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Debit Credit
a Finished goods 49,000
Income Statement-F.G 49,000
To transfer the closing Finished goods inventory to Income Statement
a Income Statement-F.G 36,000
Finished goods 36,000
To transfer the opening Finished goods inventory to Income Statement
b W.I.P 28,000
Manufacturing Statement-W.I.P 28,000
To transfer the closing W.I.P inventory to Manufacturing Statement
b Manufacturing Statement-W.I.P 21,000
W.I.P 21,000
To transfer the opening W.I.P inventory to Manufacturing Statement
c Raw materials 20,000
Manufacturing Statement-Raw Mat 20,000
To transfer the closing raw material inventory to Manufacturing Statement
c Manufacturing Statement-Raw Mat 17,000
Raw materials 17,000
To transfer the opening raw material inventory to Manufacturing Statement
d Factory supplies expenses 4,300
Factory supplies 4,300
To record the cost of supplies used
XYZ LIMITED
Adjustment Entries
Adjustment
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e Office supplies expenses 2,100
Office supplies 2,100
To record the cost of supplies used
f Bad debts 1,800
Less Allowance for bad debts 1,800
To provide the provision for doubtful accounts
g Depreciation-Building 1,700
less accumulated dep-building 1,700
To record the Depreciation on Building
h Depreciation-Machinery 3,200
less accumulated dep-machinery 3,200
To record the Depreciation on Machinery
i Depreciation-office furin&fixtyre 500
less acc dep-office furni&fixture 500
To record the Depreciation on Furniture & Fixture
j Depreciation-delivery equipment 1,600
less acc dep-delivery equipment 1,600
To record the Depreciation on Equipment
k Depreciation-Tools 2,500
Tools 2,500
To record the Depreciation on Tools
l amortization-Patents 500
Patents 500
To record the amortization of patents
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m
m1 direct labour 1,400
m2 indirect labour 300
m3 sales salaries & commission 400
m4 delivery salaries 200
Accrued Expensesm1 -- Direct Labour 1,400
m2 -- indirect labour 300
m3 -- sales salaries & commission 400
m4 -- delivery salaries 200
To record the accrued expenses- salaries & Wages
n insurance expenses 2,400
Prepaid Insurance 2,400
To record the expired insurance
O Income tax 10,000
income tax payable 10,000
To record the estimated income tax payable
TOTAL 203,900 203,900
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Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 41,910 41,910
Petty Cash 200 200
Account Receivable 58,000 58,000
f Less Allowance for bad debts 610 1,800 2,410
op st1/cl st1 a Finished goods 36,000 49,000 36,000 49,000
op st1/cl st1 b W.I.P 21,000 28,000 21,000 28,000
op st1/cl st1 c Raw materials 17,000 20,000 17,000 20,000
n Prepaid Insurance 5,000 2,400 2,600
d Factory supplies 5,500 4,300 1,200
e Office supplies 2,800 2,100 700
l Patents 6,500 500 6,000
Goodwill 40,000 40,000
Land 64,300 64,300
Building 42,500 42,500
g less accumulated dep-building 6,800 1,700 8,500
Machinery 64,000 64,000h less accumulated dep-machinery 9,300 3,200 12,500
Office furniture & fixture 5,000 5,000
i less acc dep-office furni&fixture 1,600 500 2,100
Delivery equipment 8,000 8,000
j less acc dep-delivery equipment 3,600 1,600 5,200
k Tools 10,000 2,500 7,500
Accounts Payable 52,550 52,550
Common Stock Tk. 20 per 272,000 272,000
R.E
Balance of RETAINED EARNINGS: 50,450 50,450
Sales 365,000 365,000
sales return & allowance 5,000 5,000
sales discount 3,100 3,100
purchase 85,400 85,400
freight in 4,700 4,700purchase return and allowance 2,100 2,100
purchase discount 2,180 2,180
m1 direct labour 76,200 1,400 77,600
m2 indirect labour 22,600 300 22,900
factory superintendence 20,000 20,000
o building maintenance & repair 3,000 2,550 450
factory heat, light, & power 20,480 20,480
o local taxes 16,400 13,940 2,460
miscellaneous factory overhead 3,300 3,300
WORK SHEET AS ON 31st Dec'2002
XYZ LIMITED
Income Statement Balance Sheet
Account
Trail Balance Adjustment Manufacturing
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m3 sales salaries & commission 24,000 400 24,400
advertising expenses 8,100 8,100
miscellaneous selling expenses 2,200 2,200
m4 delivery salaries 9,000 200 9,200
miscellaneous delivery expenses 2,100 2,100
officers salaries 16,000 16,000
office salaries 10,000 10,000
miscellaneous general expenses 2,300 2,300
interest income 2,750 2,750
interest expenses 7,350 7,350
TOTAL 768,940 768,940
op st1/cl st1 a Income Statement-F.G 36,000 49,000 36,000 49,000
op st1/cl st1 b Manufacturing Statement-W.I.P 21,000 28,000 21,000 28,000
op st1/cl st1 c Manufacturing Statement-Raw Mat 17,000 20,000 17,000 20,000
d Factory supplies expenses 4,300 4,300
e Office supplies expenses 2,100 2,100
f Bad debts 1,800 1,800
O g Depreciation-Building 1,700 1,445 255
h Depreciation-Machinery 3,200 3,200
i Depreciation-office furin&fixtyre 500 500j Depreciation-delivery equipment 1,600 1,600
k Depreciation-Tools 2,500 2,500
l amortization-Patents 500 500
m Accrued Expenses
m1 Direct Labour 1,400 1,400
m2 indirect labour 300 300
m3 sales salaries & commission 400 400
m4 delivery salaries 200 200
O n insurance expenses 2,400 2,040 360
O Income tax 10,000 10,000
income tax payable 10,000 10,000
Cost of goods manufactured 250,575 250,575
Net Income 20,900 20,900
TOTAL 768,940 768,940 203,900 203,900 302,855 302,855 416,750 416,750 438,910 438,910
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NET SALES: 356,900
Sales 365,000
less sales return & allowance (5,000)
less sales discount (3,100)
356,900LESS: Cost Of Goods Sold: 237,575
Cost of goods manufactured SCHEDULE:1 250,575
add. Opening finished goods 36,000
a less closing finished goods (49,000)Cost of goods sold 237,575
Gross Profit: 119,325
LESS: OPERATIONAL EXPENSES: 83,825
Administrative & General Overhead: 36,225
officers salaries 16,000
office salaries 10,000
miscellaneous general expenses 2,300
f bad debts 1,800
local taxes "=16400*15% *o 2,460
e office supplies exp "=2800-700 2,100
g.2 Dep. On building "=42500*4%*15% *o 255
i Dep on furniture & fixture "=5000*10% 500
n2 Insurance Expenses ("=5000-2600)*15% *o 360
building maintenance & repair "=3000*15% *o 45036,225
Selling & Distribution Overhead: 39,500
m3 sales salaries & commission "=24000+400 24,400
miscellaneous selling expenses 2,200
m4 delivery salaries "=9000+200 9,200
miscellaneous delivery expenses 2,100
j Dep. Delivery equipment "=8000*20% 1,60039,500
Marketing & R&D overhead: 8,100
Advertising expenses 8,1008,100
TOTAL Operational Expenses 83,825
Net Operating Profit 35,500
Other Revenue & Expenses Items:
Add Other Profit:
interest income 2,750
Less Other Loss:
interest expenses (7,350)
(4,600)
Excess of expenditure over income (4,600)Net Profit after extraordinary items 30,900
XYZ LIMITEDIncome Statement for the year ended 31st Dec'2002
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SCHEDULE:1
Cost Of Goods Manufactured: 250,575
Opening stock of raw materials 17,000
add purchase 85,400
add freight in 4,700
less purchase return and allowance (2,100)
less purchase discount (2,180)
c less closing stock of raw materials (20,000)
Total cost of raw material used 82,820
m.1 add. Direct labour "=76200+1400 77,600
PRIME COST 160,420
add Factory Overhead 97,155
m.2 indirect labour "=22600+300 22,900
factory superintendence 20,000
o building maintenance & repair "=3000*85% 2,550factory heat, light, & power 20,480
o local taxes "=16400*85% 13,940
miscellaneous factory overhead 3,300
d Factory supplies exp "=5500-1200 4,300
g. o Dep. On building "=42500*4%*85% 1,445
h Dep on machinery "=64000*5% 3,200
k Dep on tools "=10000-7500"=2500 2,500
l amortization of patents "=500 500
n. o Insurance Expenses ("=5000-2600)*85% 2,040Factory Overhead 97,155
FACTORY COST 257,575
Add. Opening w.i.p 21,000
b less closing w.i.p (28,000)
Cost of goods manufactured 250,575
Opening Retained Earnings 50,450
Add Profit & Loss of current period
Profit for the current year 30,900
Total Available profit 81,350
o Less: Income tax 10,000Balance of Retained Earnings 71,350
transferede to Balance Sheet
XYZ LIMITEDCost of Goods manufactured Statement for the year ended 31st Dec'2002
XYZ LIMITEDRetained Earnings Statement for the year ended 31st Dec'2002
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TOTAL ASSETS:
CURRENT ASSETS:
Cash 41,910
Petty Cash 200
Account Receivable 58,000 55,590
f Less Allowance for bad debts "=-610-1800 (2,410)
55,590
n Prepaid Insurance 2,600
d factory supplies "=5500-1200 1,200
e office supplies "=2800-700 700
Inventory: 97,000
c Raw material 20,000
b W.I.P 28,000
a Finished Goods 49,00097,000
TOTAL CURRENT ASSETS 199,200
FIXED ASSETS:
l Patents "=6500-500 6,000
Goodwill 40,000
Land 64,300
Building 42,500 34,000
g less accumulated dep-building "=6800+1700 (8,500)34,000
Machinery 64,000 51,500
h less accumulated dep-machine "=9300+3200 (12,500)51,500
Office furniture & fixture 5,000 2,900
i less acc dep-office furni&fixtur "=1600+500 (2,100)2,900
Delivery equipment 8,000 2,800
j less acc dep-delivery equipmen "=3600+1600 (5,200)2,800
Tools 10,000 7,500
k less Dep (2,500)7,500
TOTAL FIXED ASSETS 209,000
TOTAL ASSETS: 408,200
XYZ LIMITEDBalance Sheet as on 31st Dec'2002
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TOTAL CAPITAL EMPLOYED:WORKING CAPITAL:
CURRENT ASSETS: 4,115,000
Cash 2,315,000
cash at bank (Current Account) -
Short term Deposit FRD with different bank (maturity within 1 year) -
Stock: 1,000,000
Raw Material 1,000,000
Work in process -
Finished Goods -1,000,000
Account Receivable 800,000
Prepaid/Advance Expenditure -
Accrued Income -
4,115,000
Current Liabilities: 1,400,000
Account Payable 400,000
Note Payable -
Advance receive of Income -
Deffered Income -
Short term Bank Loans-City Bank NA 1,000,000
1,400,000
WORKING CAPITAL 2,715,000
Add Fixed Assets: 2,400,000
Land & Land decvelopment 1,090,000
Building 810,000
Machinery 500,000
Preliminary Expenditure -
2,400,000
Total Ca ital Em lo ed 5,115,000
Total Ca ital Em lo ed Financed B :
TOTAL LONG TERM LOANS 0
Total Long Term Loans 0
Debentures 0
0
Owners Equity: 5,115,000
Share Capital 5,000,000
Accmulated Profit & Loss Account 115,000
Retain Earnings 0 5,115,000
Profit for the Year 115,000
115,000
Total Capital Employed 5,115,000
TOTAL CAPITAL EMPLOYED:
WORKING CAPITAL:
CURRENT ASSETS: 5,260,000
Cash 3,310,000
cash at bank (Current Account) -
Short term Deposit FRD with different bank (maturity within 1 year) -
Stock: 1,500,000
Raw Material 1,500,000
Work in process -
Finished Goods -
1,500,000
Account Receivable 450,000
Prepaid/Advance Expenditure -
Accrued Income -
5,260,000
A/P - M/s. Mart Advertising
Inventory
Bank Loan City Bank NA
A/P - Rint Co.
A/R - Trimp co.
Machinery
M-Heart CompanyBalance Sheet as on 31 st Jan'2010
Owner's Equity
Retain Earnings
CASH ACCOUNT
M-Heart CompanyBalance Sheet as on 28th Feb'2010
M-Heart Company
Trail Balance as on 28th
Land
Building
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Net Sales 1,300,000
Gross Sales 1,300,000Less Sales Discount and Commission -
1,300,000
Less
Cost of Goods Sold 645,000
Opening Inventory - Raw Material -
Add Purchade of Raw Material 1,400,000
Freight In 45,000
Total Material Available for sale 1,445,000Less Closing Inventory - Raw Material 1,000,000
Cost of Material Sale or used in production 445,000Add Direct Labor - manufacturing 200,000
Prime Cost of Goods sold 645,000
Cost of Goods Sold 645,000
Gross Profit 655,000
Less
Other Operational Overhead 620,000
Advertisement 400,000
Salaries to officers & Staff 200,000
Insurance 20,000
Other Operational Overhead 620,000
NET PROFIT Before Interest & Tax 35,000Add Other Income: Other Sales 80,000
Total Income berote Interest & Tax 115,000
DEBIT CREDIT
Net Sales 3,300,000
Gross Sales 3,300,000
Less Sales Discount and Commission -
3,300,000
Less 2,800,000
Cost of Goods Sold 2,685,000 145,000
Opening Inventory - Raw Material 1,000,000 240,000
Add Purchade of Raw Material 2,800,000 800,000Freight In 145,000
Total Material Available for sale 3,945,000
Less Closing Inventory - Raw Material 1,500,000 3,300,0
Cost of Material Sale or used in production 2,445,000 350,000
Add Direct Labor - manufacturing 240,000 30,000
Prime Cost of Goods sold 2,685,000 180,0
Cost of Goods Sold 2,685,000
20,000
Gross Profit 615,000 1,000,000 1,500,0
Less 5,385,000 4,980,0
Other Operational Overhead 1,200,000 405,0
Advertisement 800,000Salaries to officers & Staff 350,000
Insurance 30,000
Carriage outward 20,000
Other Operational Overhead 1,200,000
NET Loss Before Interest & Tax (585,000)
Add Other Income: Other Sales 180,000
Total Loss berote Interest & Tax (405,000)
M-Heart CompanyIncome Statement for the month ended 28th Feb'2010
Inventory
TOTAL
Loss
Insurance
Other Sales
Carriage Outward
Sales
Salaries to officers & Staffs
Freigh in
Wages
Advertising
Purchase A/c
M-Heart CompanyIncome Statement for the month ended 31 st Jan'2010
M-Heart Company
Trail Balance as on 28th Feb'2010
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Net Sales 1,850,000Gross Sales 1,900,000Less Sales Discount and Commission 50,000
1,850,000
Less
Cost of Goods Sold 950,000
Opening Inventory - Raw Material 300,000
Add Purchade of Raw Material + 800,000
Total Material Available for sale or production 1,100,000Less Closing Inventory - Raw Material - 350,000
Cost of Material Sale or used in production 750,000
Add Direct Labor - manufacturing + 100,000Prime Cost of Goods sale or production 850,000Add Direct Factory/manufacturing overhead + 30,000
Factory Cost of Goods sale or production 880,000
Add Opening Work in Process + 120,000Less Closing Work in Process - 100,000
Cost of Goods Manufactured 900,000
Add Opening Finish Goods + 75,000
Less Closing Finish Goods - 25,000
Cost of Goods Sold 950,000
Gross Profit 900,000
Less
Other Operational Overhead 460,000
Indirect Factory Overhead 60,000
Administrative & Selling Overhead 100,000
Promotional Overhead 300,000Other Operational Overhead 460,000
NET PROFIT Before Interest & Tax 440,000
Add Other Income 35,000Total Income berote Interest & Tax 475,000
LessFinancial Costs 20,000
Total Income after Interest before Tax 455,000
LessTAX @ 30% 136,500
Total Net Income/Net Profit after Tax 318,500
M/S. TED SMART EnterprizeIncome Statement for the year ended 31 st Dec'2009
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CURRENT ASSETS: 2,625,000
Cash 500,000
cash at bank (Current Account) 500,000
Short term Deposit FRD with dif ferent bank (maturity within 1 year) 1,000,000
Stock: 475,000
Raw Material 350,000
Work in process 100,000
Finished Goods 25,000
475,000
Account Receivable 100,000
Prepaid/Advance Expenditure 25,000
Accrued Income 25,000
2,625,000
Current Liabilities: 745,000
Account Payable 200,000
Note Payable 15,000
Advance receive of Income 15,000
Deffered Income 15,000
Short term Bank Loans 500,000
745,000
WORKING CAPITAL 1,880,000
Add Fixed Assets: 3,900,000
Land & Land decvelopment 1,500,000
Building 1,500,000
Machinery 750,000Preliminary Expenditure 150,000
3,900,000
Total Capital Employed 5,780,000
Total Capital Employed Financed By:
TOTAL LONG TERM LOANS 2400000
Total Long Term Loans 1200000
8% Debentures 1200000
2400000
Owners Equity: 3380000
Share Capital 2500000
Accmulated Profit & Loss Account 880000
Retain Earnings 561500 3380000
Profit for the Year 318500
880000
Total Capital Employed 5780000
M/S. TED SMART EnterprizeBalance Sheet as on 31 st Dec'2009
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Ledger P-1
Ref. Debit Credit Debit Credit
1--1 2010 5,000,000 5,000,000
2--1 2010 500,000 4,500,000
3--1 2010 200,000 4,300,000
4--1 2010 300,000 4,000,000
5--1 2010 300,000 3,700,000
6--1 2010 100,000 3,600,000
7--1 2010 200,000 3,400,000
8--1 2010 50,000 3,350,000
9--1 2010 100,000 3,250,000
10--1 2010 150,000 3,100,000
11--1 2010 210,000 2,890,000
12--1 2010 90,000 2,800,000
13--1 2010 200,000 2,600,000
14--1 2010 200,000 2,400,000
16--1 2010 45,000 2,355,00017--1 2010 200,000 2,155,000
17--1 2010 200,000 1,955,000
20--1 2010 500,000 2,455,000
21--1 2010 200,000 2,255,000
21--1 2010 20,000 2,235,000
25--1 2010 80,000 2,315,000
LEDGER ACCOUNT
BALANCE
Sales
Purchase
Land
Other Sales
Insurance
Wages
Advertising
Salaries to officers & Staffs
Building
Freight in
Machinery
Land
Building
Building
Land
Land
CASH ACCOUNT
Date: Particulars
Building
Land
Land
Owner's Equity
Machinery
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Ledger P-2
Ref. Debit Credit Debit Credit
1--1 2010 5,000,000 5,000,000
Ref. Debit Credit Debit Credit
2--1 2010 500,000 500,000
3--1 2010 200,000 700,000
6--1 2010 100,000 800,000
8--1 2010 50,000 850,000
10--1 2010 150,000 1,000,000
12--1 2010 90,000 1,090,000
Date:
BALANCE
Cash
Cash
Cash
Land Account
Owner's Equity Account
Cash
LEDGER ACCOUNT
BALANCE
LEDGER ACCOUNT
Particulars
Owner's Equity
Date:
Cash
Particulars
Cash
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Ledger P-3
Ref. Debit Credit Debit Credit
4--1 2010 300,000 300,0007--1 2010 200,000 500,000
9--1 2010 100,000 600,000
11--1 2010 210,000 810,000
Ref. Debit Credit Debit Credit
5--1 2010 300,000 300,000
13--1 2010 200,000 500,000
Ref. Debit Credit Debit Credit
14--1 2010 200,000 200,000
15--1 2010 1,200,000 1,400,000
CashCash
Cash
Cash
Date:
BALANCE
Particulars
PURCHASE ACCOUNT
Cash
Building Account
LEDGER ACCOUNT
Particulars
Cash
BALANCE
Cash
A/P - M/s. Rint co.
LEDGER ACCOUNT
Machinery Account
Date:
LEDGER ACCOUNT
Date: Particulars
BALANCE
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Ledger P-4
Ref. Debit Credit Debit Credit
16--1 2010 45,000 45,000
Ref. Debit Credit Debit Credit
17--1 2010 200,000 200,000
Ref. Debit Credit Debit Credit
17--1 2010 200,000 200,000
29--1 2010 200,000 400,000
Advertising Account BALANCE
A/P - M/s. Mart Advertising
LEDGER ACCOUNT
Date:
BALANCE
LEDGER ACCOUNT
Cash
Cash
Wages
Date: Particulars
BALANCEFreight In
Cash
Particulars
LEDGER ACCOUNT
Date: Particulars
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Ledger P-5
Ref. Debit Credit Debit Credit
18--1 2010 1,000,000 1,000,000
Ref. Debit Credit Debit Credit
15--1 2010 1,200,000 1,200,000
18--1 2010 1,000,000 200,000
Ref. Debit Credit Debit Credit
19--1 2010 800,000 800,000
BALANCE
Date: Particulars
Date:
Particulars
BALANCE
Date:
A/P - M/s. Rint co.
LEDGER ACCOUNT
Bank Loan - City Bank NA
LEDGER ACCOUNT
A/P - M/s. Rint co. BALANCE
Bank Loan-City Bank NA
A/R - M/s. Trimp co. Account
Sales
LEDGER ACCOUNT
Purchase
Particulars
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Ledger P-6
Ref. Debit Credit Debit Credit
19--1 2010 800,000 800,000
20--1 2010 500,000 1,300,000
Ref. Debit Credit Debit Credit
21--1 2010 200,000 200,000
Ref. Debit Credit Debit Credit
21--1 2010 20,000 20,000
Cash
LEDGER ACCOUNT
Date: Particulars
Insurance BALANCE
Date: Particulars
Cash
Sales Account
LEDGER ACCOUNT
Cash
Salaries to officers & Staffs BALANCE
A/R - M/s. Trimp co.
BALANCE
ParticularsDate:
LEDGER ACCOUNT
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Ledger P-7
Ref. Debit Credit Debit Credit
25--1 2010 80,000 80,000
Ref. Debit Credit Debit Credit
29--1 2010 200,000 200,000
LEDGER ACCOUNT
Other Sales BALANCE
Cash
Date: Particulars
Advertising
Date: Particulars
LEDGER ACCOUNT
BALANCEA/P - M/s. Mart Advertising
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Ledger P-8
Debit Credit
2,315,000 5,000,000
1,090,000
810,000
500,000
1,400,000
45,000
200,000
400,000
1,000,000
200,000
800,000
1,300,000
200,000
20,000
80,000
200,000
7,780,000 7,780,000
CASH ACCOUNT
Sales Account
A/P - M/s. Rint co.
A/R - M/s. Trimp co. Account
TOTAL
BALANCEPARTICULARS
Owner's Equity Account
Bank Loan - City Bank NA
Building Account
Machinery Account
Wages
Advertising Account
Land Account
Salaries to officers & Staffs
InsuranceOther Sales
PURCHASE ACCOUNT
Freight In
A/P - M/s. Mart Advertising
M-Heart Company
Trail Balance as on 31st'Jan 2010
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Ref. Debit Credit
--
650,000
--
500,000
--
20,000
--
50,000
--
200,000
--
800,000
--
2,000,000
--
145,000
--
500,000
--
240,000
--
300,000
--
1,800,000
--
1,000,000
--
350,000
--
30,000
--
180,000
--
1,500,000
--
500,000
--
JPURNAL
Pa e -2
A P - M s. Mart Advertisin
A R - M s. Trim co.
Advertisin
A P - M s. Mart Advertisin
Cash
Other Sales
Cash
Insurance
Cash
Sales
Salaries to officers & Staffs
Cash
A R - M s. Trim co.
Sales
Cash
Advertisin
Cash
Cash
Wa es
Cash
Frei ht in
Cash
Buildin
Purchase
A P - M s. Rint co.
Cash
Purchase
Cash
Land
Cash
Machiner
Carria e Outward
Cash
Cash
Sales
Date: Particulars
Cash
JOURNAL ENTRIES
Pa e -1
JPURNAL
GENERAL JOURNAL/DAY BOOK
A R - M s. Trim co.
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Page-5
=
= +
Cash Land Building Machinery
Accounts
receivable
Material in
Hand = OE +
Income
Statement +
= +
Accounts
Payable Ba
1--1 2010 5,000,000 5,000,000 = 5,000,000
2--1 2010 (500,000) 500,000 - =
3--1 2010 (200,000) 200,000 - =
4--1 2010 (300,000) 300,000 - =
5--1 2010 (300,000) 300,000 - =
6--1 2010 (100,000) 100,000 - =
7--1 2010 (200,000) 200,000 - =
8--1 2010 (50,000) 50,000 - =
9--1 2010 (100,000) 100,000 - =
10-- 2010(150,000) 150,000 - =
11-- 2010 (210,000) 210,000 - =
12-- 2010 (90,000) 90,000 - =
13-- 2010 (200,000) 200,000 - =
14-- 2010 (200,000) (200,000) = (200,000)
15-- 2010 - = (1,200,000) 1,200,000
16-- 2010 (45,000) (45,000) = (45,000)
17-- 2010 (200,000) (200,000) = (200,000)
17-- 2010 (200,000) (200,000) = (200,000)
18-- 2010 - = (1,000,000) 1
19-- 2010 800,000 800,000 = 800,000
20-- 2010 500,000 500,000 = 500,000
21-- 2010 (200,000) (200,000) = (200,000)
21-- 2010 (20,000) (20,000) = (20,000)
25-- 2010 80,000 80,000 = 80,000
29-- 2010 - = (200,000) 200,000
31-- 2010 1,000,000 1,000,000 = 1,000,000
2,315,000 1,090,000 810,000 500,000 800,000 1,000,000 6,515,000 = 5,000,000 + 115,000 + 400,000 1
6,515,000 = 6,515,000
ASSETS LIABILITIES
TOTAL
ASSETS Liabilitie
Liabilitie
Owners Equity
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=
= Owners Equity +
Cash Land Building Machinery
Accounts Material in
= OE +
Income
+
= +
1--1 2010 5,000,000 5,000,000 = 5,000,000
2--1 2010 (500,000) 500,000 - =
3--1 2010 (200,000) 200,000 - =
4--1 2010 (300,000) 300,000 - =
5--1 2010 (300,000) 300,000 - =
ASSETS
ASSETS
LIABILITIES
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From the following details write up the journals and draw up the Cash A/C
1st July 2009
Cash Tk. 10,00,000 received from owners to start business.
DR CR
Cash 1,000,000
Owners Equity 1,000,000
2nd July 2009
Purchase of Land worth of Tk. 5,00,000 from Mr. Noor by cash
DR CR
Land & Land Development 500,000
Cash 500,000
3rd July 2009
Land development expenditure paid in cash to the tune of Tk. 2,00,000
DR CR
Land & Land Development 200,000
Cash 200,000
4th July 2009
Land development cost to the tune of Tk. 50,000 done by the M/s. Study Atlas on credit
DR CR
Land & Land Development 50,000
M/s. Study Atlas 50,000
5th July 2009
Further a cash Tk. 10,00,000 was received from owners.
DR CR
Cash 1,000,000
Owners Equity 1,000,000
6th July 2009
Cash deposit was made in Hearts Bank amounting to Tk. 10,00,000
DR CR
Hearts Bank 1,000,000
Cash 1,000,000
7th July 2009
Cash paid to M/s. Study Atlas through bank by Tk. 40,000
DR CR
M/s. Study Atlas 40,000
Hearts Bank 40,000
8th July 2009A contractor M/s. Web Const was engaged to complete the factory construction work
It had completed 80% of construction work done and submitted a bill amounting to Tk. 2,50,000
DR CR
Factory Building 250,000
M/s. Web Const 250,000
10th July 2009
Payment was made to M/s. Web Const amounting to Tk. 2,20,000 through bank
DR CR
M/s. Web Const 220,000
Hearts Bank 220,000
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12th July 2009
M/s. Web Const was submitted his final bill and ask for final settlement
DR CR
Factory Building 62,500
M/s. Web Const 62,500
15th July 2009
Payment was made to M/s. Web Const for the due amount for final settlement through bank
DR CR
M/s. Web Const 92,500
Hearts Bank 92,500
TED MART Enterprize
Cash Account
DR CR
1,000,000 1,000,000 DR500,000 500,000 DR
200,000 300,000 DR
1,000,000 1,300,000 DR
1,000,000 300,000 DR
Land & Land Development
Land & Land Development
Owners Equity
Hearts Bank
2nd July 2009
3rd July 2009
5th July 2009
6th July 2009
BalancePARTICULARSDate
1st July 2009 Owners Equity
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RULES:
1 any cash receiveDR CR
Cash *******
Loans (of any kind) *******
or Owners Equity *******
or Sales/Revenue/Income from operation *******
or collection from Accounts receivable *******
or Revenue of any kind of business activity *******
2 any cash Expenditure
Loan Remayment (of amy Kind) *******
or Withdrawn of Equity *******
or Purchase of Materials *******
or Purchase of Fixed Assets *******
or Payment to Accounts Payable *******or Expenditure of any kind of business activi ty *******
Cash *******
3 for any credit sales
Accounts Receivable *******
Sales *******
3 for any credit Purchase
Purchase *******
Accounts Payable *******
4 cash deposit to babk
Bank *******
Cash *******
5 cash payment through bank
Party *******
Bank *******
6 cash receive through bank
Bank *******
Party *******
7 cash withdrown from bank
Cash *******Bank *******
TED SMART Enterprize's Business activities for the month of July 2009 will be
1st July 2009
Cash Tk. 10,00,000 received from owners to start business.
2nd July 2009
Purchase of Land worth of Tk. 5,00,000 from Mr. Noor by cash
3rd July 2009
Land development expenditure paid in cash to the tune of Tk. 2,00,000
4th July 2009
Land development cost to the tune of Tk. 50,000 done by the M/s. Study Atlas on credit
5th July 2009
Further a cash Tk. 10,00,000 was received from owners.
6th July 2009
Cash deposit was made in Hearts Bank amounting to Tk. 10,00,000
7th July 2009
Cash paid to M/s. Study Atlas through bank by Tk. 40,000
8th July 2009
A contractor M/s. Web Const was engaged to complete the factory construction work
It had completed 80% of construction work done and submitted a bill amounting to Tk. 2,50,000
10th July 2009
Payment was made to M/s. Web Const amounting to Tk. 2,20,000 through bank
12th July 2009
M/s. Web Const was submitted his final bill and ask for final settlement
Recognition of Economic Events in Accounting
Recording Business Transactions
Journal Entries