ASSIGNMENT 3

ACCOUNTING AND FINANCE (MBA 601)

Group 5:

APOORV AGARWAL (19125011)

ARUN GOYAL (19125013)

ITTI SINGH (19125023)

RUBIN JOSEPH (19125031)

VAIBHAV BAJPAI (19125048)

General Ledger
Date Accounts Debit Credit

Cash ₹852,728.00
Owner's Equity ₹852,728.00
Cash ₹150,000.00
Bank Loan Payable ₹150,000.00
Acquired loan from bank.

Inventory ₹380,000.00
Cash ₹380,000.00
Purchased inventory on
cash

Rent Paid ₹7,200.00

Cash ₹7,200.00
Rent Expense paid

Aug-19 Inventory ₹539,300.00

Cash ₹539,300.00
Purchased inventory on
cash

Electricity ₹7,000.00
Cash ₹7,000.00
Electricity Expense Paid

Cost of Goods Sold ₹517,585.00

Inventory ₹517,585.00
Goods Sold

Cash ₹720,408.00
Revenue ₹720,408.00
Revenue from Sales
T Accounts

Cash Inventory
852,728.00 380,000.00
150,000.00 539,300.00
380,000.00 517,585.00
7,200.00
7,000.00
539,300.00
720,408.00

1,723,136.00 933,500.00 919,300.00 517,585.00

789,636.00 - 401,715.00 -

Revenue Cost of Goods Sold

720,408.00 517,585.00

- 720,408.00 517,585.00 -
- 720,408.00 517,585.00 -
 Expenses Loans Payable
7,200.00 150,000.00
7,000.00

14,200.00 - - 150,000.00
14,200.00 - - 150,000.00

Trial Balance Sheet

Accounting Heads Debit Credit
CASH 789636
INVENTORY 401715
REVENUE 0 720408
COST OF GOODS SOLD 517585
EXPENSES 14200 0
OWNER'S EQUITY 852728
LOANS PAYABLE 150000
Totals 1723136 1723136
Balance Sheet
Group 5
Balance Sheet
2019
Assets Liabilities
Current assets: Current liabilities:

Cash 789,636 Loans Payable 150,000

Inventory 401,715

Total current liabilities 150,000

Total current assets 1,191,351

Total Liabilities 150,000

Shareholder's Equity

Equity Capital 852,728

Retained Earnings 188,623

Shareholder's Equity 1,041,351

Total Liabilities & Shareholder's

Total Assets 1,191,351 Equity 1,191,351

Asset = Liability + Owner's Equity

Income Statement
Sales 720408
Cost of Sales 517585
Gross Profit 202823
Expenses 14200
Operating
Profit 188623