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Asset analysis

 assets
liabilities
Owners equity

cash
Accounts receivable
supplies
land
equipment
Accounts payable
Wages payable
Capital-D
Balance
3440
6480

48200

10800

47320
Gift of 24000
24000

24000
Paid 5400
(5400)

(5400)

Cash revenue
2200

2200
Cash from account receivable
1500
(1500)

Purchase supplies

1440

1440

Invoicing  revenue

8000

8000
Personal cash
3400

3400
Rent paid
(2400)

(2400)
advertising
(1320)

(1320)
Sold supplies
160

(160)

Cash for personal use
(3000)

(3000)
Cleaning

350

(350)
wages

2000
(2000)
Equipment

5500
5500

Total
22,580
12,980
1,280
48,200
5500
12,690
2000
75,850

Orr Designs

Income and expenditure statement

For month of July, 2008

Income                                                                                                                     10,200

Expenses

Rent                                                                                                              2400

Wages                                                                                                           2000

Advertising                                                                                                   1320

Cleaning                                                                                                          350     6070

Net profit                                                                                                                  4130

Orr Designs

Statement of Owner’s Equity

For month of July, 2008

Balance b/d                                                                                       47,320

Cash injection                                                                                               27400

Net profit                                                                                            4130

Cash drawings                                                                                   (3000)

Bal c/d                                                                                              75,850

Orr Designs

Statement of Owner’s Equity

For month of July, 2008

ASSETS

Land                                                                                                                         48,200

Non-Current assets                                                                                                      5,500

                                                                                                                                 53,700

Current assets

Account receivable                                                                            12,980

Supplies                                                                                             1280

Cash                                                                                                  22,580

                                                                                                          36840

Current liabilities

Accounts payable                                                                              12,690

Wages payable                                                                                                2,000

                                                                                                          14,690

Net current assets                                                                                                      22,150

Net worth of assets                                                                                                    75,850

Financed by: owners’ equity                                                                                     75,850

2.

TODD LTD

 JOURNAL ENTRIES

FOR THE MONTH OF APRIL, 2008

DATE
TRANSACTIONS
DR
CR
APRIL 1
Cash account -100

Loan payable account-210

Being loan amount approved from the bank recorded
22,500

22,500
April 3
Land  account- 115

Cash account- 100

Being cash paid out to white Realty for land purchase recorded
20,000

20,000
April 7
Cash account -100

Service revenue account-400

Being services offer on cash basis recorded
1,300

1,300
April 9
Account payable account-205

Cash account – 100

Being payment to accounts payable recorded
600

600
April 12
Wages account- 520

Rent expense account-530

Interest expense account-550

Cash account – 100

Being wages, rent and interest expenses paid in cash recorded.
1,500

750

200

2,450
April 16
Cash account -100

Accounts receivable account-105

Being cash received on account receivable recorded
1,550

1,550
April 28
Electricity expense account – 540

Accounts payable accounts- 205

Being electricity expense in arrears recorded
230

230
April 30
Drawings account – 305

Cash account – 100

Being cash withdrawn for personal use recorded.
1,500

1,500

TODD LTD

 GENERAL LEDGER ACCOUNT

FOR THE MONTH OF APRIL, 2008.

100-Cash account

Date
Details
Amount
Date
Details
Amount
April 1
Balance b/d
13,000
April 3
Land
20,000
April 1
Loan account
22,500
April 9
Account payable
600
April 7
Service revenue account
1,300
April 12
Wages account
1500
April 16
Account receivable
1,550
April 12
Rent account
750

April 12
Interest account
200

April 30
Todd- Drawing
1500

April 30
Balance b/d
13,800

38,350

38,350

105-Account receivable

Date
Details
Amount
Date
Details
Amount
April 1
Balance b/d
2,250
April 16
Cash a/c
1550

April 30
Balance c/d
700

2250

2250

115-land a/c

Date
Details
Amount
Date
Details
Amount
April 3
Cash
20,000
April 30
Balance c/d
20,000

20,000

20,000

205-Accounts payable

Date
Details
Amount
Date
Details
Amount
April 9
Cash account
600
April 1
Balance b/d
3,075
April 30
Balance c/d
2705
April 28
Electricity
230

3305

3305

210-Loan payable

Date
Details
Amount
Date
Details
Amount
April 30
Balance c/d
22,500
April 1
Bank
22,500

22,500

22,500

300-W. Todd-capital

Date
Details
Amount
Date
Details
Amount
April 30
Todd-Drawing a/c
1500
April 1
Balance b/d
12,175
April 30
Balance c/d
10,675

12,175

12,175

305-Todd Drawings

Date
Details
Amount
Date
Details
Amount
April 30
Cash  a/c
1500

Todd-capital a/c
1500

1500

1500

400-service revenue account

Date
Details
Amount
Date
Details
Amount
April 30
Profit and loss a/c
1,300
April 7
Cash account
1,300

1,300

1,300

520- Wages

Date
Details
Amount
Date
Details
Amount
April 12
Cash account
1500
April 30
Profit and Loss a/c
1500

1500

1500

530-Rent expense account

Date
Details
Amount
Date
Details
Amount
April 12
Cash account
750
April 30
Profit and Loss a/c
750

750

750

540-electricity expense

Date
Details
Amount
Date
Details
Amount
April 28
Account payable
230
April 30
Profit and loss a/c
230

230

230

Interest expense

Date
Details
Amount
Date
Details
Amount
April 12
Cash account
200
April 30
Profit And Loss A/C
200

200

200

3.

Guthrie Enterprises Ltd

 JOURNAL ENTRIES

FOR THE MONTH OF March, 2008

DATE
TRANSACTIONS
DR
CR

Prepaid insurance

Profit and loss a/c

Prepaid insurance
1800

600

1200

Office supplies

Stock

Profit and loss a/c
1400

400

1000

Office equipment

Profit and loss a/c

100

100

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