar 30,2015:
Paid $8,000 for the bill.
7. General Journal
For month of March 2015
Date Particulars Debit (Dr) Credit (Cr)
Mar 1 Advertising Expense 10,000
Cash 10,000
Mar 3 Cash 95,000
Revenue 95,000
Mar 10 Maintenance Expense 10,000
Cash 10,000
Mar 15 Salary Expense 100,000
Cash 100,000
Mar 30 Utility Expense 8,000
Cash 8,000
8. Transaction in words
1. Apr 3,2015:
Paid the salaries of employee’s $100,000 cash.
2. Apr 9,2015:
Generated revenue of $210,000 cash.
3. Apr 15,2015:
Paid $30,000 for bonus to employees in cash for better results in business.
4. Apr 25,2015:
Purchase internet equipment for $100,000 paying $75,000 cash and sign accounts
payable of $25,000.
5. Apr 27,2015:
Paid $2,700 to the ABC transport company for transportation.
6. Apr 30,2015:
Paid $8,000 for the bill.
9. General Journal
For month of April 2015
Date Particulars Debit (Dr) Credit (Cr)
Apr 3 Salary Expense 100,000
Cash 100,000
Apr 9 Cash 210,000
Revenue 210,000
Apr 15 Bonus Expense 30,000
Cash 30,000
Apr 25 Internet Equipment 100,000
Cash 75,000
Accounts Payable 25,000
Apr 27 Transportation Expense 2,700
Cash 2,700
Apr 30 Utility Expense 8,000
Cash 8,000
10. Transaction in words
1. May 3,2015:
Paid the salaries of employee’s $100,000 cash.
2. May 8,2015:
“Zee” withdraws $400,000 for personal use.
3. May 18,2015:
$160,000 worth of services was given to customers. Received cash amount of $60,000.
Customers promised to pay remaining amount of $100,000.
4. May 27,2015:
Paid $9,000 for the bill.
11. General Journal
For month of May 2015
Date Particulars Debit (Dr) Credit (Cr)
May 3 Salary Expense 100,000
Cash 100,000
May 8 Drawing 400,000
Cash 400,000
May 18 Accounts Receivable 100,000
Cash 60,000
Revenue 160,000
May 27 Utility Expense 9,000
Cash 9,000
12. Transaction in words
1. June 3,2015:
Paid the salaries of employee’s $100,000 cash.
2. June 10,2015:
Paid $17,000 cash to the add company.
3. June 20,2015:
Generated revenue of $187,000 cash.
4. June 27, 2015:
Paid $7,580 for the bill.
13. General Journal
For month of June 2015
Date Particulars Debit (Dr) Credit (Cr)
June 3 Salary Expense 100,000
Cash 100,000
Jun 10 Advertising Expense 17,000
Cash 17,000
May 18 Cash 187,000
Revenue 187,000
May 27 Utility Expense 7,580
Cash 7,580
14. Transaction in words
1. July 1,2015:
Paid the salaries of employee’s $100,000 cash.
2. July 12,2015:
Purchase internet equipment for $85,000 cash.
3. July 16,2015:
Paid $1,800 to the ABC transport company for transportation.
4. July 21, 2015:
Paid $30,000 for bonus to employees in cash for better results in business.
5. July 28, 2015:
Paid $12,000 for the bill.
15. General Journal
For month of July 2015
Date Particulars Debit (Dr) Credit (Cr)
Jul 1 Salary Expense 100,000
Cash 100,000
Jul 12 Internet Equipment 85,000
Cash 85,000
Jul 16 Transportation Expense 1,800
Cash 1,800
Jul 21 Bonus Expense 30,000
Cash 30,000
Jul 28 Utility Expense 12,000
Cash 12,000
16. Transaction in words
1. Aug 2,2015:
Paid the salaries of employee’s $100,000 cash.
2. Aug 8,2015:
Generated revenue of $400,000 cash.
3. Aug 15,2015:
Receive the amount $100,000 from the client for services generated in May 18.
4. Aug 20, 2015:
Purchase car for organization needs from $200,000 paying $80,000 cash and sign an
accounts payable for remaining balance of 60 days.
5. Aug 28, 2015:
Paid $9,754 for the bill.
17. General Journal
For month of August 2015
Date Particulars Debit (Dr) Credit (Cr)
Aug 2 Salary Expense 100,000
Cash 100,000
Aug 8 Cash 400,000
Revenue 400,000
Aug 15 Cash 100,000
Accounts Receivable 100,000
Aug 20 Car 200,000
Cash 80,000
Accounts Payable 120,000
Aug 28 Utility Expense 9,754
Cash 9,754
18. Transaction in words
1. Sep 3,2015:
Paid the salaries of employee’s $100,000 cash.
2. Sep 10,2015:
$185,000 worth of services was given to customers. Received cash amount of $75,000.
Customers promised to pay remaining amount of $110,000.
3. Sep 18, 2015:
Paid $10,000 for the bill.
General Journal
For month of September 2015
Date Particulars Debit (Dr) Credit (Cr)
Sep 3 Salary Expense 100,000
Cash 100,000
Sep 10 Accounts Receivable 110,000
Cash 75,000
Revenue 185,000
Accounts Receivable 100,000
Sep 18 Utility Expense 10,000
Cash 10,000
19. Transaction in words
1. Oct 3,2015:
Paid the salaries of employee’s $100,000 cash.
2. Oct 10,2015:
Purchase internet equipment for $80,000 from accounts payable.
3. Oct 15,2015:
Buy fuel for car from $1,500.
4. Oct 20, 2015:
Generated revenue of $205,000 cash.
5. Oct 28, 2015:
Paid $14,000 for the bill.
20. General Journal
For month of October 2015
Date Particulars Debit (Dr) Credit (Cr)
Oct 3 Salary Expense 100,000
Cash 100,000
Oct 10 Internet Equipment 80,000
Accounts Payable 80,000
Oct 15 Fuel Expense 1,500
Cash 1,500
Oct 20 Cash 205,000
Revenue 205,000
Oct 28 Utility Expense 14,000
Cash 14,000
21. Transaction in words
1. Nov 4,2015:
Paid the salaries of employee’s $100,000 cash.
2. Nov 9,2015:
“Zee” found that he did not need all of $400,000 withdraw on May 8, and he
redeposited the $50,000 in company’s bank account in Meezan bank.
3. Nov 15,2015:
Generated revenue of $145,000 cash.
4. Nov 20, 2015:
Receive the amount $110,000 from the client for services generated in Sep 10.
5. Nov 28, 2015:
Paid $10,000 for the bill.
22. General Journal
For month of November 2015
Date Particulars Debit (Dr) Credit (Cr)
Nov 4 Salary Expense 100,000
Cash 100,000
Nov 9 Cash 50,000
Capital 50,000
Nov 15 Cash 145,000
Revenue 145,000
Nov 20 Cash 110,000
Accounts Receivable 110,000
Nov 28 Utility Expense 10,000
Cash 10,000
23. Transaction in words
1. Dec 3,2015:
Paid the salaries of employee’s $100,000 cash.
2. Dec 7,2015:
Generated revenue of $250,000 cash..
3. Dec 29,2015:
The depreciation of building is $13,333.
4. Dec 31, 2015:
The depreciation of car is $16,666.
General Journal
For month of December 2015
Date Particulars Debit (Dr) Credit (Cr)
Dec 3 Salary Expense 100,000
Cash 100,000
Dec 7 Cash 250,000
Revenue 250,000
Dec 29 Depreciation Exp:Building 13,333
Acc Depreciation: Building 13,333
Dec 31 Depreciation Exp:Car 16,666
Acc Depreciation: Car 16,666
27. Ledger Accounts
Accounts Receivable
Dr Cr
30,000
100,000
100,000
110,000
110,000
240,000 210,000
Total Debit (Acc Rece) 30,000
Ledger Accounts
Building
Dr Cr
200,000
Total Debit (Building) 200,000
28. Ledger Accounts
Land
Dr Cr
140,000
Total Debit (Land) 140,000
Ledger Accounts
Depreciation Exp: Building
Dr Cr
13,333
Total Debit (Dep
Exp:Building)
13,333
Ledger Accounts
Accumulated Depreciation Building
Dr Cr
13,333
Total Credit ( Acc Dep
Building)
13,333
29. Ledger Accounts
Depreciation Exp: Car
Dr Cr
16,666
Total Debit (Dep
Exp:Car)
16,666
Ledger Accounts
Accumulated Depreciation Car
Dr Cr
16,666
Total Credit ( Acc Dep
Car)
16,666
30. Ledger Accounts
Car
Dr Cr
200,000
Total Debit (Car) 200,000
Ledger Accounts
Office Equipment
Dr Cr
150,000
30,000
Total Debit (Off Equ) 120,000
Ledger Accounts
Internet Equipment
Dr Cr
100,000
85,000
80,000
365,000
Total Debit (Int Equ) 630,000
31. Ledger Accounts
Computer Equipment
Dr Cr
150,000
Total Debit (Comp Equ) 150,000
Ledger Accounts
Advertising Expense
Dr Cr
25,000
10,000
17,000
Total Debit (Adv
Expense)
52,000
Ledger Accounts
Fuel Expense
Dr Cr
1,500
Total Debit (Fuel
Expense)
1,500
32. Ledger Accounts
Drawing
Dr Cr
400,000
Total Debit (Drawing) 400,000
Ledger Accounts
Revenue
Dr Cr
95,000
210,000
160,000
187,000
400,000
185,000
205,000
145,000
250,000
Total Credit (Revenue) 1,837,000
33. Ledger Accounts
Software Expense
Dr Cr
20,000
Total Debit (Soft
Expense)
20,000
Ledger Accounts
Medical Equipment
Dr Cr
20,000
Total Debit (Med Equ) 20,000
Ledger Accounts
Salary Expense
Dr Cr
100,000
100,000
100,000
100,000
100,000
100,000
100,000
35. Ledger Accounts
Bonus Expense
Dr Cr
30,000
30,000
Total Debit (Bon Exp) 60,000
Ledger Accounts
Premium Insurance Expense
Dr Cr
200,000
Total Debit (Ins Exp) 200,000
36. Ledger Accounts
Transportation Expense
Dr Cr
20,000
2,700
1,800
Total Debit (Tran Exp) 24,500
Ledger Accounts
Maintenance Expense
Dr Cr
10,000
Total Debit (Main Exp) 10,000
37. Adjusted Trial Balance
Particulars Dr Cr
Cash 2,815,666
Accounts Receivable 30,000
Building 200,000
Land 140,000
Car 200,000
Acc Dep:Building 13,333
Acc Dep:Car 16,666
Office Equipment 120,000
Internet Equipment 630,000
Medical Equipment 20,000
Computer Equipment 150,000
Accounts Payable 385,000
Capital 4,050,000
Revenue 1,837,000
Drawing 400,000
Advertising Expense 52,000
Salary Expense 1,100,000
Utility Expense 98,334
Dep Expense: Building 13,333
Dep Expense: Car 16,666
Maintenance Expense 10,000
Premium Insurance Expense 200,000
Bonus Expense 60,000
Transportation Expense 24,500
Fuel Expense 1,500
38. Software Expense 20,000
6,301,999 6,301,999
Income Statement
For the Year Ended on Dec 31st
Sales:
Revenue………………………………………….......1,837,000
Expenses:
Advertising Expense……….52,000
Salary Expense…………….1,100,000
Utility Expense……………..98,334
Dep Exp:Building………….13,333
Dep Exp:Car……………….16,666
Maintenance Expense……..10,000
Insurance Expense………...200,000
Bonus Expense…………….60,000
Transportation Expense….24,500
Fuel Expense………………1,500
Software Expense…………20,000
(1,596,333)
Net Income(Profit)………………………240,667
39. Statement of Owner’s Equity
For the Year Ended on Dec 31st
Zee,Capital,Jan 1,2015……………………………………4,000,000
Add: Net Income for December…………………………..240,667
Additional Investment by owner……………………....50,000
Sub Total…………………………………………………..4,290,667
Less: Withdrawals by owner…………………………….400,000
Zee, Capital, Dec 31st
2015………………………………..3,890,667
40. Balance Sheet
Dec 31st
2015
Assets
Cash…………………………………………………………2,815,666
Accounts Receivable……………………………………….30,000
Land…………………………………………………………140,000
Internet Equipment………………………………………...630,000
Computer Equipment……………………………………....150,000
Office Equipment…………………………………………...120,000
Medical Equipment…………………………………………20,000
Building…………………………………………200,000
Less: Accumulated Depreciation……………..13,333 186,667
Car………………………………………………200,000
Less: Accumulated Depreciation……………..16,666 183,334
Total Assets………………………………………………...4,275,667
Liabilities & Owner’s Equity
Liabilities:
Accounts Payable…………………………………………..385,000
Owner’s Equity:
Zee, Capital, Dec 31st
….…………………………………...3,890,667
Total Liabilities & Owner’s Equity……………………….4,275,667
41. Closing General Journal
Date Particulars Debit (Dr) Credit (Cr)
Revenue 1,837,000
Income Summary 1,837,000
Income Summary 1,596,333
Advertising Expense 52,000
Salary Expense 1,100,000
Utility Expense 98,334
Dep Expense: Building 13,333
Dep Expense: Car 16,666
Maintenance Expense 10,000
Premium Insurance
Expense
200,000
Bonus Expense 60,000
Transportation Expense 24,500
Fuel Expense 1,500
Software Expense 20,000
Income Summary 240,667
Capital 240,667
Capital 400,000
Drawing 400,000
42. Closing Ledger Accounts
Income Summary
Dr Cr
1,596,333
240,667
1,837,000
1,837,000 1,837,000
Closing Ledger Accounts
Owner’s Equity
Dr Cr
400,000
4,000,000
240,667
4,240,667
Total Credit (OE) 3,840,667
Note:
All other accounts become zero, so I will not discuss them.