JOURNAL ENTRIES

DATE PARTICULARS DEBIT CREDT

1 Cash 100,000
Capital 100,000
2 Purchased Shop 40,000
Cash 40,000
3 Purchased machinery 20,000
Accounts payable 20,000
4 Purchased vehicle 50,000
Accounts payable 50,000
5 Paid rent for the month 8,000
Cash 8,000
6 Purchased smart phones 60,000
Accounts payable for smart phones 60,000
7 Purchased stock accessories 12,500
Accounts payable for accessories 12,500
8 Purchased smart phones 20,000
Accounts payable for smart phones 20,000
9 Purchased stock accessories 18,000
Accounts payable for accessories 18,000
10 Purchased smart phones 23,000
Accounts payable for smart phones 23,000
11 Accounts receivable smart phone 15,000
Sold product smart phone 15,000
12 Accounts receivable accessories 4,200
Sold product accessories 4,200
13 Cash for mobile phone 28,000
Accounts receivable for mobile phone 28,000
14 Accounts receivable for accessories 5,900
Sold accessories 5,900
15 Accounts receivable smart phone 35,000
Sold product smart phone 35,000
16 Rent Expense 10,000
Cash 10,000
17 Utilities Expense 15,000
Accounts Payable 15,000
18 Salaries Expense 10,000
Accounts payable 10,000
19 Advertising Expense 2,000
Account Payable 2,000
20 Office Supplies Expense 500
 Account Payable 500
21 Insurance Expense 1,200
Cash 1,200
22 Payment of last year's dividend 4,000
Dividends payable 4,000
23 Purchased accessories 2,800
Accounts payable for accessories 2,800
24 Purchased smart phones 50,000
Accounts payable for smart phones 50,000
25 Interest Expense 1,000
Accounts Payable 1,000
26 Cash 10,000
Other Income 10,000
27 Cash for accessories 3,800
Sold accessories 3,800
28 Account Payable 2,000
Cash 2,000
29 Purchased accessories 1,800
Accounts payable for accessories 1,800
30 Cash For smart phones 26,000
Sold smart phone 26,000
31 capital 104,700
bad debts 104700
684,400 684,400
1 Cash
date particular dr. cr.
Capital 100000
Purchased Shop 40000
Paid rent for the month 8000
Accounts receivable for mobile phone 28000
Insurance Expense 1200
Rent Expense 10000
Other Income 10000
Sold accessories 3800
Account Payable 2000
Sold smart phone 26000
balace c/d 88600
167800 149800
2 Purchases
date particular dr. cr.
Cash 40000
Accounts payable 20000
Accounts payable 50000
Accounts payable for smart phones 60000
Accounts payable for accessories 12500
Accounts payable for smart phones 20000
Accounts payable for accessories 18000
Accounts payable for smart phones 23000
Accounts payable for accessories 2800
Accounts payable for smart phones 50000
Accounts payable for accessories 1800
balace c/d 298100
298100 298100

3 Account payable
date particular dr. cr.
Purchased machinery 20000
Purchased vehicle 50000
Purchased smart phones 60000
Purchased stock accessories 18000
Purchased smart phones 20000
Purchased stock accessories 18000
Purchased smart phones 23000
Utilities Expense 15000
Salaries Expense 10000
Advertising Expense 2000
Office Supplies Expense 500
Purchased accessories 2800
Purchased smart phones 50000
Cash 2000
Purchased accessories 1800
balace c/d 271100
273100 291100
 4 capital 11
date particular dr. cr. date
Cash 100000
bad debts 104700
balance sheet 204,700
204,700 204700
5 Account receivable 12
date particular dr. cr. date
Sold product smart phone 15000
Sold product accessories 4200
Cash for mobile phone 28000
Sold accessories 5900
Sold product smart phone 35000 13
balace c/d 32100 date
60100 60100

6 sales
date particular dr. cr. 14
Accounts receivable smart phone 15000 date
Accounts receivable accessories 4200
Accounts receivable for accessories 5900
Accounts receivable smart phone 35000
Cash for accessories 3800
Cash For smart phones 26000
balance c/d 89900 15
89900 89900 date

7 dividend payment
date particular dr. cr.
Dividends payable 4000
balance sheet 4000
4000 4000

8 salary expense
date particular dr. cr.
Accounts payable 10000
balance sheet 10000
10000 10000
 9 advertising expense
date particular dr. cr.
Account Payable 2000
balance c/d 2000
2000 2000

10 Rent paid
date particular dr. cr.
Cash 8000
Cash 10000
balance c/d 18000
18000 18000
office supplies expense
particular dr. cr.
Account Payable 500
balace c/d 500
500 500

Utilities expense
particular dr. cr.
Accounts Payable 15000
balance c/d 15000
15000 15000

insurance expense
particular dr. cr.
Cash 1200
balance c/d 1200
1200 1200

interest expense
particular dr. cr.
Accounts Payable 1000
balace c/d 1000
1000 1000

other icome
particular dr. cr.
Cash 10000
balance sheet 10000
10000 10000
 Trail Balance
Column1 Particular Debit Credit
1 cash 167800
2 purchases 298100
3 account payable 273100
4 capital 204700
5 account receivable 60100
6 sales 89900
7 dividend payment 4000
8 salary expense 10000
9 advertising expense 2000
10 rent paid 18000
11 office supplies expense 500
12 utilities expense 15000
13 insurance expense 1200
14 interest expense 1000
15 other income 10000
577700 577700
 Income Statement Statement of Retained Earnings

Sales 89900 Balance at the start of the year

Less: Cost of sale Loss for the year
Opening Inventory Dividends Paid
Purchases 298100 Balance at the end of this year
Closing Inventory 298100
Gross Profit -208200
Add: Other Income 10000
Less: Expenses
salary expense 10000
advertising expense 2000
rent paid 18000
office supplies expense 500
utilities expense 15000
insurance expense 1200 46700
EBIT -244900
Less: Finance Cost 1000
Profit for the year -245900
of Retained Earnings Balance Sheet

0 Non Current Assets 0

-245900
4000 Current Assets
-249900 Cash 167800
Account Receivable 60100

Total Assets 227900

Shareholder's Equity
Capital 204700
Retained Earnings -249900
-45200

Current Liabilities
Accounts Payable 273100

Non Current Liabilities 0

Total Liabilities 273100

Total Shareholder's Equity and Liabilities 227900

 Cash Flow Statement

Net Income -245900

Increase in Accounts Receivable -60100

Increase in Accounts Payable 273100

Net Cash from Operating Activities -32900

Issue of Share 204700

Dividend Payments 4000

Net Cash From Financing Activities 200700

Net Cash 167800

 FIFO METHOD
DATE PARTICULAR PURCHARE

1/1/2002 MACHINE 20000

SMART PHONE 50000
VEHICLE 60000
ACCESSORIES 18000
SMART PHONE 20000
2/3/2003 SMART PHONE
ACCESSORIES
MOBILE PHONE
ACCESSORIES

AVERAGE METHOD
DATE PARTICULAR PURCHARE

1/1/2002 MACHINE 20000

SMART PHONE 50000
VEHICLE 60000
ACCESSPRIES 18000
SMART PHONE 20000
2/3/2003 SMART PHONE
ASSECORIES
MOBILE PHONE
ACCESSORIES
ISSUSE BALANCE
NRV
20000
70000 SALE PRICE-TOTAL PRODUCTION AND SELLING COST
130000
148000
168000 SALES 89900
15000 153000 TOTAL PRODUCTION 298100
4200 148800 SELLING COST 2000
28000 120800 -210200
5900 114900

ISSUSE BALANCE

20000
45000
75000
85000
95000
15000 80000
4200 75800
28000 47800
5900 41900