Assignment 1

Rs.
Fees received in 2017 21,710
Less: Unbilled revenue 2016 -2,100
Add: Unbilled revenue 2017 1,800
Add: Unearned revenue 2016 1,100
Less: Unearned revenue 2017 -1,600
Actual revenue 20,910

Interest received in 2017 2,030

Less: Interest receivable 2016 -570
Add: Interst receivable 2017 680
Actual interest received 2,140

Rent paid in 2017 11,600

Add: Prepaid rent 2016 5,900
Less: Prepaid rent 2017 -7,900
Actual rent 9,600

Salaries paid in 2017 6,820

Less: Salaries payable 2016 -1,200
Add: Salaries payable 2017 850
Actual salaries 6,470

Interest paid in 2017 1,840

Less: Interest payable 2016 -730
Add: Interest payable 2017 810
Actual interest 1,920
 Assignment 2
LEISURE CENTRE LTD.
INCOME STATEMENT for the month ended 31st July 2016
Items Rs.
Revenue from services 15,540
Add: Revenue due 1,200
Add: Part of unearned 300

Less: Supplies 3,280

Less: Closing inventory 1,190
2,090
Less: Insurance 100
Less: Salaries 2,910
Add: Outstanding 1,290
4,200
Less: Telephone 290
Less: Outstanding electricity 280
Less: Depreciation on:
Swimming pool (Rs.12,000/5; /12) 200
Tennis court (Rs.9,600/8; /12) 100

EBIT/Operating income (no tax, so this is PAT)

Less: Dividends
Retained Earnings

BALANCE SHEET As at 31st July 2016

Assets
Rs.
Non-current assets:

Swimming pool (Rs.12,000-200)

Tennis court (Rs.9,600-100)
Current assets:

Supplies (closing inventory) 1,190

Trade receivables 2,910
Prepaid insurance 1,100
Revenue due 1,200
Cash 940

Total Assets

Shareholders equity and liabilities

Shareholders equity

Share capital 15,000

Add: Retained earnings 8,980

Liabilities

Trade payables 1,290

Unearned revenue (Rs.2,100-300) 1,800
Outstanding salaries 1,290
Outstanding electricity 280

Total shareholders equity and liabilities

nt 2
D.
ended 31st July 2016
Rs.

17,040

7,260
9,780
800
8,980

Rs.

11,800
9,500
 7,340

28,640

23,980

4,660

28,640