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Question 1 Copies Express Income Statement For the year ended December 31,2006 net sales less:cost of sales

gross margin less:Operating expenses wages & Salaries heat,light&power selling & admin interest depreciation total income before tax income tax expenses net income 252200 60250 191950 85750 15000 28375 2880 15000 147005 44945 11593 33352

Question 2 Copies Express Balance Sheet As of December 31 Assets cash supplies building & Equipment less: Depreciation net land Accounts Receivable total Liabilities & Owners' Equity 36195 Accounts payable 26625 bank loan 300000 income tax liability 15000 285000 capital stock 12000 retained earnings 11000 370820 total

Question 3 Cash Account Dr. Date Cr. Particulars J.F. Opening A/C Sales Accounts Receivable Amount Date 2000 176450 64750 Particulars J.F. Salary and Wages Heat light and Power Additional Supplies Selling and admin

Total

243200

Interest Payment Bank Loan Accounts Payable Balance b/d Total

Account Payable Dr. Date Cr. Particulars J.F. Paid Balance b/d Total Amount Date 10400 9875 20275 Supplies Dr. Date Cr. Particulars J.F. Opening Stock Additional Supplies Accounts Payable Total Amount Date 24400 52600 9875 86875 Deprciation Expense Dr. Date Cr. Particulars J.F. Amount Date Accumulated Depriciation 15000 Total 15000 Accumulated Deprciation Dr. Date Cr. Particulars J.F. Balance c/d Total Amount 15000 15000 Accounts Receviable Dr. Date Cr. Particulars J.F. Sales Sales Total Amount Date 64750 11000 75750 Particulars J.F. Collection balance c/d Date Particulars J.F. Depriciation Particulars J.F. Balance b/d Particulars J.F. Cost of Supplies Particulars J.F. Opening Balance Supplies

Balance b/d

Sales A/C Dr. Date Cr. Particulars J.F. Amount Date Particulars J.F. Cash Sale Accounts Receviable Accounts Receviable Total

Cost of Supplies Dr. Date Cr. Particulars J.F. Supplies Amount Date 60250 Particulars J.F.

Income Tax A/C Dr. Date Cr. Particulars J.F. Unpaid Expenses Amount Date 11593 Particulars J.F.

Unpaid Expense Dr. Date Cr. Particulars J.F. Amount Date Particulars J.F. Interest

Bank Loan Dr. Date Cr. Particulars J.F. Payment Bank Loan Amount Date 12000 Particulars J.F. Opening Balance

ners' Equity 9875 12000 11593 304000 33352

370820

Cr. Amount 85750 15000 52600 28375

2880 12000 10400 36195 243200

Cr. Amount 10400 9875 20275

Cr. Amount 60250

26625 86875

Cr. Amount 15000 15000

Cr. Amount 15000 15000

Cr. Amount 64750 11000 75750

Cr. Amount 176450 64750 11000 252200

Cr. Amount

Cr. Amount

Cr. Amount 11593

Cr. Amount 24000

Question 1 Copies Express Income Statement For the year ended December 31,2006 net sales less:cost of sales gross margin less:Operating expenses wages & Salaries heat,light&power selling & admin interest depreciation total income before tax income tax expenses net income 252200 60250 191950 85750 15000 28375 2880 15000 147005 44945 11593 33352

Question 2 Copies Express Balance Sheet As of December 31 Assets cash supplies building & Equipment less: Depreciation net land Accounts Receivable total Liabilities & Owners' Equity 36195 Accounts payable 26625 bank loan 300000 income tax liability 15000 285000 capital stock 12000 retained earnings 11000 370820 total

Question 3 Cash Account Dr. Date Particulars J.F. Opening A/C Sales Accounts Receivable Amount Date 2000 176450 64750

Total

243200

Account Payable Dr. Date Particulars Paid Balance b/d Total J.F. Amount Date 10400 9875 20275 Supplies Dr. Date Particulars J.F. Opening Stock Additional Supplies Accounts Payable Total Amount Date 24400 52600 9875 86875 Deprciation Expense Dr. Date Particulars J.F. Accumulated Depriciation Total Amount Date 15000 15000 Accumulated Deprciation Dr. Date Particulars Balance c/d Total J.F. Amount 15000 15000 Accounts Receviable Dr. Date Particulars Sales Sales Total J.F. Amount Date 64750 11000 75750 Date

Sales A/C Dr. Date Particulars J.F. Amount Date

Cost of Supplies Dr. Date Particulars Supplies J.F. Amount Date 60250

Income Tax A/C Dr. Date Particulars Unpaid Expenses J.F. Amount Date 11593 Cr.

Unpaid Expense Dr. Date Particulars J.F. Amount Date Cr.

Bank Loan Dr. Date Particulars J.F. Payment Bank Loan Amount Date 12000 Cr.

Liabilities & Owners' Equity 9875 12000 11593 304000 33352

370820

Particulars Salary and Wages Heat light and Power Additional Supplies Selling and admin

Cr. Amount 85750 15000 52600 28375

Interest Payment Bank Loan Accounts Payable Balance b/d Total

2880 12000 10400 36195 243200

Particulars Opening Balance Supplies

Cr. Amount 10400 9875 20275

Particulars Cost of Supplies

Cr. Amount 60250

Balance b/d

26625 86875

se Particulars Balance b/d Cr. Amount 15000 15000

tion Particulars Depriciation Cr. Amount 15000 15000

le Particulars Collection balance c/d Cr. Amount 64750 11000 75750

Particulars Cash Sale Accounts Receviable Accounts Receviable Total

Cr. Amount 176450 64750 11000 252200

Particulars

Cr. Amount

Cr. Particulars

Amount

Cr. Particulars Interest

Amount 11593

Cr. Particulars Opening Balance

Amount 24000