BR Sports TRIAL B

Sr. No Account Names A/C No

1 Cash Account 1
2 Furniture Account 2
3 Building Account 3
4 Capital Account 4
5 Purchase Account 5
6 Asif Account 6
7 Sales Account 7
8 Office Equipment Account 9
9 Bank 11
10 Discount Received Account 12
11 Discount Allowed Account 13
12 Drawings Account 14
13 Electricity Account 15
14 Repairs Account 16
15 Insurance Account 17
Total
orts TRIAL BALANCE

Debit(Rs.) Credit (Rs.)

51,800
40,000
200,000
370,000
126,000
14,000
72,000
24,000
400
10,000
9,800
6,000
2,000
4,000
2,000
466000 466000
 BR SPORTS EXPORT

Business Portfolio - August 2018

In August 2018, a new company was established with initial investments from the owner. The company started with a capita
infusion of Rs. 370,000, which was credited to the Capital Account. This capital represented the funds contributed by the own
to start the business.

With the available capital, the company engaged in various transactions throughout the month. Here's a breakdown of the
investments and earnings:

1. Cash Account:
- The company received a capital injection of Rs. 130,000 on August 1st, which was credited to the Cash Account.
- Throughout the month, the company made several payments and withdrawals, including purchases, office equipment, an
personal drawings.
- The company also incurred expenses of Rs. 2,000 for electricity.
- The Cash Account balance on August 31st was Rs. 51,800.

2. Furniture Account:
- On August 1st, the company invested Rs. 40,000 in furniture, which was credited to the Furniture Account.
- The Furniture Account balance on August 31st was Rs. 40,000.

3. Building Account:
- The company acquired a building for its operations, investing Rs. 200,000 in August. This amount was credited to the Buildi
Account.
- The Building Account balance on August 31st was Rs. 200,000.

4. Capital Account:
- The initial capital infusion of Rs. 370,000 was recorded in the Capital Account.
- The Capital Account balance on August 31st remained unchanged at Rs. 370,000.

5. Purchase Account:
- The company engaged in purchasing goods for its operations, totaling Rs. 126,000 in August.
- The company made purchases from Asif Account (Rs. 30,000), Cash Account (Rs. 60,000), and Salman Account (Rs. 36,000
- The Purchase Account balance on August 31st was Rs. 120,000.

The company's performance and earnings will be reflected in future portfolio statements as additional transactions take plac
The August 2018 portfolio provides an overview of the company's initial investments, capital structure, and purchases during t
month.
RT

company started with a capital

funds contributed by the owner

th. Here's a breakdown of the

dited to the Cash Account.

urchases, office equipment, and

y.

the Furniture Account.

0.

ount was credited to the Building

0.

Account.
s. 370,000.

6,000 in August.
d Salman Account (Rs. 36,000).
0.

ditional transactions take place.

ucture, and purchases during the
 LEDGER THE MAIN BOOK OF ACCOUNTS

Debit 1) Cash Acount

2018 Rs. 2018
1-Aug Capital A/C 130,000 2-Aug Purchase Account
3-Aug Sales Account 44,000 8-Aug Office Equipment
16-Aug Shahid & Sons A/C 18,000 9-Aug Office Equipment
23-Aug Shahid & Sons A/C 9,800 15-Aug Bank Account
20-Aug Bank Account
24-Aug Drawings Account
27-Aug Electricity
Balance c/d
201,800
1-Sep Balance b/d 51800

Debit 2)Furniture Account

2018 Rs. 2018
1-Aug Capital A/C 40,000

31-Aug Balance c/d

40,000
1-Sep Balance b/d 40,000

Debit 3)Building Account

2018 Rs. 2018
1-Aug Capital A/C 200,000

31-Aug Balance c/d

 200,000
1-Sep Balance b/d 200,000

Debit 3)Capital Account

2018 Rs. 2018
1-Aug Cash Account
Furniture Acount
Building Account

45169 Balance c/d 370,000

370,000
1-Sep Balance b/d

Debit 5)Purchase Account

2018 Rs. 2018
1-Aug Asif Account 30,000
2-Aug Cash Account 60,000
14-Aug Salman Account 36,000

31-Aug Balance c/d

126,000
1-Sep Balance b/d 200,000
S

Credit
Rs.
60,000
16,000
8,000
40,000
18,000
6,000
2,000
51,800
201,800

Credit
Rs.

40,000
40,000

Credit
Rs.

200,000
 200,000

Credit
Rs.
130,000
40,000
200,000

370,000
370,000

Credit
Rs.

120,000
120,000
 BR Sports Income Statement

For the quarter ended 30 September 2018

Merchandise Sale 25,800
Revenue from 5,000
Training
Total Revenue 30,800
Revenue
Procurement Costs 8,000
Wages 700
Rent 1,000
Interest Paid 500
Transportation 300
Utilities 150
Expenses Total Expenses 10,650
Gains Income from sale of 2,000
van
Losses Settlement cost of 800
consumer lawsuit

Net Income (Revenue + Gains) - 21,350

(Expenses + Losses)
 ADJUSTED TRIAL BALANCE
unadjusted Trial Balance MjUStments
Account Title Debit Cred"lt Debit Cred"lt
CASH 10430.00 5200.00 18480.00
ACCOUNTS 5900.00
RECEIVABLE
SUPPLIES 22807.00 18480.00
PREPAID RENT 24000.00 12000.00
EQUIPMENT 37000.00
ACCU 1100.00
DEPRECIATION
ACCOUNTS
PAYABLE
NOTES PAYABLE 30537.00
UTILITIES 3964.00
PAYABLE
INTEREST 150.00
PAYABLE
SERVICE 82600.00
REVENUE
WAGES EXPENSE 18200.00
SUPPLIES
EXPENSE
RENT EXPENSE 12000.00
DEPRECIATION
EXPENSE
ELECTRICnY 2470.00
EXPENSE
TELEPHONE 1494.00 1100.00
EXPENSE
INTEREST 150.00
EXPENSE
Totals 122301.00 122301.00 31730.00 31730.00
ANCE
M..rusted Trial Balance
Debit Cred"lt
10430.00 1100.00
5900.00
4327.00
12000.00
37000.00

5200.00
30537.00
3964.00
150.00
82600.00
18200.00
18480.00
12000.00
1100.00
2470.00
1494.00
150.00
123551.00 123551.00
 Adjusting entry
Date Particulars L.F. Debit

2017 Salaries Ale Dr. l,20000

Dec.31 To Outstanding salaries Ale
(Salaries outstanding provided)
Dec. 31 Rent Ale Dr. 30000
To Outstanding rent Ale
(Provided for rent outstanding)
Dec. 31 Prepaid insurance premium Ale Dr. 45000
To Insurance pren1ium Ale
(Insurance prepaid}
Dec. 31 Accrued Interest on investment Ale Dr. 40000
To Interest on investment Ale
(Provided for interest accrued)

Dec. 31 Bad debts Ale Dr. 20000

To Sundry debtors Ale
(Bad debts written off)
Credit

l,20000

30000

45000

40000

20000
 BALANCE SHEET
As at December 31,2015
Assets $ Liabilities & Stockholders' equity $
Current as i · Liabilities:
Cash 85,550 Notes payable 5000
Accounts receivable 4,700 Accounts payable 1600
Prepaid building rent 1,500 Salaries payable 2000
Unexpired insurance 3,600 Income tax payable 3000
Supplies 250 Unearned service revenue 4400
Total current assets 95600 Total liabilities 16,000
Non-curreal ii !    Stockholders' eguitii:
Equipment 9,000 Capital stock 50,000
Acc. dep. - Equipment 3,600 5,400 Retained earnings 35 000 85.000
Total assets 101,000