Practice 1-4

Balan

Asset

Pre-Paid
S.No. Transactions Cash AR PP&E
Expenses
1 Share Capital 3,000
2 Bank Loan 10,000
3 Truck (8,000) 8,000
4 No Entry
5 Pre-paid expense (600) 600
6 Service to be perforemd in the sept 2,000
7 Invoice to the company for revenue 5,000
8 Paid for the supplies used (250)
9 supplies on credit
10 Amount collected 1,000 (1,000)
11 advt cost (200)
12 paid credit amount (250)
13 Expenses paid (2,800)
14 No Entry
15 Billed 6,000
16 No Entry
17 No Entry
18 rs 500 earned

Total 3,900 10,000 8,000 600

 Balance Sheet Inc

Liabilities SE

Account Deferred Tax Salary Share Retained

Inventory Bank Loan Revenue
Payable Expenses Payable Payable Capital Earnings
3,000 -
10,000 -
-
-
-
2,000 -
5,000 5,000
(250)
500 500 -
-
(200)
(250) -
(2,800)
-
6,000 6,000
-
-
(500) 500 500

500 250 10,000 1,500 - - 3,000 8,250 11,500

23,000 11,750 11,250
 Income Statement

Expenses

Salary Utility COGS Depreciation Rent Net Income

-
-
-
-
-
-
5,000
250 (250)
-
-
200 (200)
-
2,150 300 350 (2,800)
-
6,000
-
-
500

2,150 - 750 - 350 8,250