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  • Music Mart Solution - 1dec

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    Sana Lee
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    This document shows accounting transactions over multiple periods for a business, including changes in assets, liabilities, equity, income and expenses. It provides year-end balances for assets, liabilities, equity, as well as income statements showing revenues, expenses and net income, and cash flow statements showing sources and uses of cash. The accounting equations are balanced at each period and the document demonstrates basic accounting concepts like accruals, adjustments and financial statement preparation.

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    Music Mart Solution_1Dec

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    This document shows accounting transactions over multiple periods for a business, including changes in assets, liabilities, equity, income and expenses. It provides year-end balances for assets, liabilities, equity, as well as income statements showing revenues, expenses and net income, and cash flow statements showing sources and uses of cash. The accounting equations are balanced at each period and the document demonstrates basic accounting concepts like accruals, adjustments and financial statement preparation.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    8 views5 pages

    Music Mart Solution - 1dec

    Uploaded by

    Sana Lee
    This document shows accounting transactions over multiple periods for a business, including changes in assets, liabilities, equity, income and expenses. It provides year-end balances for assets, liabilities, equity, as well as income statements showing revenues, expenses and net income, and cash flow statements showing sources and uses of cash. The accounting equations are balanced at each period and the document demonstrates basic accounting concepts like accruals, adjustments and financial statement preparation.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 5

    Assets Liability

    Bank + Inventory Receivable Prepaid Land Claim Bank Loan Creditors Mortgage
    Cash s Insurance Receivable Loan
    T0 25,000
    T1 12,500 12,500
    T2 -5,000 5,000
    T3 750 -500
    T4 5,000 5,000
    T5 2,300 -1,500
    T6 -1,700 2,620
    T7 -1,224 816
    T8 -6,000 24,000 18,000
    T9 3,000 -12,000 -9,000
    T10 -1,000
    T11 -750
    T12
    T13 -5,000 -5,000
    T14
    T15 -850 850
    25,326 4,700 2,620 816 12,000 850 12,500 - 9,000
    Equity
    Capital Income -Expenses (Alpha) -Withdrawal (Beta)

    Share Sales -COGS -Insur Exp -Dividends Check


    Capital
    25,000 -
    -
    -
    750 -500 -
    -
    2,300 -1,500 -
    2,620 -1,700 -
    -408 -
    -
    -
    -1,000 -
    -750 -
    -
    -
    -
    -
    25,000 5,670 -3,700 -408 -1,750 -
    Income Statement Assets
    Incomes Bank + Cash 25,326
    Sales 5,670 Inventory 4,700
    Expenses Debtors 2,620
    COGS -3,700 Prepaid Insurance 816
    Ins. Exp. -408 Land 12,000
    Net Profit 1,562 Claim Receivable 850
    Dividend -1,750
    Retained earnings -188

    Total Assets 46,312

    Cash Flow Statement


    CFO
    Op. Bal 25,000
    Inventory pur. -5,000

    CFI

    CFF
    Loan 12,500

    Net Change in Cash


    Opening Cash and Equivalents
    Closing Cash and Equivalents
    Liab and Equity
    Bank Loan 12,500
    Creditors -
    Mortgage Loan 9,000
    Total Liab 21,500

    Share Capital 25,000


    Retained Earnings -188

    Total Equity 24,812


    Total Liab +Equity 46,312
    1 Business Entity Concept
    2 Prepaid and year-end adjustment
    3 Conservatism
    4 Secondary market
    5 Dividend: Forms, Impact of Profit vs Retained Earnings
    6 Expense versus loss

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