Ch-1Income Statement Balance Sheet

XYZ LIMITED
Adjustment Entries
Adjustment
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

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

m
m1 direct labour 1,400
m2 indirect labour 300
m3 sales salaries & commission 400
m4 delivery salaries 200
Accrued Expenses
m1 -- 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

XYZ LIMITED
WORK SHEET AS ON 31st Dec'2002
Trail Balance Adjustment Manufacturing Income Statement Balance Sheet

Account
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 64,000
h 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 4,700
purchase 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
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 500 500
j 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
XYZ LIMITED
Income Statement for the year ended 31st Dec'2002
NET SALES: 356,900
Sales 365,000
less sales return & allowance (5,000)
less sales discount (3,100)
356,900
LESS: 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 450
36,225
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% 1,600
39,500
Marketing & R&D overhead: 8,100

Advertising expenses 8,100
8,100
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 LIMITED
Cost of Goods manufactured Statement for the year ended 31st Dec'2002
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% 2,550
factory 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% 2,040
Factory 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
XYZ LIMITED
Retained Earnings Statement for the year ended 31st Dec'2002
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 10,000
Balance of Retained Earnings 71,350
transferede to Balance Sheet
XYZ LIMITED
Balance Sheet as on 31st Dec'2002
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 49,000
97,000
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-machinery"=9300+3200 (12,500)
51,500
Office furniture & fixture 5,000 2,900

i less acc dep-office furni&fixture "=1600+500 (2,100)
2,900
Delivery equipment 8,000 2,800

j less acc dep-delivery equipment "=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

TOTAL ASSETS REPRESENTED BY:
TOTAL LIABILITIES
SHORT TERM LIABILITIES
Accounts Payable 52,550
Accrued Expenses
m1 Direct labour 1,400
m2 indirect labour 300
m3 sales salaries & commission 400
m4 delivery salaries 200
o Income tax payable 10,000
Total Current Liabilities 64,850
LONG TERM LIABILITIES

Nill -
-
TOTAL OUT SIDE LIABILITIES 64,850
OWNERS EQUITY:
OWNER'S Capital:
Common Stock Tk. 20 per 272,000
Add: R.E. 71,350
TOTAL OWNER'S Equity 343,350
TOTAL LIABILITIES & Owners equity 408,200

M-Heart Company
Balance Sheet as on 31 st Jan'2010
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 Capital Employed 5,115,000
Total Capital Employed Financed By:
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
M-Heart Company
M-Heart Company Trail Balance as on 28th Feb'2010
Balance Sheet as on 28th Feb'2010 DEBIT CREDIT
CASH ACCOUNT 3,310,000
TOTAL CAPITAL EMPLOYED: Owner's Equity 5,000,000
WORKING CAPITAL: Retain Earnings 115,000
CURRENT ASSETS: 5,260,000 Land 1,140,000
Building 1,310,000
Cash 3,310,000 Machinery 700,000
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 - Bank Loan City Bank NA 1,000,000
Finished Goods - A/P - Rint Co. 2,200,000
1,500,000 A/R - Trimp co. 450,000
Prepaid/Advance Expenditure -
Accrued Income -
5,260,000
A/P - M/s. Mart Advertising 500,000
Inventory 1,500,000
Current Liabilities: 3,700,000
TOTAL 8,410,000 8,815,000
Account Payable Note: Rint Co. 22,00,000 & Mart Advertising 5,00,000 2,700,000 Loss 405,000
Note Payable -
Advance receive of Income -
Deffered Income -
Short term Bank Loans-City Bank NA 1,000,000
3,700,000

Building 1,310,000
Machinery 700,000
Preliminary Expenditure -
3,150,000

Debentures 0
0
Owners Equity: 4,710,000
Share Capital 5,000,000

Accmulated Profit & Loss Account (290,000)
Retain Earnings 115000 4,710,000
Profit for the Year (405,000)
(290,000)

M-Heart Company
Income Statement for the month ended 31 st Jan'2010
Net Sales 1,300,000

Gross Sales 1,300,000
Less 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 1,445,000

Less Closing Inventory - Raw Material 1,000,000
Cost of Material Sale or used in production 445,000
Add Direct Labor - manufacturing 200,000
Prime 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
NET PROFIT Before Interest & Tax 35,000

Add Other Income: Other Sales 80,000
Total Income berote Interest & Tax 115,000
M-Heart Company M-Heart Company

Income Statement for the month ended 28th Feb'2010 Trail Balance as on 28th Feb'2010
DEBIT CREDIT
Net Sales 3,300,000

Less Sales Discount and Commission -
3,300,000
Less Purchase A/c 2,800,000
Cost of Goods Sold 2,685,000 Freigh in 145,000
Opening Inventory - Raw Material 1,000,000 Wages 240,000
Add Purchade of Raw Material 2,800,000 Advertising 800,000
Freight In 145,000
Total Material Available for sale 3,945,000

Less Closing Inventory - Raw Material 1,500,000 Sales 3,300,000
Cost of Material Sale or used in production 2,445,000 Salaries to officers & Staffs 350,000
Add Direct Labor - manufacturing 240,000 Insurance 30,000
Prime Cost of Goods sold 2,685,000 Other Sales 180,000
Cost of Goods Sold 2,685,000
Carriage Outward 20,000
Gross Profit 615,000 Inventory 1,000,000 1,500,000
Less TOTAL 5,385,000 4,980,000

Other Operational Overhead 1,200,000 Loss 405,000
Advertisement 800,000
Salaries 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/S. TED SMART Enterprize
Income Statement for the year ended 31 st Dec'2009
Net Sales 1,850,000

Less Sales Discount and Commission 50,000
1,850,000
Less
Opening Inventory - Raw Material 300,000
Add Purchade of Raw Material + 800,000
Total Material Available for sale or production 1,100,000
Less Closing Inventory - Raw Material - 350,000
Cost of Material Sale or used in production 750,000
Add Direct Labor - manufacturing + 100,000
Prime Cost of Goods sale or production 850,000
Add Direct Factory/manufacturing overhead + 30,000
Factory Cost of Goods sale or production 880,000
Add Opening Work in Process + 120,000
Less Closing Work in Process - 100,000
Cost of Goods Manufactured 900,000
Add Opening Finish Goods + 75,000
Less Closing Finish Goods - 25,000
Gross Profit 900,000
Less
Indirect Factory Overhead 60,000

Administrative & Selling Overhead 100,000
Promotional Overhead 300,000
NET PROFIT Before Interest & Tax 440,000

Add Other Income 35,000
Total Income berote Interest & Tax 475,000
Less
Financial Costs 20,000
Total Income after Interest before Tax 455,000
Less
TAX @ 30% 136,500
Total Net Income/Net Profit after Tax 318,500
M/S. TED SMART Enterprize
Balance Sheet as on 31 st Dec'2009
CURRENT ASSETS: 2,625,000
Cash 500,000
cash at bank (Current Account) 500,000
Short term Deposit FRD with different 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
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

Building 1,500,000
Machinery 750,000
Preliminary Expenditure 150,000
3,900,000

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

Ledger P-1
LEDGER ACCOUNT
CASH ACCOUNT BALANCE

Date: Particulars Ref. Debit Credit Debit Credit
1--1 2010 Owner's Equity 5,000,000 5,000,000
2--1 2010 Land 500,000 4,500,000
3--1 2010 Land 200,000 4,300,000
4--1 2010 Building 300,000 4,000,000
5--1 2010 Machinery 300,000 3,700,000
6--1 2010 Land 100,000 3,600,000
7--1 2010 Building 200,000 3,400,000
8--1 2010 Land 50,000 3,350,000
9--1 2010 Building 100,000 3,250,000
10--1 2010 Land 150,000 3,100,000
11--1 2010 Building 210,000 2,890,000
12--1 2010 Land 90,000 2,800,000
13--1 2010 Machinery 200,000 2,600,000
14--1 2010 Purchase 200,000 2,400,000
16--1 2010 Freight in 45,000 2,355,000
17--1 2010 Wages 200,000 2,155,000
17--1 2010 Advertising 200,000 1,955,000
20--1 2010 Sales 500,000 2,455,000
21--1 2010 Salaries to officers & Staffs 200,000 2,255,000
21--1 2010 Insurance 20,000 2,235,000
25--1 2010 Other Sales 80,000 2,315,000
Ledger P-2
LEDGER ACCOUNT
Owner's Equity Account BALANCE

1--1 2010 Owner's Equity 5,000,000 5,000,000
LEDGER ACCOUNT
Land Account BALANCE

2--1 2010 Cash 500,000 500,000
3--1 2010 Cash 200,000 700,000
6--1 2010 Cash 100,000 800,000
8--1 2010 Cash 50,000 850,000
10--1 2010 Cash 150,000 1,000,000
12--1 2010 Cash 90,000 1,090,000
Ledger P-3
LEDGER ACCOUNT
Building Account BALANCE

4--1 2010 Cash 300,000 300,000
7--1 2010 Cash 200,000 500,000
9--1 2010 Cash 100,000 600,000
11--1 2010 Cash 210,000 810,000
LEDGER ACCOUNT
Machinery Account BALANCE

5--1 2010 Cash 300,000 300,000
13--1 2010 Cash 200,000 500,000
LEDGER ACCOUNT
PURCHASE ACCOUNT BALANCE

14--1 2010 Cash 200,000 200,000
15--1 2010 A/P - M/s. Rint co. 1,200,000 1,400,000
Ledger P-4
LEDGER ACCOUNT
Freight In BALANCE
16--1 2010 Cash 45,000 45,000
LEDGER ACCOUNT
Wages BALANCE
17--1 2010 Cash 200,000 200,000
LEDGER ACCOUNT
Advertising Account BALANCE

17--1 2010 Cash 200,000 200,000
29--1 2010 A/P - M/s. Mart Advertising 200,000 400,000
Ledger P-5
LEDGER ACCOUNT
Bank Loan - City Bank NA BALANCE

18--1 2010 A/P - M/s. Rint co. 1,000,000 1,000,000
LEDGER ACCOUNT
A/P - M/s. Rint co. BALANCE

15--1 2010 Purchase 1,200,000 1,200,000
18--1 2010 Bank Loan-City Bank NA 1,000,000 200,000
LEDGER ACCOUNT
A/R - M/s. Trimp co. Account BALANCE

19--1 2010 Sales 800,000 800,000
Ledger P-6
LEDGER ACCOUNT
Sales Account BALANCE

19--1 2010 A/R - M/s. Trimp co. 800,000 800,000
20--1 2010 Cash 500,000 1,300,000
LEDGER ACCOUNT
Salaries to officers & Staffs BALANCE

21--1 2010 Cash 200,000 200,000
LEDGER ACCOUNT
Insurance BALANCE
21--1 2010 Cash 20,000 20,000
Ledger P-7
LEDGER ACCOUNT
Other Sales BALANCE

25--1 2010 Cash 80,000 80,000
LEDGER ACCOUNT
A/P - M/s. Mart Advertising BALANCE

29--1 2010 Advertising 200,000 200,000
Ledger P-8
M-Heart Company
Trail Balance as on 31st'Jan 2010
PARTICULARS BALANCE
Debit Credit
Owner's Equity Account 5,000,000
Land Account 1,090,000
Building Account 810,000
Machinery Account 500,000
PURCHASE ACCOUNT 1,400,000
Freight In 45,000
Wages 200,000
Advertising Account 400,000
Bank Loan - City Bank NA 1,000,000
A/P - M/s. Rint co. 200,000
A/R - M/s. Trimp co. Account 800,000
Sales Account 1,300,000
Salaries to officers & Staffs 200,000
Insurance 20,000
Other Sales 80,000
TOTAL 7,780,000 7,780,000

JPURNAL NEXT
Page-1 Month
JOURNAL ENTRIES
GENERAL JOURNAL/DAY BOOK
Date: Particulars Ref. Debit Credit
4--2 2010 Cash 650,000

A/R - M/s. Trimp co. 650,000
5--2 2010 Cash 500,000

Sales 500,000
6--2 2010 Carriage Outward 20,000

Cash 20,000
8--2 2010 Land 50,000

Cash 50,000
13--2 2010 Machinery 200,000

Cash 200,000
14--2 2010 Purchase 800,000

Cash 800,000
15--2 2010 Purchase 2,000,000

A/P - M/s. Rint co. 2,000,000
16--2 2010 Freight in 145,000

Cash 145,000
16--2 2010 Building 500,000

Cash 500,000
JPURNAL NEXT
Page-2 Month
17--2 2010 Wages 240,000

Cash 240,000
17--2 2010 Advertising 300,000

Cash 300,000
19--2 2010 A/R - M/s. Trimp co. 1,800,000

Sales 1,800,000
20--2 2010 Cash 1,000,000

Sales 1,000,000
21--2 2010 Salaries to officers & Staffs 350,000

Cash 350,000
21--2 2010 Insurance 30,000

Cash 30,000
25--2 2010 Cash 180,000

Other Sales 180,000
28--2 2010 Cash 1,500,000

A/R - M/s. Trimp co. 1,500,000
28--2 2010 Advertising 500,000

28--2 2010 A/P - M/s. Mart Advertising 200,000

Cash 200,000
28--2 2010 Closing Inventory 1,500,000

Income Statement 1,500,000
12,465,000 12,465,000
LEDGER NEXT MONTH-1
Dr./
CASH ACCOUNT BALANCE Cr
1--2 2010 Balance 2,315,000 2,315,000 Dr.
4--2 2010 A/R - M/s. Trimp co. 650,000 2,965,000 Dr.
5--2 2010 Sales 500,000 3,465,000 Dr.
6--2 2010 Carriage Outward 20,000 3,445,000 Dr.
8--2 2010 Land 50,000 3,395,000 Dr.
13--2 2010 Machinery 200,000 3,195,000 Dr.
14--2 2010 Purchase 800,000 2,395,000 Dr.
16--2 2010 Freight in 145,000 2,250,000 Dr.
16--2 2010 Building 500,000 1,750,000 Dr.
17--2 2010 Wages 240,000 1,510,000 Dr.
17--2 2010 Advertising 300,000 1,210,000 Dr.
20--2 2010 Sales 1,000,000 2,210,000 Dr.
21--2 2010 Salaries to officers & Staffs 350,000 1,860,000 Dr.
21--2 2010 Insurance 30,000 1,830,000 Dr.
25--2 2010 Other Sales 180,000 2,010,000 Dr.
28--2 2010 A/R - M/s. Trimp co. 1,500,000 3,510,000 Dr.
28--2 2010 A/P - M/s. Mart Advertising 200,000 3,310,000 Dr.
3,310,000 Dr.
6,145,000 2,835,000
3,310,000
LEDGER NEXT MONTH-2
Dr./
Owner's Equity BALANCE Cr
1--2 2010 Opening Balance 5,000,000 (5,000,000) Cr
(5,000,000) Cr
5,000,000
Dr./
Retain Earnings BALANCE Cr
1--2 2010 Opening Balance 115,000 (115,000) Cr
(115,000) Cr
115,000
Dr./
Land BALANCE Cr
1--2 2010 Opening Balance 1,090,000 1,090,000 Dr.
8--2 2010 Cash 50,000 1,140,000 Dr.
1,140,000 Dr.
1,140,000
Dr./
Building BALANCE Cr
1--2 2010 Opening Balance 810,000 810,000 Dr.
16--2 2010 Cash 500,000 1,310,000 Dr.
1,310,000 Dr.
1,310,000
Dr./
Machinery BALANCE Cr
13--2 2010 Cash 200,000 700,000 Dr.
700,000 Dr.
700,000
LEDGER NEXT MONTH-3
Dr./
Purchase A/c BALANCE Cr
14--2 2010 Cash 800,000 800,000 Dr.
15--2 2010 A/P - M/s. Rint co. 2,000,000 2,800,000 Dr.
2,800,000 Dr.
2,800,000
Dr./
Freigh in BALANCE Cr
16--2 2010 Cash 145,000 145,000 Dr.
145,000 Dr.
145,000
Dr./
W ages BALANCE Cr
17--2 2010 Cash 240,000 240,000 Dr.
240,000 Dr.
240,000
Dr./
Advertising BALANCE Cr
17--2 2010 Cash 300,000 300,000 Dr.
28--2 2010 A/P - M/s. Mart Advertising 500,000 800,000 Dr.
800,000 Dr.
800,000
Dr./
Bank Loan City Bank NA BALANCE Cr
1--2 2010 Opening Balance 1,000,000 (1,000,000) Cr
(1,000,000) Cr
1,000,000
LEDGER NEXT MONTH-4

Dr./
A/P - Rint Co. BALANCE Cr
15--2 2010 Purchase 2,000,000 (2,200,000) Cr
(2,200,000) Cr
2,200,000
Dr./
A/R - Trimp co. BALANCE Cr
4--2 2010 Cash 650,000 150,000 Dr.
19--2 2010 Sales 1,800,000 1,950,000 Dr.
28--2 2010 Cash 1,500,000 450,000 Dr.
450,000 Dr.
2,600,000 2,150,000
450,000
Dr./
Sales BALANCE Cr
5--2 2010 Cash 500,000 (500,000) Cr
19--2 2010 A/R - M/s. Trimp co. 1,800,000 (2,300,000) Cr
20--2 2010 Sales 1,000,000 (3,300,000) Cr
(3,300,000) Cr
3,300,000
LEDGER NEXT MONTH-5
Dr./
Salaries to officers & Staffs BALANCE Cr
21--2 2010 Cash 350,000 350,000 Dr.
350,000 Dr.
350,000
Dr./
Insurance BALANCE Cr
21--2 2010 Cash 30,000 30,000 Dr.
30,000 Dr.
30,000
Dr./
Other Sales BALANCE Cr
25--2 2010 Cash 180,000 (180,000) Cr
(180,000) Cr
180,000
Dr./
A/P - M/s. Mart Advertising BALANCE Cr
28--2 2010 Advertising 500,000 (700,000) Cr
28--2 2010 Cash 200,000 (500,000) Cr
(500,000) Cr
200,000 700,000
500,000
LEDGER NEXT MONTH-6
Dr./
Carriage Outward BALANCE Cr
6--2 2010 Cash 20,000 20,000 Dr.
20,000 Dr.
20,000
M-Heart Company
Trail Balance as on 28th Feb'2010
DEBIT CREDIT
Owner's Equity 5,000,000
Retain Earnings 115,000
Land 1,140,000
Building 1,310,000
Machinery 700,000
Purchase A/c 2,800,000
Freigh in 145,000
W ages 240,000
Advertising 800,000
Bank Loan City Bank NA 1,000,000
A/P - Rint Co. 2,200,000
A/R - Trimp co. 450,000
Sales 3,300,000
Salaries to officers & Staffs 350,000
Insurance 30,000
Other Sales 180,000
Carriage Outward 20,000
Inventory 1,000,000
TOTAL ########## ##########

TRANSACTION NEXT M ONTH-1
From the given trail balance sheet prepare the accounts statements or Income Statement & Balance
>>> Sheet for the company.
P repare income Statement & Balance Sheet for the Feb' ended at 28th Feb 2010 after considering the
>>> follow ing transactions has been taken into accounts
During February 2010 the follow ing economic events has been made:
>>> Date: Economic Events/ Activities: JOURNAL ENTRIES
GENERAL JOURNAL/DAY BOOK
Date: Particul ars Ref. Debit Credit
4--2 2010 collection from M/s. T rimp Co. amounting to T k. 6,50,000 4--2 #### Cash 650,000
A/R - M/s. T rimp co. 650,000
5--2 2010 cash sales of inventory made w orth of T k. 5,00,000 5--2 #### Cash 500,000
Sales 500,000
6--2 2010 payment for delivery made to T k. 20,000 in cash 6--2 #### Carriage Outw ard 20,000
Cash 20,000
8--2 2010 invest additional of T k. 50,000 for land development in cash 8--2 #### Land 50,000
Cash 50,000
13--2 2010 purchase machinery w orth of T k. 2,00,000 in cash 13--2 #### Machinery 200,000
Cash 200,000
14--2 2010 purchase of marchandising inventory w orth of T k. 8,00,000 in cash 14--2 #### P urchase 800,000
Cash 800,000
15--2 2010 purchase of marchandising inventory w orth of T k. 20,00,000 on account from M/s. Rint co.15--2 #### P urchase #######
A/P - M/s. Rint co. #######
16--2 2010 payment made for freight inw ard of T k. 1,45,000 in cash 16--2 #### Freight in 145,000
Cash 145,000
16--2 2010 investment made in cash of T k. 5,00,000 for the construction of the building 16--2 #### Building 500,000
Cash 500,000
17--2 2010 payment of w ages of T k. 2,40,000 made through cash 17--2 #### Wages 240,000
Cash 240,000
17--2 2010 payment of advertising of T k. 3,00,000 made through cash 17--2 #### Advertising 300,000
Cash 300,000
TRANSACTION NEXT M ONTH-2
19--2 2010 sale of inventory w orth of T k. 18,00,000 on account to M/s. T rimp co. 19--2 #### A/R - M/s. T rimp co. #######
Sales #######
20--2 2010 sale of inventory w orth of T k. 10,00,000 in cash 20--2 #### Cash #######
Sales #######
21--2 2010 payment made T k. 3,50,000 to officers ansd staffs against their salaries in cash 21--2 #### Salaries to officers & Staffs 350,000
Cash 350,000
21--2 2010 insurance payment on delivered goods T k. 30,000 paid in cash 21--2 #### Insurance 30,000
Cash 30,000
25--2 2010 cash receive from scraps sales T k. 1,80,000 25--2 #### Cash 180,000
Other Sales 180,000
28--2 2010 cash receive from M/s. T rimp Co. T k. 15,00,000 on account of credit sale 28--2 #### Cash #######
A/R - M/s. T rimp co. #######
28--2 2010 Advertising made on account through M/s. Mart Advertising amounting to T k. 5,00,000 28--2 #### Advertising 500,000
A/P - M/s. Mart 500,000
28--2 2010 P ayment made to M/s. Mart Advertising T k. 2,00,000 in cash 28--2 #### A/P - M/s. Mart 200,000
Cash 200,000
28--2 2010 inventory valued at T k. 15,00,000 remaining over the business 28--2 #### Closing Inventory #######
Income Statement #######
12,465,000 12,465,000
#####
>>> Date: LEDGER ACCOUNT Dr./
CASH CASH ACCOUNT BALANCE Cr
1--2 #### Balance ######## ######## Dr
4--2 2010 collection from M/s. T rimp Co. amounting to T k. 6,50,000 4--2 #### A/R - M/s. T rimp co. 650,000 ######## Dr
5--2 2010 cash sales of inventory made w orth of T k. 5,00,000 5--2 #### Sales 500,000 ######## Dr
6--2 2010 payment for delivery made to T k. 20,000 in cash 6--2 #### Carriage Outw ard 20,000 ######## Dr
8--2 2010 invest additional of T k. 50,000 for land development in cash 8--2 #### Land 50,000 ######## Dr
13--2 2010 purchase machinery w orth of T k. 2,00,000 in cash 13--2 #### Machinery 200,000 ######## Dr
14--2 2010 purchase of marchandising inventory w orth of T k. 8,00,000 in cash 14--2 #### P urchase 800,000 ######## Dr
16--2 2010 payment made for freight inw ard of T k. 1,45,000 in cash 16--2 #### Freight in 145,000 ######## Dr
16--2 2010 investment made in cash of T k. 5,00,000 for the construction of the building 16--2 #### Building 500,000 ######## Dr
17--2 2010 payment of w ages of T k. 2,40,000 made through cash 17--2 #### Wages 240,000 ######## Dr
17--2 2010 payment of advertising of T k. 3,00,000 made through cash 17--2 #### Advertising 300,000 ######## Dr
20--2 2010 sale of inventory w orth of T k. 10,00,000 in cash 20--2 #### Sales ####### ######## Dr
21--2 2010 payment made T k. 3,50,000 to officers ansd staffs against their salaries in cash 21--2 #### Salaries to officers & Staffs 350,000 ######## Dr
21--2 2010 insurance payment on delivered goods T k. 30,000 paid in cash 21--2 #### Insurance 30,000 ######## Dr
25--2 2010 cash receive from scraps sales T k. 1,80,000 25--2 #### Other Sales 180,000 ######## Dr
28--2 2010 cash receive from M/s. T rimp Co. T k. 15,00,000 on account of credit sale 28--2 #### A/R - M/s. T rimp co. ####### ######## Dr
28--2 2010 P ayment made to M/s. Mart Advertising T k. 2,00,000 in cash 28--2 #### A/P - M/s. Mart 200,000 ######## Dr
######## Dr
6,145,000 2,835,000
#######
>>> Date: Economic Events/ Activities: Dr./

Ow ner's Equity BALANCE Cr
1--2 #### Opening Balance ######## ######## Cr
######## Cr
#######

Retain Earnings BALANCE Cr
1--2 #### Opening Balance 115,000 (115,000) Cr
(115,000) Cr
115,000

Land BALANCE Cr
1--2 #### Opening Balance ######## ######## Dr
8--2 2010 invest additional of T k. 50,000 for land development in cash 8--2 #### Cash 50,000 ######## Dr
######## Dr
#######

Buil ding BALANCE Cr
1--2 #### Opening Balance 810,000 810,000 Dr
16--2 2010 investment made in cash of T k. 5,00,000 for the construction of the building 16--2 #### Cash 500,000 ######## Dr
######## Dr
#######

M achinery BALANCE Cr
13--2 2010 purchase machinery w orth of T k. 2,00,000 in cash 13--2 #### Cash 200,000 700,000 Dr
700,000 Dr
700,000

Purchase A/c BALANCE Cr
14--2 2010 purchase of marchandising inventory w orth of T k. 8,00,000 in cash 14--2 #### Cash 800,000 800,000 Dr
15--2 2010 purchase of marchandising inventory w orth of T k. 20,00,000 on account from M/s. Rint co.15--2 #### A/P - M/s. Rint co. ####### ######## Dr
######## Dr
#######

Freigh in BALANCE Cr
16--2 2010 payment made for freight inw ard of T k. 1,45,000 in cash 16--2 #### Cash 145,000 145,000 Dr
145,000 Dr
145,000

W ages BALANCE Cr
17--2 2010 payment of w ages of T k. 2,40,000 made through cash 17--2 #### Cash 240,000 240,000 Dr
240,000 Dr
240,000

Advertising BALANCE Cr
17--2 2010 payment of advertising of T k. 3,00,000 made through cash 17--2 #### Cash 300,000 300,000 Dr
28--2 2010 Advertising made on account through M/s. Mart Advertising amounting to T k. 5,00,000 28--2 #### A/P - M/s. Mart 500,000 800,000 Dr
800,000 Dr
800,000

Bank Loan City Bank NA BALANCE Cr
1--2 #### Opening Balance ######## ######## Cr
######## Cr
#######

A/P - Rint Co. BALANCE Cr
15--2 2010 purchase of marchandising inventory w orth of T k. 20,00,000 on account from M/s. Rint co.15--2 #### P urchase ####### ######## Cr
######## Cr
#######

A/R - Trimp co. BALANCE Cr
4--2 2010 collection from M/s. T rimp Co. amounting to T k. 6,50,000 4--2 #### Cash 650,000 150,000 Dr
19--2 2010 sale of inventory w orth of T k. 18,00,000 on account to M/s. T rimp co. 19--2 #### Sales ####### ######## Dr
28--2 2010 cash receive from M/s. T rimp Co. T k. 15,00,000 on account of credit sale 28--2 #### Cash ####### 450,000 Dr
450,000 Dr
####### #######
450,000

Sal es BALANCE Cr
5--2 2010 cash sales of inventory made w orth of T k. 5,00,000 5--2 #### Cash 500,000 (500,000) Cr
19--2 2010 sale of inventory w orth of T k. 18,00,000 on account to M/s. T rimp co. 19--2 #### A/R - M/s. T rimp co. ####### ######## Cr
20--2 2010 sale of inventory w orth of T k. 10,00,000 in cash 20--2 #### Sales ####### ######## Cr
######## Cr
#######

Sal aries to officers & Staffs BALANCE Cr
21--2 2010 payment made T k. 3,50,000 to officers ansd staffs against their salaries in cash 21--2 #### Cash 350,000 350,000 Dr
350,000 Dr
350,000

Insurance BALANCE Cr
21--2 2010 insurance payment on delivered goods T k. 30,000 paid in cash 21--2 #### Cash 30,000 30,000 Dr
30,000 Dr
30,000

Other Sal es BALANCE Cr
25--2 2010 cash receive from scraps sales T k. 1,80,000 25--2 #### Cash 180,000 (180,000) Cr
(180,000) Cr
180,000

A/P - M /s. M art Advertising BALANCE Cr
28--2 2010 Advertising made on account through M/s. Mart Advertising amounting to T k. 5,00,000 28--2 #### Advertising 500,000 (700,000) Cr
28--2 2010 P ayment made to M/s. Mart Advertising T k. 2,00,000 in cash 28--2 #### Cash 200,000 (500,000) Cr
(500,000) Cr
200,000 700,000
500,000

Carriage Outw ard BALANCE Cr
6--2 2010 payment for delivery made to T k. 20,000 in cash 6--2 #### Cash 20,000 20,000 Dr
20,000 Dr
20,000
Trail Bal ance as on 28th Feb'2010 M -Heart Company

Trail Bal ance as on 28th Feb'2010
DEBIT CREDIT
CASH ACCOUNT #######
Ow ner's Equity #######
Retain Earnings 115,000
Land #######
Buil ding #######
M achinery 700,000
Purchase A/c #######
Freigh in 145,000
W ages 240,000
Advertising 800,000
Bank Loan City Bank NA #######
A/P - Rint Co. #######
A/R - Trimp co. 450,000
Sal es #######
Sal aries to officers & Staffs 350,000
Insurance 30,000
Other Sal es 180,000
A/P - M /s. M art Advertising 500,000
Carriage Outw ard 20,000
Inventory #######
TOTAL 12,295,000 12,295,000

Page-5
ASSETS = LIABILITIES
ASSETS = Owners Equity + Liabilities
Accounts Material in Income
Cash Land Building Machinery receivable Hand = OE + Statement + Liabilities
Accounts
= + Payable Bank Loans
1--1 2010 5,000,000 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--1 2010 (150,000) 150,000 - = -
11--1 2010 (210,000) 210,000 - = -
12--1 2010 (90,000) 90,000 - = -
13--1 2010 (200,000) 200,000 - = -
14--1 2010 (200,000) (200,000) = (200,000) (200,000)
15--1 2010 - = (1,200,000) 1,200,000 -
16--1 2010 (45,000) (45,000) = (45,000) (45,000)
17--1 2010 (200,000) (200,000) = (200,000) (200,000)
17--1 2010 (200,000) (200,000) = (200,000) (200,000)
18--1 2010 - = (1,000,000) 1,000,000 -
19--1 2010 800,000 800,000 = 800,000 800,000
20--1 2010 500,000 500,000 = 500,000 500,000
21--1 2010 (200,000) (200,000) = (200,000) (200,000)
21--1 2010 (20,000) (20,000) = (20,000) (20,000)
25--1 2010 80,000 80,000 = 80,000 80,000
29--1 2010 - = (200,000) 200,000 -
31--1 2010 1,000,000 1,000,000 = 1,000,000 1,000,000
TOTAL 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 1,000,000 6,515,000
6,515,000 = 6,515,000
Page-5
ASSETS = LIABILITIES
ASSETS = Owners Equity + Liabilities
Accounts Material in Income
Cash Land Building Machinery receivable Hand = OE + Statement + Liabilities
Accounts
= + Payable Bank Loans
1--1 2010 5,000,000 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--12010 (150,000) 150,000 - = -
11--12010 (210,000) 210,000 - = -
12--12010 (90,000) 90,000 - = -
13--12010 (200,000) 200,000 - = -
14--12010 (200,000) (200,000) = (200,000) (200,000)
15--12010 - = (1,200,000) 1,200,000 -
16--12010 (45,000) (45,000) = (45,000) (45,000)
17--12010 (200,000) (200,000) = (200,000) (200,000)
17--12010 (200,000) (200,000) = (200,000) (200,000)
18--12010 - = (1,000,000) 1,000,000 -
19--12010 800,000 800,000 = 800,000 800,000
20--12010 500,000 500,000 = 500,000 500,000
21--12010 (200,000) (200,000) = (200,000) (200,000)
21--12010 (20,000) (20,000) = (20,000) (20,000)
25--12010 80,000 80,000 = 80,000 80,000
29--12010 - = (200,000) 200,000 -
31--12010 1,000,000 1,000,000 = 1,000,000 1,000,000
- = -
- = -
- = -
TOTAL 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 1,000,000 6,515,000
=
6,515,000 = 6,515,000
Page-1
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
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
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 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
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
Hearts Bank 220,000
Page-2
12th July 2009

M/s. Web Const was submitted his final bill and ask for final settlement
DR CR
Factory Building 62,500
15th July 2009

Payment was made to M/s. Web Const for the due amount for final settlement through bank
DR CR
Hearts Bank 92,500
TED MART Enterprize

Cash Account
Date PARTICULARS DR CR Balance

1st July 2009 Owners Equity 1,000,000 1,000,000 DR
2nd July 2009 Land & Land Development 500,000 500,000 DR
3rd July 2009 Land & Land Development 200,000 300,000 DR
5th July 2009 Owners Equity 1,000,000 1,300,000 DR
6th July 2009 Hearts Bank 1,000,000 300,000 DR
Recognition of Economic Events in Accounting
Recording Business Transactions
Journal Entries
RULES:
1 any cash receive

DR 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 activity *******
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
15th July 2009

Payment was made to M/s. Web Const for the due amount for final settlement through bank

Ch-1Income Statement Balance Sheet

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XYZ LIMITED

a Finished goods 49,000

To transfer the closing Finished goods inventory to Income Statement

a Income Statement-F.G 36,000

To transfer the opening Finished goods inventory to Income Statement

To transfer the closing W.I.P inventory to Manufacturing Statement

b Manufacturing Statement-W.I.P 21,000

To transfer the opening W.I.P inventory to Manufacturing Statement

c Raw materials 20,000

To transfer the closing raw material inventory to Manufacturing Statement

c Manufacturing Statement-Raw Mat 17,000

To transfer the opening raw material inventory to Manufacturing Statement

d Factory supplies expenses 4,300

To record the cost of supplies used

To record the cost of supplies used

f Bad debts 1,800

To provide the provision for doubtful accounts

To record the Depreciation on Building

To record the Depreciation on Machinery

i Depreciation-office furin&fixtyre 500

To record the Depreciation on Furniture & Fixture

j Depreciation-delivery equipment 1,600

To record the Depreciation on Equipment

To record the Depreciation on Tools

To record the amortization of patents

To record the accrued expenses- salaries & Wages

n insurance expenses 2,400

To record the expired insurance

O Income tax 10,000

To record the estimated income tax payable

TOTAL 203,900 203,900

Trail Balance Adjustment Manufacturing Income Statement Balance Sheet

TOTAL 768,940 768,940

op st1/cl st1 a Income Statement-F.G 36,000 49,000 36,000 49,000

NET SALES: 356,900

Cost of goods manufactured SCHEDULE:1 250,575

Gross Profit: 119,325

LESS: OPERATIONAL EXPENSES: 83,825

Administrative & General Overhead: 36,225

officers salaries 16,000

Selling & Distribution Overhead: 39,500

Marketing & R&D overhead: 8,100

TOTAL Operational Expenses 83,825

Net Operating Profit 35,500

Other Revenue & Expenses Items:

Opening stock of raw materials 17,000

Total cost of raw material used 82,820

m.1 add. Direct labour "=76200+1400 77,600

add Factory Overhead 97,155

Opening Retained Earnings 50,450

n Prepaid Insurance 2,600

TOTAL CURRENT ASSETS 199,200

l Patents "=6500-500 6,000

Machinery 64,000 51,500

Office furniture & fixture 5,000 2,900

Delivery equipment 8,000 2,800

Tools 10,000 7,500

TOTAL FIXED ASSETS 209,000

TOTAL ASSETS: 408,200

Total Current Liabilities 64,850

LONG TERM LIABILITIES

TOTAL OUT SIDE LIABILITIES 64,850

TOTAL OWNER'S Equity 343,350

TOTAL LIABILITIES & Owners equity 408,200