FINANCIAL STATEMENTS.

Running head: FINANCIAL STATEMENTS 1
FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 2
ASSETS LIABILITIES
Debit Credit Debit Credit
Bank A/c 60,000 1 Capital cum loan
Cash A/c 14,350
81,49
0 1 Interest Payable 300
Prepaid Insurance 4,200 7 Accounts Payable
17,80
0
Motor vehicle 24,000 7 Accounts Payable 7,200
Prepaid Rent 30,000
1
3 Accounts Payable 7,600
Fixtures and Fittings 12,000
1
6 Drawings
Accounts Receivables 6,360
2
0 Accounts Payable
19,40
0
Cash A/c 4,100
2
1 Drawings
Cash A/c 7,420
2
2 Bank Overdraft
30,00
0
Accounts Receivables 21,770
2
3 Accounts Payable
25,00
0
2
5 Accounts Payable
10,25
0
MONTH-END
ADJUSTMENTS
Interest Expense Payable 850
Electricity Expense
Payable 1,900
0 0
184,20
0
81,49
0 0
25,00
0
95,30
0

FINANCIAL STATEMENTS 3
INCOME EXPENSES
Debit Credit Debit
Sales A/c 12,950 1 Interest Expense 300
Credit Sales 6,360 3 Depreciation (mv) 3,000
Sales A/c 7,420 5 Depreciation (F&F) 1,500
Credit Sales 6 Advertisement Expense 2,800
laptops 18,800 7 Purchases A/c 25,000
Tablets 2,970 10 Ticket Expense 120
Credit Sales 11 Purchases (Cash) 1,400
Smartphones 5,300 12 Wages 1,900
tablets 4,950 13 Credit purchases 7,600
17 Maintenance charges 230
19 Wages 1,900
20 Credit purchases
laptops 18,000
tablets 1,400
24 Office Cleaning services 140
2 Internet Expense 850
3 Electricity Expense 1,900
4 Bad debts 318
4 Bad debts 1,089
0
58,75
0 0 69,447
ASSETS 102,710
LIABILITIES 60,605
+ EQUITY 52,800
+ INCOME 58,750
- EXPENSES 69,446 102,710