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    amitmehta29
    21 visualizações4 páginas
    1. The document presents the financial statements of an owner's capital account, including a balance sheet showing assets, liabilities, and owner's capital, and a profit and loss statement showing income and expenses. 2. It tracks various cash transactions involving supplies purchases and sales, equipment purchases, payments of bills and salaries, and adjustments to accounts receivable and payable. 3. By the end of the period, the business has $1,695,973 in profit, assets of $3,627,473 including cash, inventory, accounts receivable, and prepaid items, and liabilities of $51,500, leaving owner's capital of $3,575,973.

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    Answers.xlsx

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    1. The document presents the financial statements of an owner's capital account, including a balance sheet showing assets, liabilities, and owner's capital, and a profit and loss statement showing income and expenses. 2. It tracks various cash transactions involving supplies purchases and sales, equipment purchases, payments of bills and salaries, and adjustments to accounts receivable and payable. 3. By the end of the period, the business has $1,695,973 in profit, assets of $3,627,473 including cash, inventory, accounts receivable, and prepaid items, and liabilities of $51,500, leaving owner's capital of $3,575,973.

    Direitos autorais:

    © All Rights Reserved
    Baixe no formato XLSX, PDF, TXT ou leia online no Scribd
    Sinalizar o conteúdo como inadequado
    21 visualizações4 páginas

    Answers

    Enviado por

    amitmehta29
    1. The document presents the financial statements of an owner's capital account, including a balance sheet showing assets, liabilities, and owner's capital, and a profit and loss statement showing income and expenses. 2. It tracks various cash transactions involving supplies purchases and sales, equipment purchases, payments of bills and salaries, and adjustments to accounts receivable and payable. 3. By the end of the period, the business has $1,695,973 in profit, assets of $3,627,473 including cash, inventory, accounts receivable, and prepaid items, and liabilities of $51,500, leaving owner's capital of $3,575,973.

    Direitos autorais:

    © All Rights Reserved
    Baixe no formato XLSX, PDF, TXT ou leia online no Scribd
    Sinalizar o conteúdo como inadequado
    de 4

    Asset Liability Expenses Income Owner’s Capital

    1 Cash 2000000 Capital 20000000


    2a Supplies 100000
    2b Supplies of gowns 250000
    Cash -350000
    3 Building 1200000
    Cash -1200000
    4 Equipment 90000 Equipment Payable 60000
    Cash -30000
    5 Cash 200000 Advance for Ethnic wear 200000
    6 Cash -720 Insurance 60
    Prepaid Insurance 660
    7 Cash -100000 Advertising 4167
    Prepaid advertising 95833
    8a Cash 500000 Sales 1000000
    A/R for Shoppers Stop 500000
    b Supplies -50000 COGS 50000
    9 Stationery payable 3500 Stationery 3500
    10 A/R for Shah 10000 Sales 10000
    Supplies -2000 COGS 2000
    12 Cash 800000 Advance for Ethnic wear -200000 Sales 1000000
    Supplies of gowns -250000 COGS 250000
    14 Cash -3500 Stationery payable -3500
    18 Cash 4000
    A/R for Shah -4000
    21 No Entry
    27 Cash -12000 Telephone bill 2000
    Prepaid telephone charges 10000
    28 Cash -800 Salary 800
    29a Electricity bill O/S 1500 Electricity bill 1500
    30 Cash -10000 Equipment Payable -10000
    30 Cash 500000
    A/R for Shoppers Stop -500000
    30 Cash -100000 Drawing -120000
    Supplies -20000
    3627473 51500 314027 2010000 1880000
    Statement of P & L Balance Sheet
    Income
    Liabilities
    Sales 2010000
    2010000 Owner's Capital
    Introduction 2000000
    Expenses Less Drawing -120000
    Add Profit 1695973
    COGS 302000
    Advertising 4167
    Stationery 3500 Equipment Payable
    Insurance 60 Electricity bill Outstanding
    Telephone bill 2000
    Salary 800
    Electricity bill 1500
    314027 Assets

    Profit 1695973 Building 1200000


    Equipment 90000
    Inventory 28000
    A/R 6000
    Prepaid advertising 95833
    Prepaid insurance 660
    Prepaid telephone ch 10000
    Cash 2196980
    ce Sheet

    3575973

    50000
    1500

    3627473

    3627473

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