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This document summarizes the transactions of a business over a financial period. It provides the opening and closing balances for various accounts like equipment, bank, cash, etc. It then lists transactions like sales, purchases, wages paid, loan repayment etc. and updates the account balances. Finally, it transfers the closing balances to an income statement and balance sheet to summarize the business' financial performance and position over the period.

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Samadhi Katagoda
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17 views

Assignment

This document summarizes the transactions of a business over a financial period. It provides the opening and closing balances for various accounts like equipment, bank, cash, etc. It then lists transactions like sales, purchases, wages paid, loan repayment etc. and updates the account balances. Finally, it transfers the closing balances to an income statement and balance sheet to summarize the business' financial performance and position over the period.

Uploaded by

Samadhi Katagoda
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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3. Balance sheet Carry the balances down from the previous balance sheet.

Equipment 20,000 20,000 Equity Book the follwing transactions:


Bank 3,100 9,000 Loans 1. Sales for 52 000 in cash,
Cash 7,000 1,100 PROFIT 2. Sales for 80 000 paid to Bank.
3. Purchases for 35 000 in cash
4. Purchases for 46 000 paid from Bank
5. Wages for 10 000 paid during the financial period
30,100 30,100 6. Paid loan amortization for 1 500 from Bank
10,100 7. Paid interests for 500 from Bank
Open net assets 20,000 8. Sales on account 3 500
9. Purchases on account 2 000
10. Paid electricity for 3 000 from Bank
11. Bought machinery for 5 000 from Bank

Now transfer the balances of each account to income statemennt and balance sheet!

Bank Cash Sales Purchases Acc. Payable Acc. Receivable Interests Electricity Loans Equity Wages Equipment Machinery
3,100 46,000 7,000 35,000 135,500 52,000 35,000 83,000 2,000 2,000 3,500 3,500 500 500 3,000 3,000 1,500 9,000 20,000 10,000 20,000 5,000
1. 80,000 1,500 52,000 10,000 80,000 46,000 1,100
2. 500 3,500 2,000
3. 3,000
4. 5,000
5. 27,100 ### 14,000 ### ### ### ### ### ### 7,500 ### 21,100 ### 10,000 ### 20,000 ### 5,000 ### - -
6. 83,100 83,100 59,000 59,000 135,500 135,500 83,000 83,000 2,000 2,000 3,500 3,500 500 500 3,000 3,000 9,000 9,000 21,100 21,100 10,000 10,000 20,000 20,000 5,000 5,000
7. 56,000 45,000
8.
9.
10.
11.
12.
13.

Income statement Balance sheet


Purchases 83,000 135,500 Sales Bank 27,100 2,000 Acc .Payable
Interest 500 Cash 14,000 7,500 Loan
Electricity 3,000 Equipment 20,000 21,100 Equity
Wages 10,000 Machinery 5,000 39,000 Profit
Acc. Receivable 3,500
Net profit 39,000
135,500 135,500 69,600 69,600
96,500

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