FINAL

FINAL PROJECT
FINANCIAL ACCOUNTING
OARIMA CAR SERVICE

MEMBERS:
Nouman Afzal
Saleha Nasreen
Fatima liaquat

Submitted to:
Ma’am Bushra karim
DISCRIPTION:
Oarima car service is a cab service which
provide efficient travelling service to your destination. Oarima
car service provide best car service with efficient facilities and
new cars with every model……. We provide our best service
for you to your destination

CONTENT LIST
1- TRANSACTIONS.
2- JOURNAL GENERAL.
3- T ACCOUNTS.
4- TRIAL BALANCE.
5- ADUJUSTED TRIAL BALANCE.
6- STATEMENT OF PROFIT AND LOSS.
7- STATEMENT OF OWNER EQUITY.
8- BALANCE SHEET.
 OARIMA CAR SERVICE
TRANSATION

1 Jan- the owner of the company invested $300,000 into company.

2 Jan- purchased furniture of the office of $20,000.
3 Jan- purchased building for the office of 40,000.
4 Jan - borrowed $150,000 from the bank by issuing note payable.
5 Jan- purchased office supplies on account of $2000.
6 Jan- purchased 12 cars from the Honda Company of wealth $300000
and pays half on cash and gives N/P.
7 Jan- performed services and earned $50,000.
8 Jan- pay a company tax of $4000.
9 Jan- pay newspaper advertisement of a company for $1000.
10 Jan- performed services and earned $60,000.
11 Jan- paid 5000 for car tuning.
12 Jan- Paid $2000 for office furnishing.
13 Jan- Paid $1000 for utilities expenses.
14 Jan- Performed services and earned $55000.
15 Jan- Pay the N/P of the bank.
16 Jan- Owner invested $50000 more into bank.
18 Jan- Performed services for a bank trip of $40000 on account.
19 Jan- Install online system in office and paid $4000.
20 Jan- Purchased office stationary of $2000
21 Jan- Purchased tracker for the car of $15000 on account.
22 Jan- Pay A/P to the tracker company.
23 Jan- Performed services for a marriage function and received
$60,000.
24 Jan- Pay the N/P of the Honda car company of $150000.
25 Jan- Owner withdraws cash of $10000.
26 Jan- Received $40000 from the client.
15 Jan- Salary paid $9000 to the employees on 15 January.
31 Jan- Furniture depreciation for the month $3000.
31 Jan- Building depreciation for the month $5000.
31 Jan-Supplies used during the month$800.
31 Jan- Salary payable to employees $18000.
 OARIMA CAR SERVICE
JOURNAL GENERAL
JAN 31,2016
DATE PARTICULARS DEBIT($) CREDIT($)
1-jan Cash a/c 300,000

capital a/c 300,000

Owner invested cash in business.

2-jan furniture a/c 20,000

cash a/c 20,000

Purchased furniture for office.

3-jan building a/c 40,000

cash a/c 40,000

Purchased building for office.

DATE PARTICULARS DEBIT($) CREDIT($)
4-jan cash a/c 150,000

N/P a/c 150,000

Borrowed cash from the bank.

5-jan supplies a/c 2000

N/P a/c 2000

Purchased furniture for office.

6-jan cars a/c 300,000

cash a/c 150,000

N/P a/c 150,000

Purchased 12 cars by paying

Half and N/P for remaining
DATE PARTICULARS DEBIT($) CREDIT($)
7-jan revenue a/c 50,000

services a/c 50,000

Performed services.

8-jan tax a/c 4000

cash a/c 4000

Paid company registration tax.

9-jan Service revenue a/c 60,000 60,000

services a/c

Performed services and earned money.

DATE PARTICULARS DEBIT($) CREDIT($)
10-jan advertisement a/c 1000

cash a/c 1000

Paid for advertisement of company.

11-jan Car maintenance a/c 5000

cash a/c 5000

Paid for Car maintenance.

12-jan Office furnishing a/c 2000

cash a/c 2000

Paid for Office furnishing.

DATE PARTICULARS DEBIT($) CREDIT($)
13-jan Utility expense a/c 1000

cash a/c 1000

Paid Utility expense on cash.

14-jan Service revenue a/c 55,000

Service a/c 55,000

Performed services and earned money.

15-jan N/P a/c 150,000

cash a/c 150,000

Paid the N/P of the bank.

DATE PARTICULARS DEBIT($) CREDIT($)
16-jan cash a/c 50,000

capital a/c 50,000

Owners invested more into business.

18-jan A/R a/c 40,000

Service a/c 40,000

Performed services on account.

19-jan system a/c 4000

cash a/c 4000

Purchased online system.

DATE PARTICULARS DEBIT($) CREDIT($)
20-jan stationary a/c 2000

cash a/c 2000

Purchased office stationary.

21-jan tracker a/c 15,000

A/P a/c 15,000

Purchased tracker on account.

22-jan A/P a/c 15,000

cash a/c 15,000

Paid the A/P of the car tracker.

DATE PARTICULARS DEBIT($) CREDIT($)
23-jan Service revenue a/c 60,000

Service a/c 60,000

Performed services for marriage function.

24-jan N/P a/c 150,000

cash a/c 150,000

Paid the N/P of Honda company.

25-jan drawings a/c 10,000

cash a/c 10,000

Owner withdrawal cash.

DATE PARTICULARS DEBIT($) CREDIT($)
26-jan cash a/c

A/R a/c 40,000

Received cash from client. 40,000

31-jan Furniture depreciation a/c 3000

Accumulated depreciation a/c 3000

Depreciation of Furniture.

31-jan Depreciation building a/c 5000

Accumulated depreciation a/c 5000

Depreciation of building recorded.

DATE PARTICULARS DEBIT($) CREDIT($)
15-jan Salary expense a/c 9000

cash a/c 9000

Salary paid to the employees for 16 days.

31-jan Supplies exp a/c 800

Supplies a/c 800

Supplies used during the month.

31-jan Salary expense a/c 9000

Salary payable a/c 9000

Salary has to pay to employees.

 T ACCOUNTS (LEDGER ACCOUNTS)
CASH FURNITURE
DEBIT($) CREDIT($) DEBIT($) CREDIT($)
1)JAN 300,000 2)JAN 20,000 2)JAN 20,000
4)JAN 150,000 3)JAN 40,000
BAL 20,000
7)JAN 50,000 5)JAN 150,000
10)JAN 60,000 8)JAN 4000
14)JAN 55,000 9)JAN 1000
16)JAN 50,000 11)JAN 5000
23)JAN 60,000 12)JAN 2000
26)JAN 40,000 13)JAN 1000
15)JAN 9000
19)JAN 4000
20)JAN 2000
22)JAN 15,000
24)JAN 150,000
25)JAN 10,000
15)JAN 150,000
BAL 202,000
 BLUIDING N/P

DEBIT($) CREDIT($) DEBIT($) CREDIT($)

3)JAN 40,000 24)JAN 150,000 4)JAN 150,000
11)JAN 150,000 5)JAN 150,000
BAL 40,000
BAL 0 0

SUPPLIES CAR MANTANANCE

DEBIT($) CREDIT($) DEBIT($) CREDIT($)

5)JAN 2000 11)JAN 5000

BAL 2000 BAL 5000

FURNISHING CAPITAL

DEBIT($) CREDIT($) DEBIT($) CREDIT($)

12)JAN 2000 1)JAN 300,000
16)JAN 50,000
BAL 2000
BAL 350,000
 REVENUE

A/R
DEBIT($) CREDIT($)
7)JAN 50,000 DEBIT($) CREDIT($)
10)JAN 60,000 12)JAN 40,000 40,000
14)JAN 55,000 BAL 0 0
18)JAN 40,000
23)JAN 60,000
BAL 265,000

A/P TAX

22)JAN DEBIT($) CREDIT($) DEBIT($) CREDIT($)

15,000 5)JAN 2000 6)JAN 4000

21)JAN 15,000 BAL 4000
BAL 2000

SYSTEM
UTILITIES EXP

DEBIT($) CREDIT($)
DEBIT($) CREDIT($)
19)JAN 4000
13)JAN 1000
BAL 4000
BAL 1000
 ADVERTISEMENT EXP
SALARY EXP
DEBIT($) CREDIT($)
DEBIT($) CREDIT($)
19)JAN 1000
15)JAN 9000
BAL 000
BAL 9000

STATIONARY TRACKER

DEBIT($) CREDIT($) DEBIT($) CREDIT($)

19)JAN 2000 19)JAN 15000

BAL 2000 BAL 15000

DRAWING CARS

DEBIT($) CREDIT($) DEBIT($) CREDIT($)

19)JAN 19)JAN 300,000
10,000

BAL 10,000 BAL 300,000

 OARIMA CAR SERVICE
TRIAL BALANCE
JAN 31, 2016
PARTICULARS DEBIT($) CREDIT($)
CASH 202,000
SYSTEM 4000
A/R 0
STATIONARY 2000
SUPPLIES 2000
TRACKER 15,000
BUILDING 40,000
FURNITURE 20,000
CARS 300,000
A/P 2000
N/P 0
CAPITAL 350,000
DRAWINGS 1000
REVENUE 265,000
ADVERTISEMENT EXP 1000
SALARY EXP 9000
TAX EXP 4000
FURNISHING EXP 2000
CAR MANTANANCE 5000
UTILITY EXP 1000
BAL 617,000 617,000
 ORIMA CAR SERVICE ADJUSTED TRIAL
TRIAL BALANCE AJUSTMENTS BALANCE
JAN 31, 2016

ACCOUNT DEBIT($) CREDIT($) DEBIT($) CREDIT($) DEBIT($) CREDIT($)

CASH 202,000 202,000
A/R
STATIONARY 2000 2000
SUPPLIES 2000 800 1200
SYSTEM 4000 4000
TRACKER 15,000 15,000
BUILDING 40,000 40,000
ACCUMULATED BUILDING 3200 3200
FURNITURE 20,000 20,000
ACCUMULATED FURNITURE 1200 1200
CARS 300,000 300,000
ACCUMULATED CARS 30,000 30,000
A/P 2000
N/P
SALARY PAYABLE 9000 9000
CAPITAL 350,000 350,000
DRAWING 10,000 10,000
REVENUE 265,000 265,000
ADVERTISEMENT EXP 1000 1000
SALARY EXP 9000 9000 18,000
TAX EXP 4000 4000
FURNISHING EXP 2000 2000
CAR MANTANANCE EXP 5000 5000
UTILITY EXP 1000 1000
SUPPLIES EXP 800 800
DEPRICIATION BIULIDING 3200 3200
DEPRICIATION FURNITURE 1200 1200
DEPRICIATION CARS 30,000 30,000
BAL 617,000 617,000 44,200 44,200 660,400 660,400
 OARIMA CAR SERVICE
STATEMENT OF PROFIT AND LOSS
FOR THE PERIOD JAN 31, 2016
REVENUES $
SERVICE REVENUE 265,000

LESS EXPENSES $
BIULIDING DEPRICIATION 3200
FURNITURE DEPRICIATION 1200
CARS DEPRICIATION 30,000
SUPPLIES EXP 800
UTILITY EXP 1000
SALARY EXP 18,000
TUNING EXP 5000
FURNISHING EXP 2000
TAX EXP 4000
ADV EXP 1000 (66,200)
NET PROFIT: 198,800
 OARIMA CAR SERVICE
STATEMENT OF OWNER EQUITY
FOR THE PERIOD JAN 31, 2016

$
CAPITAL 350,000
NET PROFIT 198,000
548,000

DRAWING (10,000)
538,000
 OARIMA CAR SERVICE
BALANCE SHEET
31 JAN 2016
ASSESTS $ LIABILITIES $
Cash 202,000 A/P 2000
stationary 2000 SALARY PAYABLE 9000
supplies 1200
system 4000
tracker 15,000 OWNER EQUITY 538,800
furniture 20,000 549,800
accum furniture 1200
18,800
building 40,000
accum building 3200
36,800
cars 300,000
accum cars 30,000
270,000
BAL 549,800
Date Particulars Debit ($) Credit ($)
31 jan Salary expense 9000
Salary payable 9000
31 jan Depreciation furniture 1200
Accumulated depreciation 1200
31 jan Depreciation building 3200
Accumulated depreciation 3200
31 jan Depreciation cars 30000
Accumulated depreciation 30000
31 jan Supplies expense 800
supplies 800