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  • Afin102 FT 4 2020 1

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    Apollonious
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    The document shows journal entries and trial balance for prepaid rent, unearned ticket revenue, ticket sales, rent expense, and cash/bank accounts. Prepaid rent and unearned ticket revenue accounts track cash received in advance for rent and tickets respectively. As the period progresses, rent expense and ticket sales are recorded to expense/revenue accounts. The trial balance and balance sheet extract summarize the account balances as of March 31.

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    AFIN102-FT-4-2020-1

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    The document shows journal entries and trial balance for prepaid rent, unearned ticket revenue, ticket sales, rent expense, and cash/bank accounts. Prepaid rent and unearned ticket revenue accounts track cash received in advance for rent and tickets respectively. As the period progresses, rent expense and ticket sales are recorded to expense/revenue accounts. The trial balance and balance sheet extract summarize the account balances as of March 31.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    25 views2 pages

    Afin102 FT 4 2020 1

    Uploaded by

    Apollonious
    The document shows journal entries and trial balance for prepaid rent, unearned ticket revenue, ticket sales, rent expense, and cash/bank accounts. Prepaid rent and unearned ticket revenue accounts track cash received in advance for rent and tickets respectively. As the period progresses, rent expense and ticket sales are recorded to expense/revenue accounts. The trial balance and balance sheet extract summarize the account balances as of March 31.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 2

    Prepaid Rent A/C Unearned Ticket Revenue A/C

    Date Detail DR Date Detail CR Date Detail DR Date Detail CR


    1-Jan cash/Bank 120,000 1-Jan Cash/Bank 250,000
    31-Jan Rent Expense 10,000 31-Jan Ticket Sales 50,000
    31-Jan Balance c/d 110,000 31-Jan Balance c/d 200,000
    120,000 120,000 250,000 250,000
    1-Feb Balance b/d 110,000 1-Feb Balance b/d 200,000
    28-Feb Rent Expense 10,000 28-Feb Ticket Sales 50,000
    28-Feb Balance c/d 100,000 28-Feb Balance c/d 150,000
    110,000 110,000 200,000 200,000
    1-Mar Balance b/d 100,000 1-Mar Balance b/d 150,000
    31-Mar Rent Expense 10,000 31-Mar Ticket Sales 50,000
    31-Mar Balance c/d 90,000 31-Mar Balance c/d 100,000
    100,000 100,000 150,000 150,000
    1-Apr Balance b/d 90,000 1-Mar Balance b/d 100,000

    Ticket Sales A/C Rent Expense A/C


    Date Detail DR Date Detail CR Date Detail DR Date Detail CR
    31-Jan Jan Ticket Sales 50,000 31-Jan Jan Rentals 10,000
    31-Jan Balance c/d 50,000 31-Jan Balance c/d 10,000
    50,000 50,000 10,000 10,000
    1-Feb Balance b/d 50,000 1-Feb Balance b/d 10,000
    28-Feb Feb Ticket Sales 50,000 28-Feb Feb Rentals 10,000
    28-Feb Balance c/d 100,000 28-Feb Balance c/d 20,000
    100,000 100,000 20,000 20,000
    1-Mar Balance b/d 100,000 1-Mar Balance b/d 20,000
    31-Mar Mar Ticket Sales 50,000 31-Mar Mar Rentals 10,000
    31-Mar Balance c/d 150,000 31-Mar Balance c/d 30,000
    150,000 150,000 30,000 30,000
    1-Apr Balance b/d 150,000 1-Apr Balance b/d 30,000

    Cash/Bank A/C
    Date Detail DR Date Detail CR
    1-Jan Unearned Revenue
    250,000 1-Jan Prepaid Rent 120,000
    31-Mar Balance c/d 130,000
    250,000 250,000
    1-Apr Balance b/d 130,000
    BIMBE
    Trial Balance Extract As At 31st March, 2019
    DR CR

    Cash/Bank 130,000
    Ticket Sales 150,000
    Rent Expenses 30,000
    Prepaid Rent 90,000
    Unearned Revenue 100,000
    250,000 250,000

    Balance Sheet Extract as at 31st March, 2019

    Current Assets
    Prepaid Rent 90,000
    Cash/Bank 130,000
    220,000

    Less Current Liabilities


    Unearned Revenue 100,000
    120,000
    Total Net Assets 120,000

    Capital
    Balance as at 01 Jan -
    Add Net Profit 120,000 (Ticket Sales - Rent Expense)
    120,000
    Less Drawings 0
    Shareholder's Funds 120,000

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