Retained Earning Opening Balance - Net Income For The Year Ended 2017 2370 Dividend Paid (2,500)

Retained Earning opening balance -
Net Income for the year ended 2017 2370

Dividend paid (2,500)
(130)
Renatal Sales-s 124300
Sales- 35000
Interest Sales- 250
Sales-- (renting the premesis) 100
CGS (30,000)
Gross Profit 129650
Operating Expenses
Depreciation Expenses-Metal Detectors 30000
Depreciation Expenses-Building 1500
Site License Expenses 350
Advertising Expenses 4000
Legal Fee Expenses 3900
Salary Expenses 82000
Interest Expenses 4900
126650
Income before Tax 3000
Income tax Expenses 630
Net Income 2370
Relic Spotter Incorporation
Adjusted Trial Balance
Particular Amount
- Dr Cr
Cash 78,800
Capital 25,000
Additional Paid Up Capital 225,000
Legal Fee 3,900
Land 103,000
Building 85,000
Mortgage Payable 124,000
Metal Detector 120,000
Inventory 12,000
Account payable 2,000
Site license Prepaid 1,750
Advertising expense Prepaid 4,000
Notes Receivable 5,000
Dividend Expense 2,500
Dividend Payable -
Unearned Rental Revenue 1,100
Account Receivable 4,200
Renatal Sales-s 124,300
Sales- 35,000
CGS 30,000
Salaries Expense 82,000
Interest expenses 4,900
Interest payable 4,900
Depreciation Expenses- Buliding 1,500
Depreciation Expenses- Metal Detector 1,500
Accumulated depreciation- Building 30,000
Accumulated depreciation- Metal detector 30,000
Site License Expenses 350
Advertisement Expenses 4,000
Interest receivable 250
Interest Sales- 250
Rental Revenue 100
Income Tax Expenss 630
Income Tax Payable 630
573,780 573,780
Cash
Ref # Particular Amount Ref # Particular Amount
1 by Capital 25,000 2 Legal fee 3,900
by Additional paid
1 225,000 3 Land & building 31,000
up Capital
by
13 Unearned Rental Revenue 1,200 3 Building 33,000
14 by Renatal Sales- 120,100 5 Metal Detector 120,000
Software License
16 by Sales- 35,000 7 2,100
Prepaid
Advertising Expense
8 8,000
Prepaid
9 Note Receivable 5,000
11 Account Payable 2,000
12 Dividend Payable 2,500
15 Inventory 38,000
18 Salary Expense 82,000
Closing Balance 78,800
406,300 406,300
Capital
1 cash 25,000
25,000 25,000
Additional Paid Up Capital

1 cash 225,000
225,000 225,000
Legal Fee
2 Cash 3,900
3,900 3,900
Land
Cash & Mortgage
3 103,000
Payable
103,000 103,000
Building
Cash & Mortgage
3 52,000
Payable
4 Cash 33,000
85,000 85,000
Mortgage Payable
3 Building & Land 124,000
124,000 124,000
Metal Detector
5 Cash 120,000
120,000 120,000
Inventory
6 Accounts Payable 2,000 17 CGS 30,000
15 Cash 38,000
15 Accounts Payable 2,000
42,000 42,000
Accounts Payable
11 Cash 2,000 6 Inventory 2,000
15 Inventory 2,000
4,000 4,000
Software License Prepaid

7 Cash 2,100
2,100 2,100
Advertisement Expens Prepaid

8 Cash 8,000
8,000 8,000
Notes Receivable
9 Cash 5,000
5,000 5,000
Dividend Expenses
10 Dividend payable 2,500
2,500 2,500
Dividend payable
12 Cash 2,500 10 Dividend Expenses 2,500
Closing Balance -
2,500 2,500
Unearned Rental Revenue

13 cash 1,200

1,200 1,200
Account receivable
14 Sales- 4,200

4,200 4,200
Renatal Sales-s
14 Sales- 124,300
124,300 124,300
Sales-
16 Cash 35,000
35,000 35,000
CGS
17 Cash 30,000
30,000 30,000
Salaries Expense
18 Cash 82,000
82,000 82,000
Interest Expenses
18 Interest Payable 4,900
4,900 4,900
Interest Payable
18 Interest Expenses 4,900
Closing Balance 4,900 Closing Balance
4,900 4,900
Depreciation Expense Building

18 Interest Expenses 4,900
Closing Balance 4,900 Closing Balance
4,900 4,900
Amount
Ref # Date Particulars Dr Cr
31-12-2017 Interest expenses 4900
Interest payable 4900
To record the interest payable on mortgage amount of
$124000 taken from Imperial bank
31-12-2017 Depreciation Expenses 1500

Accumulated depreciation 1500
Deprecation on building using straight line method
31-12-2017 Depreciation expenses 3000

Accumulated depreciation 3000
To record the depreciation expenses on Metal Detectors
using straight line method
31-12-2017 Site license Prepaid 350

Site license Expenses 350
To record the amortization expenses for the software
license.
31-12-2017 Advertisement Expenses 4000

Advertisement Expense Prepaid 4000
To record the actual advertisement expenses incurred as
on 31-12-2017.
31-12-2017 Interest receivable 250

Interest Sales- 250
To record the interest receivable on Notes Receivable of
5000 @ 10%.
31-12-2017 Unearned Rental Revenue 100

Rental Revenue 100
To record the actual rent income for the year.
31-12-2017 Income Tax Expenses 630

Income tax payable 630
To record the income tax expenses.
14730 14730
Unadjusted Trial Balance
Particular Amount
- Dr Cr
Cash 78,800
Capital 25,000
Additional Paid Up Capital 225,000
Legal Fee 3,900
Land 103,000
Building 85,000
Mortgage Payable 124,000
Metal Detector 120,000
Inventory 12,000
Site license Prepaid 2,100
Advertising expense Prepaid 8,000

Notes Receivable 5,000
Dividend Expense 2,500
Dividend Payable -
Unearned Rental Revenue 1,200
Account Receivable 4,200
Renatal Sales-s 124,300
Sales- 35,000
CGS 30,000
Salaries Expense 82,000
536,500 536,500
Cash
Ref # Particular Amount Ref # Particular
1 Cash 250,000 2 Legal fee
13 by Unearned Rental Revenue 1,200 3 Land & building
14 by Renatal Sales- 120,100 3 Building

16 by Sales- 35,000 5 Metal Detector
7 Software License
Prepaid
8 Advertising Expense
Prepaid
9 Notes Receivable
11 Account Payable
12 Dividend Payable
15 Inventory
18 Salary Expense
Closing Balance
406,300
Capital
1 cash
25,000
Additional Paid Up Capital

1 cash
225,000
Legal Fee
2 Cash 3,900
Closing Balance
3,900
Land
3 Cash & Mortgage Payable 103,000
Closing Balance
103,000
Building
3 Cash & Mortgage Payable 52,000
4 Cash 33,000
Closing Balance
85,000
Mortgage Payable
3 Building & Land
124,000
Metal Detector
5 Cash 120,000
Closing Balance
120,000
Inventory
6 Accounts Payable 2,000 17 CGS
15 Cash 38,000
15 Accounts Payable 2,000
Closing Balance
42,000
Accounts Payable
11 Cash 2,000 6 Inventory
15 Inventory
4,000
Site License Prepaid
7 Cash 2,100
Closing Balance
2,100
Advertisement Expens Prepaid

8 Cash 8,000
Closing Balance
8,000
Notes Receivable
9 Cash 5,000
Closing Balance
5,000
Dividend Expenses
10 Dividend payable 2,500
Closing Balance
2,500
Dividend payable
12 Cash 2,500 10 Dividend Expenses
Closing Balance -
2,500
Unearned Rental Revenue

13 cash
1,200
Account receivable
14 Sales- 4,200
Closing Balance
4,200
Renatal Sales-s
14 Sales-
124,300
Sales-
16 Cash
35,000
CGS
17 Cash 30,000
Closing Balance
30,000
Salaries Expense
18 Cash 82,000
Closing Balance
82,000
Amount
3,900
31,000
33,000
120,000
2,100
8,000
5,000
2,000
2,500
38,000
82,000
78,800
406,300
Amount
25,000
25,000
Amount
225,000
225,000
Amount
3,900
3,900
Amount
103,000
103,000
Amount
85,000
85,000
Amount
124,000
124,000
Amount
120,000
120,000
Amount
30,000
12,000
42,000
Amount
2,000
2,000
4,000
Amount
2,100
2,100
Amount
8,000
8,000
Amount
5,000
5,000
Amount
2,500
2,500
Amount
2,500
2,500
Amount
1,200
1,200
Amount
4,200
4,200
Amount
124,300
124,300
Amount
35,000
35,000
Amount
30,000
30,000
Amount
82,000
82,000
General Journal
For the Year Ended December 31, 2017
Ref # Date Particular Dr Cr

1 1/4/2017 Cash 250,000
Capital 25,000
Additional Paid Up capital 225,000
To Record the initial investment for the business
2 2/4/2017 Legal fee 3,900

Cash 3,900
Paid legal fee to register business.
3 7/4/2017 Building 52,000

Land 103,000
Cash 31,000
Mortgage payable 124,000
Purchased building and land for business, paid 155000 in
cash out of which 124000 were taken from as a mortgage
from bank.
4 25/5/2017 Building 33,000

Cash 33,000
To record the renovation expenses that has enhanced the
building life time to 25 years
5 2/6/2017 Metal detector 120,000

Cash 120,000
Purchased 240 metal detectors @ 500 each.
6 15/6/2017 Inventory 2,000

Account Payable 2,000
Purchased Sundry items (water bottles, energy bars etc)
on account of 30 days.
7 30/6/2017 Software 2,100

Cash 2,100
Paid geo-counter mapping Site fee for 3 years in advance.
8 30/6/2017 Advertisement Expense Prepaid 8,000

Cash 8,000
Paid advertising expenses for a year in advance.
9 30/6/2017 Notes Receivable 5,000
Cash 5,000
Park borrowed 5000 from business for a year @ 10%
interest to pay mortgage.
10 30/6/2017 Dividend Expenses 2,500

Dividend payable 2,500
Announced dividend @ $.10 per share to be paid on
august 31.
11 31/7/2017 Accounts Payable 2,000

Cash 2,000
Paid Account payable amount for Inventory purchased on
15-06-2017
12 31/8/2017 Dividend payable 2,500

Cash 2,500
Paid dividend announced on 31-06-2017 @ $ 0.10 per
share.
13 12/12/2017 Cash 1,200

Unearned Rental Revenueal 1,200
Received rent from club for a year in advance for rental
agreement with a club.
14 31/12/2017 Cash 120,100

Account receivable 4,200
Rental Revenue 124,300
Sales- generated by renting metal detectors.
15 31/12/2017 Inventory 40,000

Cash 38,000
Purchased Inventory.
16 31/12/2017 Cash 35,000

Sales 35,000
Sales- generated by selling Inventory.
17 31/12/2017 CGS 30,000

Inventory 30,000
To record the inventory out.
18 31/12/2017 Salary Expenses 82,000

Cash 82,000
Paid 06 months’ salary to employees and paid 50000
salary to Park
898,500 898,500

Retained Earning Opening Balance - Net Income For The Year Ended 2017 2370 Dividend Paid (2,500)

Uploaded by

Copyright:

Available Formats

Retained Earning Opening Balance - Net Income For The Year Ended 2017 2370 Dividend Paid (2,500)

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Retained Earning Opening Balance - Net Income For The Year Ended 2017 2370 Dividend Paid (2,500)

Uploaded by

Copyright:

Available Formats

Retained Earning opening balance -

Net Income for the year ended 2017 2370

14 by Renatal Sales- 120,100 5 Metal Detector 120,000

Additional Paid Up Capital

Software License Prepaid

Advertisement Expens Prepaid

Unearned Rental Revenue

Closing Balance 1,200

Closing Balance 4,200

Depreciation Expense Building

31-12-2017 Depreciation Expenses 1500

31-12-2017 Depreciation expenses 3000

31-12-2017 Site license Prepaid 350

31-12-2017 Advertisement Expenses 4000

31-12-2017 Interest receivable 250

31-12-2017 Unearned Rental Revenue 100

31-12-2017 Income Tax Expenses 630

Advertising expense Prepaid 8,000

14 by Renatal Sales- 120,100 3 Building

Additional Paid Up Capital

Advertisement Expens Prepaid

Unearned Rental Revenue

Ref # Date Particular Dr Cr

2 2/4/2017 Legal fee 3,900

3 7/4/2017 Building 52,000

4 25/5/2017 Building 33,000

5 2/6/2017 Metal detector 120,000

6 15/6/2017 Inventory 2,000

7 30/6/2017 Software 2,100

8 30/6/2017 Advertisement Expense Prepaid 8,000

10 30/6/2017 Dividend Expenses 2,500

11 31/7/2017 Accounts Payable 2,000

12 31/8/2017 Dividend payable 2,500

13 12/12/2017 Cash 1,200

14 31/12/2017 Cash 120,100

15 31/12/2017 Inventory 40,000

16 31/12/2017 Cash 35,000

17 31/12/2017 CGS 30,000

18 31/12/2017 Salary Expenses 82,000

You might also like