Assignment on 503_Year wise Questions

S
ubmitted To:
Dr. Md. Shahid Ullah
Faculty, BIBM, Dhaka

Subm
itted By:
Md. Farid Uddin
Roll No:1072004

Bangladesh Institute of Bank Management

Mirpur-02, Dhaka-1216

ABC Trading & Co E_MBM_2017_Q(08)

 Multiple Step Income Statement MBM_2018_Q (09)
For the year Ended December’31, 2017

Operating Revenues: TK. TK.

Gross Sales 6,28,000
Less: Sales Returns & Allowances 6000
Net sales 6,22,000
Less: Cost of Goods Sold 4,12,700
Gross Margin 2,09,300
Operating Expenses:
Selling Expenses:
Depreciation on Equipment 12,700
Insurance Expenses (9,200*60%) 5,520
Utilities Expenses ((12,000*60%) 7,200
Sales Salaries Expenses 76,000
Sales Commission Expenses 15,500
(1,16,920)
92,380
Administrative Expenses:
Depreciation on Building 10,400
Insurance Expenses (9,200*40%) 3,680
Office Salaries Expenses 32,000
Utilities Expenses (12,000*40%) 4,800
Property tax expenses 4,800
(55,680)
36,700
Non-Operating Revenue:
Interest Revenue 5,000
41,700
Non-Operating Expenses:
Interest Expenses (11,000)

Net Income 30,700

ABC Trading & Co

Owner’s Equity Statement

For the year Ended December’31, 2017

Capital at Begining 1,76,600

Add: Net Income 30,700

2,07,300
Less: Owner’s Drawings (28,000)
End Capital or Owner’s Equity 1,79,300
 ABC Trading & Co
Balance Sheet
As on December’31, 2017

Asset Liability & Owner’s Equity

Tk Tk Tk Tk Tk Tk
Current Asset: Current Liabilities:
Cash 20800 Interest Payable 4000
Account Receivable 50300 Mortgage Payable 10000
Prepaid Insurance 2400 Accounts Payable 78700
Merchandise Inventory 75000 Property Tax Payable 4800
148500 Sales Comm Payable 5300
Utilities Payable 1000
Fixed Asset: Total Current Liabilites 103800
Equipment 110000
less: Acc Depre- Eqp 42900 Long term Liabilities:
67,100 Mortgage payable 70000
Building 190000 Total Liabilities 1,73,800
less: Acc Dep -Building 52500 Owners Equity:
137500 Ending Capital 1,79,300
Total fixed asset 204600

Total Asset 353100 Liability & Owner’s Equity 3,53,100

 The Sunshine Limited E_MBM_2018_Q_08
Adjusting Entries
General Journal J2
Date Account Title Ref. Debit Credit
October’31, Supplies Expenses 1500
2018 Advertising Supplies 1500
(To adjust Advertising expenses)

October’31, Depreciation expenses-equipment 100

2018 Accumulated depreciation-equipment 100
(To recorded depreciation accounts)

October’31, Insurance Expenses 50

2018 Prepaid Insurance 50
(To record insurance expenses)

October’31, Unearned Service Revenue 400

2018 Service Revenue 400
(To adjust unearned service revenue)

October’31, Account Receivable 200

2018 Service Revenue 200
(To record account receivable)

October’31, Interest Expense 50

2018 Interest Payable 50
(To record interest expense)

October’31, Salaries Expenses 1200

2018 Salaries Payable 1200
(To record salaries payable)
 The Sunshine Limited
General Ledger

Advertising Supplies
Date Account Title Ref Debit Credit Balance
Oct’31,2018 2500 2500
Oct’31,2018 Adjusting Entries 1500 1000

Supplies Expense
Date Account Title Ref Debit Credit Balance
Oct’31,2018 Adjusting Entries 1500 1500

Depreciation Expense-Equipment
Date Account Title Ref Debit Credit Balance
Oct’31,2018 Adjusting Entries 100 100

Accumulated Depreciation-Equipment
Date Account Title Ref Debit Credit Balance
Oct’31,2018 Adjusting Entries 100 100

Pre-Paid Insurance
Date Account Title Ref Debit Credit Balance
Oct’31,2018 600 600
Oct’31,2018 Adjusting Entries 50 550

Insurance Expense
Date Account Title Ref Debit Credit Balance
Oct’31,2018 Adjusting Entries 50 50

Unearned Service Revenue

Date Account Title Ref Debit Credit Balance
Oct’31,2018 1200 1200
Oct’31,2018 Adjusting Entries 400 800

Service Revenue
Date Account Title Ref Debit Credit Balance
Oct’31,2018 10000 10000
Oct’31,2018 Adjusting Entries 400 10400
Oct’31,2018 Adjusting Entries 200 10600

Account Receivable
Date Account Title Ref Debit Credit Balance
Oct’31,2018 Adjusting Entries 200 200
 Interest Expense
Date Account Title Ref Debit Credit Balance
Oct’31,2018 Adjusting Entries 50 50

Interest Payable
Date Account Title Ref Debit Credit Balance
Oct’31,2018 Adjusting Entries 50 50

Salary Expense
Date Account Title Ref Debit Credit Balance
Oct’31,2018 4000 4000
Oct’31,2018 Adjusting Entries 1200 5200

Salary Payable
Date Account Title Ref Debit Credit Balance
Oct’31,2018 Adjusting Entries 1200 1200
 The Sunshine Limited
Adjusted Trial Balance
For the Month ended, October’31, 2018
SL No Title of Accounts Debit Credit
01 Cash 16200
02 Advertising Supplies 1000
03 Prepaid Insurance 550
04 Office Equipment 6000
05 Notes payable 6000
06 Account Payable 2500
07 Unearned Revenue 800
08 CR Byrd Capital 11000
09 CR Byrd Drawings 500
10 Service Revenue 10600
11 Salary Expenses 5200
12 Rent Expenses 900
13 Supplies Expense 1500
14 Depreciation Expense-Equipment 100
15 Accumulated Depreciation-Equipment 100
16 Insurance Expense 50
17 Account Receivable 200
18 Interest Expense 50
19 Interest Payable 50
20 Salary Payable 1200
32250 32250
 XY Services & Co MBM_2018_Q_08
Adjusting Entries
General Journal J2
Date Account Title Ref. Debit Credit
March’31, Supplies Expenses 1500
2018 Advertising Supplies 1500
(To adjust Advertising expenses)

March’31, Depreciation expenses-equipment 100

2018 Accumulated depreciation-equipment 100
(To recorded depreciation accounts)

March’31, Insurance Expenses 50

2018 Prepaid Insurance 50
(To record insurance expenses)

March’31, Unearned Service Revenue 400

2018 Service Revenue 400
(To adjust unearned service revenue)

March’31, Account Receivable 200

2018 Service Revenue 200
(To record account receivable)
XY Services & Co
 General Ledger
Advertising Supplies
Date Account Title Ref Debit Credit Balance
Oct’31,2018 2500 2500
Oct’31,2018 Adjusting Entries 1500 1000

Supplies Expense
Date Account Title Ref Debit Credit Balance
Oct’31,2018 Adjusting Entries 1500 1500

Depreciation Expense-Equipment
Date Account Title Ref Debit Credit Balance
Oct’31,2018 Adjusting Entries 100 100

Accumulated Depreciation-Equipment
Date Account Title Ref Debit Credit Balance
Oct’31,2018 Adjusting Entries 100 100

Pre-Paid Insurance
Date Account Title Ref Debit Credit Balance
Oct’31,2018 600 600
Oct’31,2018 Adjusting Entries 50 550

Insurance Expense
Date Account Title Ref Debit Credit Balance
Oct’31,2018 Adjusting Entries 50 50

Unearned Service Revenue

Date Account Title Ref Debit Credit Balance
Oct’31,2018 1200 1200
Oct’31,2018 Adjusting Entries 400 800

Service Revenue
Date Account Title Ref Debit Credit Balance
Oct’31,2018 10000 10000
Oct’31,2018 Adjusting Entries 400 10400
Oct’31,2018 Adjusting Entries 200 10600

Account Receivable
Date Account Title Ref Debit Credit Balance
Oct’31,2018 Adjusting Entries 200 200

XY Services & Co
 Adjusted Trial Balance
For the Month ended, March’31, 2018
SL No Title of Accounts Debit Credit
01 Cash 16200
02 Advertising Supplies 1000
03 Prepaid Insurance 550
04 Office Equipment 6000
05 Notes payable 6000
06 Account Payable 2500
07 Unearned Revenue 800
08 CR Byrd Capital 11000
09 CR Byrd Drawings 500
10 Service Revenue 10600
11 Salary Expenses 4000
12 Rent Expenses 900
13 Supplies Expense 1500
14 Depreciation Expense-Equipment 100
15 Accumulated Depreciation-Equipment 100
16 Insurance Expense 50
17 Account Receivable 200

31,000 31,000

SALMAN LIMITED
 Multiple Step Income Statement MBM_2019_Q (09)
For the year Ended December’31, 2018

Operating Revenues: TK. TK.

Gross Sales 2,04,000
Less: Return Inward 2,000
Net sales 2,02,000
Less: Cost of Goods Sold
Beginning Inventory 64,000
Purchases 1,25,000
Less: Return Outward 3,000 1,22,000
Net Purchase 1,86,000
Less: Closing Inventory 55,000 (1,31,000)
Gross profit 71,000
Operating Expenses:
Administrative & Selling Expenses:
Bad Debt 2,300
Less: Allowance for Bad Debt 800
1,500
Salaries 6,000
Add: Salary Payable 1,000
7,000
Insurance Expense 1,200
Less: Prepaid Expense 300
900
Audit Fees 1,400
Depreciation On Building @ 12% 13,200
Depreciation On Machinery @ 12% 8,400
Amortization of Prepaid Expenses 2,000
Printing & Stationary 700
(35,100)
Operating Income 35,900
Other Income:
Interest Received 1,000
36,900
Other Expense
Interest Expenditure on Debenture 1,700
Add: Interest Payable 300
(2,000)
Net Income: 34,900
 SALMAN LIMITED

Retained Earnings Statement

For the year Ended December’31, 2018

Particulars Tk. Tk.

Retained Earnings (Previous Year) 14,500
Add: Net Income (Current year) 34,900
49,400
Less: Proposed Dividend @25% 25,000
General Reserve 10,000
(35,000)
Retained Earnings at December, 2018 14,400
 SALMAN LIMITED
Balance Sheet
As on December’31, 2018

Asset Liability & Owner’s Equity

Tk Tk Tk Tk Tk Tk
Current Asset: Current Liabilities:
Cash 23000 Accounts Payable 15000
Account Receivable 35000 Salary Payable 1000
Prepaid Insurance 300 proposed Dividend 25000
Inventory 55000 Int Payable Debentur 300
Advance Income Tax 4000 41300
117300 Long Term Liability
Investment in security 14000 8% Debenture 50000
Fixed Asset: Total liability 91300
Building 110000
Less: Acc. Dep on Building 43200 Share Holder Equity:
66800 Share Capital 100000
Machinary 70000 General Reserve 30000
Less: Acc dep on Machine 28400 Share Premium 10000
41600 Retained Earnings 14400
108400 154400
Intangible Asset:
Preliminary Expenditure 6000 Total Liability &
Total Asset 245700 Owner’s Equity 245700