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    Vogue Co. Journal

    Uploaded by

    Parvathaneni Karishma
    The document summarizes the transactions of Vogue Co. over one month through journal entries. It records the company receiving cash from investors, purchasing equipment and supplies, providing services to customers, receiving payments from customers, paying expenses like salaries and utilities, and distributing dividends to shareholders. The journal entries show increases and decreases in asset, liability, revenue and expense accounts over the period.

    Copyright:

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

    Vogue Co. Journal

    Uploaded by

    Parvathaneni Karishma
    36 views8 pages
    The document summarizes the transactions of Vogue Co. over one month through journal entries. It records the company receiving cash from investors, purchasing equipment and supplies, providing services to customers, receiving payments from customers, paying expenses like salaries and utilities, and distributing dividends to shareholders. The journal entries show increases and decreases in asset, liability, revenue and expense accounts over the period.

    Original Title

    Vogue Co. Journal (1)

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    © © All Rights Reserved

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    The document summarizes the transactions of Vogue Co. over one month through journal entries. It records the company receiving cash from investors, purchasing equipment and supplies, providing services to customers, receiving payments from customers, paying expenses like salaries and utilities, and distributing dividends to shareholders. The journal entries show increases and decreases in asset, liability, revenue and expense accounts over the period.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    36 views8 pages

    Vogue Co. Journal

    Uploaded by

    Parvathaneni Karishma
    The document summarizes the transactions of Vogue Co. over one month through journal entries. It records the company receiving cash from investors, purchasing equipment and supplies, providing services to customers, receiving payments from customers, paying expenses like salaries and utilities, and distributing dividends to shareholders. The journal entries show increases and decreases in asset, liability, revenue and expense accounts over the period.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    You are on page 1of 8

    Assets Liabilities

    Trade Prepaid Unearned


    Cash Receivables Expenses Equipment Trade Payables Revenues
    20000
    -12000 12000
    -5000 5000

    19000
    14000
    -8000
    8500 -8500
    2000 2000
    -500
    24000 5500 5000 12000 0 2000

    Statement of Profit & Loss

    Revenues
    Cash 19000
    Credit 14000 33000
    Less: Expenses
    Salaries 8000
    Rent 500 8500
    Profit for the year 24500

    Stockholders' equity 44500


    Retained Earnings 24500

    Cash flow statement


    Cashflows from operating activities
    Prepaid rent -5000
    Cash revenue 19000
    Salaries paid -8000
    cash revenue 8500
    unearned reven 2000
    rent paid -500 16000
    Cashflows from investing activitie -12000
    Cashflows from financing activiti 20000
    Net cashflow 24000

    Balance Sheet
    Assets Amount Liabilities Amount
    Equipment 12000 Capital 20000
    Trade receivabl 5500 Add:RE 24500
    Prepaid expens 5000
    Cash 24000 Unearned reven 2000
    Total 46500 Total 46500
    Equity
    Capital + Revenue -
    Expenses
    -Dividend/Drawings
    20000

    19000
    14000
    -8000

    -500
    44500
    Transaction analysis
    Assets Liabilities Equity
    Capital + Revenue -
    Trade Office Prepaid Expenses -
    Cash Receivables Supplies Expenses Equipment Trade Payables Dividend/Drawings
    3000 2000 1000 5000 1000 10000
    -400 -400 0
    2000 2000
    -1000 1000
    100 100
    -1000 -1000
    18000 18000
    15000 15000
    1500 -1500
    -300 -300
    -500 -500
    -400 -400
    33900 2500 1100 0 6000 200 43300

    Try & solve on your own

    Statement of Profit & Loss

    Revenues
    Less: Expenses
    Profit for the year

    Stockholders' equity
    Retained Earnings

    Cash flow statement


    Cashflows from operating activities
    Cashflows from investing activities
    Cashflows from financing activities
    Net cashflow

    Balance Sheet
    Assets Amount Liabilities Amount

    Total 0 Total 0
    capital

    capital
    In the books of Vogue Co.
    Journal
    Dr. Cr.
    Date Particulars Amount Amount
    Jun 1 Cash A/c ………….Dr. 50000
    To Capital A/c 50000
    (being cash invested in business)

    Jun 2 Office Supplies A/c………Dr. 2000


    To Cash A/c 2000
    (being office supplies bought for cash)

    Jun 4 Equipment A/c…………Dr. 3000


    To Cash A/c 3000
    (being equipment bought for cash)

    Jun 6 Prepaid Insurance A/c………Dr. 720


    To Cash A/c 720
    (being paid for fire insurance policy for a year)

    Jun 7 Cash A/c……………Dr. 2000


    To Revenue from Services A/c 2000
    (being sold designs for cash)

    Jun 8 Cash A/c………….Dr. 1500


    To Unearned Revenue A/c 1500
    (being amount received from Kidswear, a customer, for
    services to be provided later )

    Jun 9 Office Supplies A/c…………Dr. 3500


    To Trade Payables A/c 3500
    (being office supplies bought on credit from Mohan
    Company)

    Jun 10 Trade Receivables A/c…..Dr. 9000


    To Revenue from Services A/c 9000
    (being billed Shah Company for designs completed)

    Jun 14 Trade Payables A/c……..Dr. 1000


    To Cash A/c 1000
    (being paid Mohan company on account)

    Jun 18 Cash A/c…….Dr. 4000


    To Trade Receivables A/c 4000
    (being received from Shah Co. on account)

    Jun 22 Office Supplies Expenses A/c……Dr. 1800


    To Office Supplies A/c 1800
    (being used office supplies)

    Jun 25 Cash A/c………….Dr. 1000


    Trade Receivables A/c…………. 2000
    To Revenue from Services 3000
    (being completed designs for Gupta Co. and received part
    payment)

    Jun 28 Salaries Expense A/c…….Dr. 800


    To Cash A/c 800
    (being salary of office assistant paid)

    Jun 29 Electricity Expense A/c………Dr. 150


    To Cash A/c 150
    (being electricity bill paid)

    Jun 30 Dividend A/c……..Dr. 2200


    To Cash A/c 2200
    (being dividend paid)
    Please note here 'on account' payment is a part payment as per your text.

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