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    Accounting

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    firdousmohammed578

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    © All Rights Reserved
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    Accounting

    Uploaded by

    firdousmohammed578
    10 views5 pages

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    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    10 views5 pages

    Accounting

    Uploaded by

    firdousmohammed578

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    Department of

    accounting and finance


    Section 5

    Fundamental accounting I
    assignment
    Prepared by
    Sosina Getachew ugr/3647/15

    2016e.c/2023
    A) Analysis of transaction
    1) CashAsset20,000
    CapitalEquity20,000
    2) EquipmentAsset30,000
    CapitalEquity30,000
    3) supplyAsset3,000
    Account payableLiability3,000
    4) CashAsset20,000
    Service revenueRevenue20,000
    5) Advertisement expenseExpense3,000
    CashAsset3,000
    6) No entry
    7) CashAsset10,000
    CapitalEquity10,000
    8) Service revenueRevenue15,000
    Account receivableAsset15,000
    9) EquipmentAsset5,000
    CashAsset5,000
    10) CashAsset5,000
    Account receivableAsset5,000
    11) CashAsset2,000
    Account payableLiability2,000
    12) CashAsset8,000
    EquipmentAsset8,000
    13) Bank loanLiability4,000
    CashAsset4,000
    14) Not transaction
    15) Wage, rent, utilities & other expenses Expense12,500
    CashAsset12,500
    16) Supply expenseExpense1,700
    SupplyAsset1,700
    17) Cash Asset450
    Bank loanLiability400
    Interest expenseExpense50
    18) CashAsset5,000
    DrawingEquity5000
    R.No Asset Liability Owner`s
    Equity
    Cash Account supply equipment Bank Account capital
    receivable loan payable
    1 20,000 - - - - - 20,000
    Balance 20,000 0 0 0 0 0 20,000
    2 - - - 30,000 - - 30,000
    Balance 20,000 0 0 30,000 0 0 50,000
    3 - - 3,000 - - 3,000 -
    Balance 20,000 0 3,000 30,000 0 3,000 50,000
    4 20,000 - - - - - 20,000-
    Service
    revenue
    Balance 40,000 0 3,000 30,000 0 3,000 70,000
    5 3000 - - - - - 3,000-
    Advertisement
    expense
    Balance 37,000 0 3,000 30,000 0 3,000 67,000
    6 - - - - - - -
    Balance 37,000 0 3,000 30,000 0 3,000 67,000
    7 10,000 - - - - - 10,000-
    Aditional
    investment
    Balance 47,000 0 3,000 30,000 0 3,000 77,000
    8 - 15,000 - - - - 15,000-
    Service
    revenue
    Balance 47,000 15,000 3,000 30,000 0 3,000 92,000
    9 5,000 - - -5,000 - -
    Balance 52,000 15,000 3,000 25,000 0 3,000 92,000
    10 5,000 -5,000 - - - - -
    Balance 57,000 10,000 3,000 25,000 0 3,000 92,000
    11 -2,000 - - - - -2,000 -
    Balance 55,000 10,000 3,000 25,000 0 1,000 92,000
    12 -8,000 - - 8,000 - - -
    Balance 47,000 10,000 3,000 33,000 0 1,000 92,000
    13 4,000 - - - 4,000 - -
    Balance 51,000 10,000 3,000 33,000 4,000 1,000 92,000
    14 - - - - - - -
    Balance 51,000 10,000 3,000 33,000 4,000 1,000 92,000
    15 -12,500 - - - - - Wages-$6.000
    Rent-4,500
    Utilities- 1,200
    Others-800

    Balance 38,500 10,000 3,000 33,000 4,000 1,000 79,500


    16 - - -1,700 - - - 1700-Supply
    expense
    Balance 38,500 10,000 1,300 33,000 4,000 1,000 77,800
    17 -450 - - - -400 - 50-Interest
    expense
    Balance 38,050 10,000 1,300 33,000 3,600 1,000 77,750
    18 -5,000 - - - - - -5,000
    Balance 33,050 10,000 1,300 33,000 3,600 1,000 72,750
    total 77,350 4,600 72,750
    77,350 77,350

    B) Financial statements
    AH Consultancy Services statement of profit and loss for
    the month of January 31, 2003
    Revenue
    Service revenue 35,000
    Expenses
    Advertisement expense 3,000
    Wage expenses 6,000
    rent expenses 4,500
    utilities expenses 1,200
    other expenses 800
    Supply expense 1,700
    Interest expense 50
    Total expenses 17,250
    Net Income 17,750

    AH Consultancy Services statement of Owners Equity


    for the month of January 31, 2003
    Initial Investment 60,000
    Change in equity
    Additional Investment 10,000
    Net Income 17,750
    Drawing 5,000
    Capital 72,750
    AH Consultancy Services statement of Financial position
    for the month of January 31, 2003
    Asset Liability + Owner`s
    Equity
    Cash 33,050 Liability
    Account receivable 10,000 Bank loan
    supply 1,300 Account payable 1,000
    equipment 33,000 Owner`s Equity 3,600
    Total Asset 77,350 Capital 72,750
    Total liability & equity 77,350

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