“Beshbarmak” Restaurant (continuing for March, 202X)

Important note: This is continuing information for the month March 202X for “Beshbarmak”
Restaurant. Ending balance of Assets, Liabilities and Owner’s equity as of February 28, 202X,
will be now beginning balance of Assets, Liabilities and Owner’s equity as of March 1, 202X.

1. The Company accrued interest payment for loan at 1% per month for March but have not
yet paid it.
2. On March 31, 202X, The Company paid principle amount of long-term loan in amount of
250,000 KZT.
3. Owner purchased 50,000 KZT of food inventory for cash, and
4. Purchased 60,000 KZT of beverage inventory on account
5. Company received payment from its customers in amount of 160,000 KZT
6. Company paid to its suppliers due payments in amount of 100,000 KZT
7. Company paid to its employees due payments in amount of 90,000 KZT

During the period March 1 to March 31 that the following additional transactions occurred:
8. Paid employee salaries 50,000 KZT that were earned in March, 202X
9. Received and paid March utilities expense in amount of 40,000 KZT
10. Sales revenue for March was 370,000 KZT – 90% in cash, 10% on credit card

Additional information for adjusting entries:

11. Ending food inventory on March 31, 202X, is 20,000 KZT, and ending beverage inventory
is 30,000 KZT, the cost of sales for both product inventory accounts is 100,000 KZT.
12. Ten days of wages were earned but not paid by March 31, 202X in amount of 40,000 KZT.

Adjustment, that is from January and February, 202X.

13. Depreciations, amortization and insurance expenses for March, 202X. (Look at your
January and February, 202X transactions).

14. Accrued tax at 20% from income, not yet paid.

Questions:
1. Provide journal entries and T-accounts for each transaction that are indicated above in
points 1-10
2. Record the adjustment journal entries for cost of sales, insurance, payroll and depreciation
expenses. Illustrate these journal entries in T-accounts. (See points 11-14).
3. Create the following 4 key financial statements: Balance sheet, Income statement, Cash
flow statement using direct and indirect methods, and Changing in equity statement for
“Beshbarmak” restaurant.