Fatima Sohail Jafrani 1

20191-26565

ASSIGNMENT 4: P3-2A
NEOSHO RIVER RESORT

GENERAL JOURNAL

DATE PARTICULARS S No. DEBIT CREDIT

1 Insurance Expense 722 1200
Prepaid Expense 130 1200
(adjusted prepaid expense)
2 Supplies Expense 631 2700
Supplies 126 2700
(adjusted supplies)
3 Depreciation Expense 621 2100
Accumulated Depreciation Cottage 144 1500
Accumulated Depreciation Furniture 150 600
(adjusted off quarterly depreciation)
4 Unearned Revenue 209 4100
Rent Revenue 429 4100
(adjusted unearned revenue)
5 Salaries Expense 400
Salaries Payable 212 400
(adjusted unpaid salaries)
6 Accounts Receivable 112 1000
Rent Receivable 1000
(adjusted accrued revenue)
7 Interest Expense 718 600
Interest Payable 280 600
(adjusted interest not paid)

LEDGER POSTING:

Allowance for Depreciation

Balance c/d 2100 Adj 1500

Adj 600
2100 2100
Balance b/d 2100

Salaries Payable

Balance c/d 400 Adj 400

400 400
Balance b/d 400
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Prepaid Insurance

Balance b/d 6000 Adj 1500

Balance c/d 4800
6000 6000
Balance b/d 4800

Accounts Receivable

Adj 1000 Balance c/d 1000

1000 1000
Balance b/d 1000

Unearned Revenue

Adj 4100 Balance b/d 7400

Balance c/d 3300
7400 7400
Balance b/d 4800

Supplies

Balance b/d 3300 Adj 2700

Balance c/d 600
3300 3300
Balance b/d 600

Interest Expense

Adj 600 Balance c/d 600

600 600
Balance b/d 600

Supplies Expense

Adj 2700 Balance c/d 2700

2700 2700
Balance b/d 2700

Rent Revenue

Balance c/d 85100 Balance b/d 80000

Adj 4100
Adj 1000
85100 85100
Balance b/d 85100
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 Fatima Sohail Jafrani 4
20191-26565

Salaries Expense

Balance b/d 51000 Balance c/d 51400

Adj 400
51400 51400
Balance b/d 51400

Interest Payable

Balance c/d 600 Adj 600

600 600
Balance b/d 600

Depreciation

Adj 2100 Balance c/d 2100

2100 2100
Balance b/d 2100

Insurance Expense

Adj 1200 Balance c/d 1200

1200 1200
Balance b/d 1200

NEOSHO RIVER RESORT

ADJUSTED TRIAL BALANCE AS AT AUGUST 31

PARTICULARS DEBIT CREDIT

Cash 19600
Supplies 600
Prepaid Insurance 4800
Land 25000
Furniture 26000
Cottages 125000
Accounts Payable 6500
Unearned Revenue 3300
Mortgage Payable 80000
Capital 100000
Drawings 5000
Rent Revenue 85100
Salary Payable 400
Interest Payable 600
Prepaid Expense 3600
Salary Expense 57400
Utility Expense 9400
 Fatima Sohail Jafrani 5
20191-26565

Accumulated Depreciation 2100

Interest Expense 600
Supplies Expense 2700
Accounts Receivable 1000
Depreciation Expense 2100
Insurance Expense 1200
278000 278000

NEOSHO RIVER RESORT

INCOME STATEMENT FOR THE YEAR ENDING 31 AUGUST

Revenues:
Rent Revenue 85100

Less: Expenses:

Depreciation- furniture 600

Depreciation- Cottage 1500
Supplies Expense 2700
Insurance Expense 1200
Interest Expense 600
Utilities Expense 9400
Salaries Expense 51400
Repair Expense 3600 (71000)

Net Profit / Income 14100

NEOSHO RIVER RESORT

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 AUGUST

Capital at start 100000

Add: Investment
Net Income 14100
Capital at 31 August 114100
Less: Drawings (5000)
Capital at end 109100
 Fatima Sohail Jafrani 6
20191-26565

NEOSHO RIVER RESORT

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST

ASSETS: EQUITIES:

CURRENT ASSETS: LIABILITIES:

Cash 19600 CURRENT LIABILITIES:
Accounts Receivable 1000 Accounts Payable 6500
Supplies 600 Interest Payable 600
Prepaid Insurance 4800 Salaries Payable 400
Total Current Assets 26000 Mortgage Payable 80000
Unearned Rent Revenue 3300
Fixed Assets: Total Current Liabilities 90800
Land 25000
Cottages 125000 Total Liabilities 90800
Furniture 26000
Less: Accumulated Depreciation (2100) Owner’s Equity:
Total Fixed Assets 173900 Capital at end 109100

Total Assets 199900 Total Liabilities 199900