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    Asset Liability Equity

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    STANLY SUDIP SARKER
    This document summarizes the accounting transactions of XYZ Accounting Practice Pty Ltd for December 2020. It includes journal entries recording cash investments, purchases of furniture and supplies, revenue and expenses. The trial balance, income statement and balance sheet are also provided showing the company's financial position at the end of the month with total assets of $91,500 and liabilities and equity of $91,500.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Asset Liability Equity

    Uploaded by

    STANLY SUDIP SARKER
    26 views13 pages
    This document summarizes the accounting transactions of XYZ Accounting Practice Pty Ltd for December 2020. It includes journal entries recording cash investments, purchases of furniture and supplies, revenue and expenses. The trial balance, income statement and balance sheet are also provided showing the company's financial position at the end of the month with total assets of $91,500 and liabilities and equity of $91,500.

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    This document summarizes the accounting transactions of XYZ Accounting Practice Pty Ltd for December 2020. It includes journal entries recording cash investments, purchases of furniture and supplies, revenue and expenses. The trial balance, income statement and balance sheet are also provided showing the company's financial position at the end of the month with total assets of $91,500 and liabilities and equity of $91,500.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    26 views13 pages

    Asset Liability Equity

    Uploaded by

    STANLY SUDIP SARKER
    This document summarizes the accounting transactions of XYZ Accounting Practice Pty Ltd for December 2020. It includes journal entries recording cash investments, purchases of furniture and supplies, revenue and expenses. The trial balance, income statement and balance sheet are also provided showing the company's financial position at the end of the month with total assets of $91,500 and liabilities and equity of $91,500.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 13

    Asset

    Liability

    Equity

    Expenses

    Income
    Increase of an asset in the business affects the debit/credit side of the asset account.
    Decrease of an asset in the business affects the debit/credit side of the asset account.

    Increase of a liability in the business affects the debit/credit side of the liability accoun
    Decrease of a liability in the business affects the debit/credit side of the liability accou
    Increase of equity in the business affects the debit/credit side of the equity account.
    Decrease of equity in the business affects the debit/credit side of the equity account.

    Increase of an expense in the business affects the debit/credit side of the expense accou

    Decrease of an expense in the business affects the debit/credit side of the expense acco

    Increase of an income in the business affects the debit/credit side of the income accoun

    Decrease of an income in the business affects the debit/credit side of the income accou
    Debit
    Credit

    Credit
    Debit
    Credit
    Debit

    Debit

    Credit

    Credit

    Debit
    December
    1 1
    2 4
    3 10
    4 11
    5 13
    6 15
    7 17
    8 22
    9 25
    10 27
    Name of Transationcs
    Owner has commenced his accounting practice named XYZ Accounting Practice Pty Ltd by investing $40,000
    XYZ Accounting Practice Pty Ltd has purchased furniture costing $35,000 by paying $15,000 cash.
    XYZ Accounting Practice Pty Ltd has paid salaries expense of $ 5000.
    XYZ Accounting Practice Pty Ltd received cash of $17,500 as service revenue.
    XYZ Accounting Practice Pty Ltd paid Accounts Payable recorded on 04 December.
    XYZ Accounting Practice Pty Ltd purchased stationeries costing $2,500.
    XYZ withdrawn $17,500 from his practice.
    XYZ Accounting Practice Pty Ltd Paid for transportation expense amounting $2,500.
    XYZ Accounting Practice Pty Ltd incurred and paid for advertising expense amounting $3,500.
    XYZ Accounting Practice Pty Ltd has taken $17500 loan from bank.
    RIDI’s Accounting Practice Pty Ltd.
    General Journal
    Particulars Ref Debit ($) Credit ($)
    Cash 50,000
    12/1/2020
    Equity 50,000

    Furniture 33,578
    12/4/2020 Cash 15,000
    Accounts Payable 18,578

    Salaries expense 5,000


    12/10/2020
    Cash 5,000

    Cash 17,500
    12/11/2020
    Service Revenue 17,500

    Accounts Payable 18,578


    12/13/2020
    Cash 18,578

    Stationaries 2,500
    12/15/2020
    Accounts Payable 2,500

    Drawings 22,500
    12/17/2020
    Cash 22,500

    Transportation expense 2,500


    12/22/2020
    Cash 2,500

    Advertising expense 3,500


    12/25/2020
    Cash 3,500

    Cash 17,500
    12/27/2020
    Loan 17,500
    XYZ Pty Ltd.
    General Ledger
    Cash Account
    Date Account Title Ref Debit Credit
    12/1/2019 Beginning Balance
    12/1/2020 Equity 50,000
    12/4/2020 Furniture 15,000
    12/10/2020 Salaries expense 5,000
    12/11/2020 Service Revenue 17,500
    12/13/2020 Accounts Payable 18,578
    12/17/2020 Drawings 22,500
    12/22/2020 Transportation expense 2,500
    12/25/2020 Advertising expense 3,500
    12/27/2020 Loan 17,500
    12/31/2019 Ending balance
    Balance
    15,000
    65,000
    50,000
    45,000
    62,500
    43,922
    21,422
    18,922
    15,422
    32,922
    32,922
    XYZ Pty Ltd.
    General Ledger
    Accounts Payable Account
    Date Account Title Ref Debit Credit
    12/1/2019 Beginning Balance
    12/4/2020 Furniture 18,578
    12/13/2020 Cash 18,578
    12/15/2020 Stationaries 2,500
    12/31/2019 Ending balance
    Balance
    15000
    33,578
    15,000
    17,500
    17,500
    RIDI’s Accounting Practice Pty Ltd.
    Trial Balance as at December 2020
    SLN Account Title Debit Credit
    1 Cash 32,922
    2 Furniture 33,578
    3 Stationaries 2,500
    4 Salaries 5,000
    5 Transportation expense 2,500
    6 Advertising expense 3,500
    7 Service revenue 17,500
    8 Equity 50,000
    9 Drawings 22,500
    10 Accounts payable 17,500
    11 Loan 17,500
    Total 102,500 102,500
    RIDI’s Accounting Practice Pty Ltd.
    Income Statement for the period ending December 31 2022
    SLN Account Title Debit Credit
    1 Service revenue 17,500
    2 Salaries 5,000
    3 Transportation expense 2,500
    4 Advertising expense 3,500
    5 Net Profit 6,500
    Total 17,500 17,500
    RIDI’s Accounting Practice Pty Ltd.
    Balance Sheet as at 31 December 2020
    SLN Account Title Debit Credit
    1 Cash 32,922
    2 Furniture 33,578
    3 Stationaries 2,500
    4 Total Assests
    5 Accounts payable 17,500
    6 Loan 17,500
    Equity 50,000
    Drawings 22,500
    Net Profit 6,500
    91,500 91,500

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