P | A | L | E | R | |||||||||
Sl.No. | Proprietorship | Assets | Liabilities | Expenses | Revenue | ||||||||
1 | Bartlett, Drawings | Supplies | Long Term Loan Payable | Rent Expense | Service Revenue | ||||||||
2 | Capital | Accounts Receivable | Salary Payable | Supplies Expense | |||||||||
3 | Cash | Accumulated Depreciation | Salary Expense | ||||||||||
4 | Equipment | Accounts Payable | Depreciation Expense | ||||||||||
5 | Prepaid Insurance | Unearned Revenue | Advertisement Expense | ||||||||||
6 | Insurance Expense | ||||||||||||
7 | Interest Expense | ||||||||||||
In the books of GREENPLACE | Trial Balance | ||||||||||||
Journal Entries | as on 30 April 2017 | ||||||||||||
Dr. | Cr. | Dr. | Cr. | ||||||||||
Date | Particulars | Amount | Amount | Particulars | Amount | Amount | |||||||
28-04-2017 | Supplies A/c. | Dr. | $1,200 | Rent Expense | $5,200 | ||||||||
To, | Accounts Payable A/c. | $1,200 | Supplies Expense | $1,200 | |||||||||
Long Term Loan Payable | $45,000 | ||||||||||||
29-04-2017 | Rent Expense A/c. | Dr. | $3,500 | Berlett, Drawings | $5,000 | ||||||||
To, | Cash A/c. | $3,500 | Salary Expense | $18,600 | |||||||||
Salary Payable | $18,400 | ||||||||||||
30-04-2017 | Cash A/c. | Dr. | $5,600 | Service Revenue | $65,000 | ||||||||
To, | Accounts Receivable A/c. | $5,600 | Supplies | $4,500 | |||||||||
Capital | $29,780 | ||||||||||||
Depreciation Expense | $9,800 | ||||||||||||
Accounts Receivable | $35,500 | ||||||||||||
Cash | $20,000 | ||||||||||||
Accumulated Depreciation | $25,200 | ||||||||||||
Accounts Payable | $25,800 | ||||||||||||
Equipment | $1,20,000 | ||||||||||||
Advertising Expense | $7,500 | ||||||||||||
Insurance Expense | $3,600 | ||||||||||||
Interest Expense | $3,880 | ||||||||||||
Prepaid Insurance | $8,600 | ||||||||||||
Unearned Revenue | $34,200 | ||||||||||||
TOTAL | $2,43,380 | $2,43,380 | |||||||||||
In the books of GREENPLACE | |||||||||||||
Adjusting Entries | |||||||||||||
Dr. | Cr. | ||||||||||||
Date | Particulars | Amount | Amount | ||||||||||
30-04-2017 | Supplies Expense A/c. | Dr. | $2,500 | ||||||||||
To, | Supplies A/c. | $2,500 | |||||||||||
30-04-2017 | Insurance Expense A/c. | Dr. | $5,000 | ||||||||||
To, | Prepaid Insurance A/c. | $5,000 | |||||||||||
30-04-2017 | Unearned Revenue A/c. | Dr. | $20,000 | ||||||||||
To, | Service Revenue A/c. | $20,000 | |||||||||||
30-04-2017 | Depreciation Expense A/c. | Dr. | $9,800 | ||||||||||
To, | Accumulated Depreciation A/c. | $9,800 | |||||||||||
30-04-2017 | Salary Expense A/c. | Dr. | $2,000 | ||||||||||
To, | Salary Payable A/c. | $2,000 | |||||||||||
Rent Expense A/c. | Cr. | Dr. | Long Term Loan Payable A/c. | Cr. | |||||||||
Particulars | Amount | Date | Particulars | Amount | Date | Particulars | Amount | Date | Particulars | Amount | |||
To, Balance b/d | 5200 | 30-04-2017 | By, Balance c/d | 5200 | 30-04-2017 | To, Balance c/d | 45000 | 30-04-2017 | By, Balance b/d | 45000 | |||
5200 | 5200 | 45000 | 45000 | ||||||||||
Supplies Expense A/c. | Cr. | Dr. | Salary Payable A/c. | Cr. | |||||||||
Particulars | Amount | Date | Particulars | Amount | Date | Particulars | Amount | Date | Particulars | Amount | |||
To, Balance b/d | 1200 | 30-04-2017 | By, Balance c/d | 3700 | 30-04-2017 | To, Balance c/d | 20400 | 30-04-2017 | By, Balance b/d | 18400 | |||
To, Supplies A/c. | 2500 | By, Salary Expense A/c. | 2000 | ||||||||||
3700 | 3700 | 20400 | 20400 | ||||||||||
Bartlett, Drawings A/c. | Cr. | Dr. | Service Revenue A/c. | Cr. | |||||||||
Particulars | Amount | Date | Particulars | Amount | Date | Particulars | Amount | Date | Particulars | Amount | |||
To, Balance b/d | 5000 | 30-04-2017 | By, Balance c/d | 5000 | 30-04-2017 | To, Balance c/d | 85000 | 30-04-2017 | By, Balance b/d | 65000 | |||
By, Unearned Revenue A/c. | 20000 | ||||||||||||
5000 | 5000 | 85000 | 85000 | ||||||||||
Salary Expense A/c. | Cr. | Dr. | Capital A/c. | Cr. | |||||||||
Particulars | Amount | Date | Particulars | Amount | Date | Particulars | Amount | Date | Particulars | Amount | |||
To, Balance b/d | 18600 | 30-04-2017 | By, Balance c/d | 20600 | 30-04-2017 | To, Balance c/d | 29780 | 30-04-2017 | By, Balance b/d | 29780 | |||
To, Salary Payable A/c. | 2000 | ||||||||||||
20600 | 20600 | 29780 | 29780 | ||||||||||
Supplies A/c. | Cr. | Dr. | Accumulated Depreciation A/c. | Cr. | |||||||||
Particulars | Amount | Date | Particulars | Amount | Date | Particulars | Amount | Date | Particulars | Amount | |||
To, Balance b/d | 4500 | 30-04-2017 | By, Supplies Expense A/c. | 2500 | 30-04-2017 | To, Balance c/d | 35000 | 30-04-2017 | By, Balance b/d | 25200 | |||
By, Balance c/d | 2000 | By, Depreciation Expense A/c. | 9800 | ||||||||||
4500 | 4500 | 35000 | 35000 | ||||||||||
Depreciation Expense A/c. | Cr. | Dr. | Accounts Payable A/c. | Cr. | |||||||||
Particulars | Amount | Date | Particulars | Amount | Date | Particulars | Amount | Date | Particulars | Amount | |||
To, Balance b/d | 9800 | 30-04-2017 | By, Balance c/d | 19600 | 30-04-2017 | To, Balance c/d | 25800 | 30-04-2017 | By, Balance b/d | 25800 | |||
To, Accumulated Depreciation A/c. | 9800 | ||||||||||||
19600 | 19600 | 25800 | 25800 | ||||||||||
Accounts Receivable A/c. | Cr. | Dr. | Unearned Revenue A/c. | Cr. | |||||||||
Particulars | Amount | Date | Particulars | Amount | Date | Particulars | Amount | Date | Particulars | Amount | |||
To, Balance b/d | 35500 | 30-04-2017 | By, Balance c/d | 35500 | 30-04-2017 | To, Service Revenue A/c. | 20000 | 30-04-2017 | By, Balance b/d | 34200 | |||
To, Balance c/d | 14200 | ||||||||||||
35500 | 35500 | 34200 | 34200 | ||||||||||
Cash A/c. | Cr. | ||||||||||||
Particulars | Amount | Date | Particulars | Amount | |||||||||
To, Balance b/d | 20000 | 30-04-2017 | By, Balance c/d | 20000 | |||||||||
20000 | 20000 | ||||||||||||
Equipment A/c. | Cr. | ||||||||||||
Particulars | Amount | Date | Particulars | Amount | |||||||||
To, Balance b/d | 120000 | 30-04-2017 | By, Balance c/d | 120000 | |||||||||
120000 | 120000 | ||||||||||||
Advertising Expense A/c. | Cr. | ||||||||||||
Particulars | Amount | Date | Particulars | Amount | |||||||||
To, Balance b/d | 7500 | 30-04-2017 | By, Balance c/d | 7500 | |||||||||
7500 | 7500 | ||||||||||||
Insurance Expense A/c. | Cr. | ||||||||||||
Particulars | Amount | Date | Particulars | Amount | |||||||||
To, Balance b/d | 3600 | 30-04-2017 | By, Balance c/d | 8600 | |||||||||
To, Prepaid Insurance A/c. | 5000 | ||||||||||||
8600 | 8600 | ||||||||||||
Interest Expense A/c. | Cr. | ||||||||||||
Particulars | Amount | Date | Particulars | Amount | |||||||||
To, Balance b/d | 3880 | 30-04-2017 | By, Balance c/d | 3880 | |||||||||
3880 | 3880 | ||||||||||||
Prepaid Insurance A/c. | Cr. | ||||||||||||
Particulars | Amount | Date | Particulars | Amount | |||||||||
To, Balance b/d | 8600 | 30-04-2017 | By, Insurance Expense A/c. | 5000 | |||||||||
By, Balance c/d | 3600 | ||||||||||||
8600 | 8600 | ||||||||||||
REPORT SECTION: | |||||||||||||
Adjustment Worksheet: | |||||||||||||
Pre-Adjustment Trial Balance | Adjustments | Adjusted Trial Balance | Income Statement | Balance Sheet | |||||||||
Amount | Particulars | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | ||
$5,200 | Rent Expense | $5,200 | $5,000 | $10,200 | $10,200 | ||||||||
$1,200 | Supplies Expense | $1,200 | $2,500 | $3,700 | $3,700 | ||||||||
$45,000 | Long Term Loan Payable | $45,000 | $45,000 | $45,000 | |||||||||
$5,000 | Berlett, Drawings | $5,000 | $5,000 | $5,000 | |||||||||
$18,600 | Salary Expense | $18,600 | $2,000 | $20,600 | $20,600 | ||||||||
$18,400 | Salary Payable | $18,400 | $2,000 | $20,400 | $20,400 | ||||||||
$65,000 | Service Revenue | $65,000 | $20,000 | $85,000 | $85,000 | ||||||||
$4,500 | Supplies | $4,500 | $2,500 | $2,000 | $2,000 | ||||||||
$29,780 | Capital | $29,780 | $29,780 | $29,780 | |||||||||
$9,800 | Depreciation Expense | $9,800 | $9,800 | $19,600 | $19,600 | ||||||||
$35,500 | Accounts Receivable | $35,500 | $35,500 | $35,500 | |||||||||
$20,000 | Cash | $20,000 | $20,000 | $20,000 | |||||||||
$25,200 | Accumulated Depreciation | $25,200 | $9,800 | $35,000 | $35,000 | ||||||||
$25,800 | Accounts Payable | $25,800 | $25,800 | $25,800 | |||||||||
$1,20,000 | Equipment | $1,20,000 | $1,20,000 | $1,20,000 | |||||||||
$7,500 | Advertising Expense | $7,500 | $7,500 | $7,500 | |||||||||
$3,600 | Insurance Expense | $3,600 | $3,600 | $3,600 | |||||||||
$3,880 | Interest Expense | $3,880 | $3,880 | $3,880 | |||||||||
$8,600 | Prepaid Insurance | $8,600 | $5,000 | $3,600 | $3,600 | ||||||||
$34,200 | Unearned Revenue | $34,200 | $20,000 | $14,200 | $14,200 | ||||||||
TOTAL | $2,43,380 | $2,43,380 | $39,300 | $39,300 | $2,55,180 | $2,55,180 | $69,080 | $85,000 | $1,86,100 | $1,70,180 | |||
$2,500 | Add:Profit | $15,920 | $15,920 | ||||||||||
$5,000 | GRAND TOTAL | $2,43,380 | $2,43,380 | $39,300 | $39,300 | $2,55,180 | $2,55,180 | $85,000 | $85,000 | $1,86,100 | $1,86,100 | ||
$20,000 | |||||||||||||
DATA SECTION: | REPORT SECTION: | ||||||||||||
Adjustment Worksheet: | |||||||||||||
List of Accounts: | Pre-Adjustment Trial Balance | Adjustments | Adjusted Trial Balance | Income Statement | Balance Sheet | ||||||||
Particulars | Amount | Particulars | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | |
Rent Expense | $5,200 | Rent Expense | $5,200 | $5,000 | $10,200 | $10,200 | |||||||
Supplies Expense | $1,200 | Supplies Expense | $1,200 | $2,500 | $3,700 | $3,700 | |||||||
Long Term Loan Payable | $45,000 | Long Term Loan Payable | $45,000 | $45,000 | $45,000 | ||||||||
Berlett, Drawings | $5,000 | Berlett, Drawings | $5,000 | $5,000 | $5,000 | ||||||||
Salary Expense | $18,600 | Salary Expense | $18,600 | $2,000 | $20,600 | $20,600 | |||||||
Salary Payable | $18,400 | Salary Payable | $18,400 | $2,000 | $20,400 | $20,400 | |||||||
Service Revenue | $65,000 | Service Revenue | $65,000 | $20,000 | $85,000 | $85,000 | |||||||
Supplies | $4,500 | Supplies | $4,500 | $2,500 | $2,000 | $2,000 | |||||||
Capital | $29,780 | Capital | $29,780 | $29,780 | $29,780 | ||||||||
Depreciation Expense | $9,800 | Depreciation Expense | $9,800 | $9,800 | $19,600 | $19,600 | |||||||
Accounts Receivable | $35,500 | Accounts Receivable | $35,500 | $35,500 | $35,500 | ||||||||
Cash | $20,000 | Cash | $20,000 | $20,000 | $20,000 | ||||||||
Accumulated Depreciation | $25,200 | Accumulated Depreciation | $25,200 | $9,800 | $35,000 | $35,000 | |||||||
Accounts Payable | $25,800 | Accounts Payable | $25,800 | $25,800 | $25,800 | ||||||||
Equipment | $1,20,000 | Equipment | $1,20,000 | $1,20,000 | $1,20,000 | ||||||||
Advertising Expense | $7,500 | Advertising Expense | $7,500 | $7,500 | $7,500 | ||||||||
Insurance Expense | $3,600 | Insurance Expense | $3,600 | $3,600 | $3,600 | ||||||||
Interest Expense | $3,880 | Interest Expense | $3,880 | $3,880 | $3,880 | ||||||||
Prepaid Insurance | $8,600 | Prepaid Insurance | $8,600 | $5,000 | $3,600 | $3,600 | |||||||
Unearned Revenue | $34,200 | Unearned Revenue | $34,200 | $20,000 | $14,200 | $14,200 | |||||||
Additional Information: | TOTAL | $2,43,380 | $2,43,380 | $39,300 | $39,300 | $2,55,180 | $2,55,180 | $69,080 | $85,000 | $1,86,100 | $1,70,180 | ||
Supplies Consumed within the period | $2,500 | Add:Profit | $15,920 | $15,920 | |||||||||
Prepaid insurance expired | $5,000 | GRAND TOTAL | $2,43,380 | $2,43,380 | $39,300 | $39,300 | $2,55,180 | $2,55,180 | $85,000 | $85,000 | $1,86,100 | $1,86,100 | |
Unearned revenue earned | $20,000 | ||||||||||||
Depreciation charged | $9,800 | ||||||||||||
In the books of GREENPLACE | In the books of GREENPLACE | In the books of GREENPLACE | |||||||||||
INCOME STATEMENT | STATEMENT OF CHANGE IN EQUITY | BALANCE SHEET | |||||||||||
for the period ended 30 April,2017 | for the period ended 30 April,2017 | As on 30 April,2017 | |||||||||||
Particulars | Amount | Particulars | Amount | Particulars | Amount | ||||||||
Service Revenue | $85,000 | Opening Balance of Capital | $29,780 | CURRENT ASSETS: | |||||||||
Add: Net Profit for the period | $15,920 | Supplies | $2,000 | ||||||||||
TOTAL REVENUE | $85,000 | $45,700 | Accounts Receivable | $35,500 | |||||||||
Less: Berlett, Drawings | -$5,000 | Prepaid Insurance | $3,600 | ||||||||||
Rent Expense | -$10,200 | Cash | $20,000 | ||||||||||
Supplies Expense | -$3,700 | Closing Balance of Capital | $40,700 | Total Current Assets | $61,100 | ||||||||
Salary Expense | -$20,600 | ||||||||||||
Depreciation Expense | -$19,600 | NON-CURRENT ASSETS: | |||||||||||
Advertising Expense | -$7,500 | Equipment | $1,20,000 | ||||||||||
Insurance Expense | -$3,600 | Accumulated Depreciation | -$35,000 | ||||||||||
Interest Expense | -$3,880 | Total Non-Current Assets | $85,000 | ||||||||||
TOTAL EXPENSES | -$69,080 | TOTAL ASSETS | $1,46,100 | ||||||||||
NET PROFIT for the period | $15,920 | CURRENT LIABILITIES: | |||||||||||
Salary Payable | $20,400 | ||||||||||||
Accounts Payable | $25,800 | ||||||||||||
Unearned Revenue | $14,200 | ||||||||||||
Total Current Liabilities | $60,400 | ||||||||||||
NON-CURRENT LIABILITIES: | |||||||||||||
Long Term Loan Payable | $45,000 | ||||||||||||
Total Non-Current Liabilities | $45,000 | ||||||||||||
TOTAL LIABILITIES | $1,05,400 | ||||||||||||
Capital: | |||||||||||||
Capital Balance | $40,700 | ||||||||||||
TOTAL CAPITAL | $40,700 | ||||||||||||
TOTAL LIABILITIES & CAPITAL | $1,46,100 | ||||||||||||
In the books of GREENPLACE | In the books of GREENPLACE | In the books of GREENPLACE | |||||||||||
INCOME STATEMENT | STATEMENT OF CHANGE IN EQUITY | BALANCE SHEET | |||||||||||
for the period ended 30 April,2017 | for the period ended 30 April,2017 | As on 30 April,2017 | |||||||||||
Particulars | Amount | Particulars | Amount | Particulars | Amount | ||||||||
Service Revenue | $85,000 | Opening Balance of Capital | $29,780 | CURRENT ASSETS: | |||||||||
Add: Net Profit for the period | $15,920 | Supplies | $2,000 | ||||||||||
TOTAL REVENUE | $85,000 | $45,700 | Accounts Receivable | $35,500 | |||||||||
Less: Berlett, Drawings | -$5,000 | Prepaid Insurance | $3,600 | ||||||||||
Rent Expense | -$10,200 | Cash | $20,000 | ||||||||||
Supplies Expense | -$3,700 | Closing Balance of Capital | $40,700 | Total Current Assets | $61,100 | ||||||||
Salary Expense | -$20,600 | ||||||||||||
Depreciation Expense | -$19,600 | NON-CURRENT ASSETS: | |||||||||||
Advertising Expense | -$7,500 | Equipment | $1,20,000 | ||||||||||
Insurance Expense | -$3,600 | Accumulated Depreciation | -$35,000 | ||||||||||
Interest Expense | -$3,880 | Total Non-Current Assets | $85,000 | ||||||||||
TOTAL EXPENSES | -$69,080 | TOTAL ASSETS | $1,46,100 | ||||||||||
NET PROFIT for the period | $15,920 | CURRENT LIABILITIES: | |||||||||||
Salary Payable | $20,400 | ||||||||||||
Accounts Payable | $25,800 | ||||||||||||
Unearned Revenue | $14,200 | ||||||||||||
Total Current Liabilities | $60,400 | ||||||||||||
NON-CURRENT LIABILITIES: | |||||||||||||
Long Term Loan Payable | $45,000 | ||||||||||||
Total Non-Current Liabilities | $45,000 | ||||||||||||
TOTAL LIABILITIES | $1,05,400 | ||||||||||||
Capital: | |||||||||||||
Capital Balance | $40,700 | ||||||||||||
TOTAL CAPITAL | $40,700 | ||||||||||||
TOTAL LIABILITIES & CAPITAL | $1,46,100 | ||||||||||||
Particulars | Amount | ||||||||||||
Current Assets | A | 61100 | |||||||||||
Current Liabilities | B | 60400 | |||||||||||
Current Ratio | C=A/B | 1.012 | |||||||||||
Particulars | Amount | ||||||||||||
Total Liabilities | A | 105400 | |||||||||||
Total Assets | B | 146100 | |||||||||||
Debt Ratio | C=A/B | 0.721 | |||||||||||
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