Less Accumulated Depreciation on Computer

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Profit and Loss ABCDE PTY LTD JOSEPHDILANKA PONWEERA ARCHCHILLAGE
Profit and Loss
ABCDE PTY LTD JOSEPHDILANKA PONWEERA ARCHCHILLAGE
For the month ended 31 July 2019 JUL 2019
Trading Income
Sales 20,000.00
Total Trading Income 20,000.00
Cost of Sales
Cost of Goods Sold 8,000.00
Total Cost of Sales 8,000.00
Gross Profit 12,000.00
Operating Expenses
Advertising 483.64
Bad debts 233.36
Depreciation 533.78
Insurance 159.49
Interest Expense 60.00
Motor Vehicle Expenses 135.45
Office Expenses 733.73
Rent 2,740.00
Wages and Salaries 4,592.00
Total Operating Expenses 9,671.45
Net Profit 2,328.55

Balance Sheet ABCDE PTY LTD JOSEPHDILANKA PONWEERA ARCHCHILLAGE
Balance Sheet
ABCDE PTY LTD JOSEPHDILANKA PONWEERA ARCHCHILLAGE
As at 31 July 2019 31 JUL 2019
Assets
Current Assets
Accounts Receivable 23,336.00
Allowance for doubtful debt (616.36)
Cash at Bank 11,771.00
Inventory 4,907.37
Office supplies 237.00
Prepayments 1,275.96
Total Current Assets 40,910.97
Fixed Assets
Computer Equipment 2,035.45
Less Accumulated Depreciation on Computer Equipment (32.65)
Less Accumulated Depreciation on Motor vehicle (2,618.38)
Less Accumulated Depreciation on Office furniture (2,013.75)
Motor vehicle 22,469.00
Office furniture 10,802.00
Total Fixed Assets 30,641.67
Total Assets 71,552.64
Liabilities
Current Liabilities
Accounts Payable 8,117.00
GST 979.26
Historical Adjustment (197.17)
Interest owing on the bank loan 60.00
Total Current Liabilities 8,959.09
Non-current Liabilities
Bank loan owing 11,754.00
Total Non-current Liabilities 11,754.00
Total Liabilities 20,713.09
Net Assets 50,839.55
Equity
Current Year Earnings 2,328.55
Retained Earnings 7,585.00
Share capital 40,926.00
Total Equity 50,839.55

Trial Balance ABCDE PTY LTD JOSEPHDILANKA PONWEERA ARCHCHILLAGE
Trial Balance
ABCDE PTY LTD JOSEPHDILANKA PONWEERA ARCHCHILLAGE
As at 31 July 2019
ACCOUNT CODE ACCOUNT ACCOUNT TYPE DEBIT CREDIT 30 JUN 2019
200 Sales Revenue 20,000.00 -
310 Cost of Goods Sold Direct Costs 8,000.00 -
400 Advertising Expense 483.64 -
416 Depreciation Expense 533.78 -
433 Insurance Expense 159.49 -
437 Interest Expense Expense 60.00 -
449 Motor Vehicle Expenses Expense 135.45 -
453 Office Expenses Expense 733.73 -
469 Rent Expense 2,740.00 -
477 Wages and Salaries Expense 4,592.00 -
505 Bad debts Expense 233.36 -
600 Cash at Bank Current Asset 11,771.00 23,048.00
610 Accounts Receivable Current Asset 23,336.00 3,451.00
620 Prepayments Current Asset 1,275.96 -
630 Inventory Current Asset 4,907.37 10,260.00
640 Allowance for doubtful debtCurrent Asset 616.36 (383.00)
650 Office supplies Current Asset 237.00 438.00
710 Office furniture Fixed Asset 10,802.00 10,802.00
711
Less Accumulated
Depreciation on Office
furniture
Fixed Asset 2,013.75 (1,844.00)
720 Computer Equipment Fixed Asset 2,035.45 -
721
Less Accumulated
Depreciation on Computer
Equipment
Fixed Asset 32.65 -
730 Motor vehicle Fixed Asset 22,469.00 22,469.00
731
Less Accumulated
Depreciation on Motor
vehicle
Fixed Asset 2,618.38 (2,287.00)
800 Accounts Payable Current Liability 8,117.00 (5,462.00)
820 GST Current Liability 979.26 -
826 Interest owing on the bank
loan Current Liability 60.00 -
830 Telephone payable Current Liability - (227.00)
840 Historical Adjustment Current Liability 197.17 -
900 Bank loan owing Non-current Liability 11,754.00 (11,754.00)
960 Retained Earnings Equity 7,585.00 (7,585.00)
970 Share capital Equity 40,926.00 (40,926.00)
Total 94,702.40 94,702.40 -

Account Transactions ABCDE PTY LTD JOSEPHDILANKA PONWEERA ARCHCHILLAGE
Account Transactions
ABCDE PTY LTD JOSEPHDILANKA PONWEERA ARCHCHILLAGE
For the period 1 July 2019 to 31 July 2019
DATE SOURCE DESCRIPTION REFERENCE DEBIT CRE
Accounts Payable
Opening Balance - 5,46
1 Jul 2019 Payable Payment Payment: wages 2,384.00
1 Jul 2019 Payable Invoice wages - 2,38
7 Jul 2019 Payable Invoice Creditor1 PO-0001 - 700
8 Jul 2019 Payable Payment Payment: Motor expense 149.00
8 Jul 2019 Payable Invoice Motor expense - 149
9 Jul 2019 Payable Payment Payment: Insurance 1,579.00
9 Jul 2019 Payable Invoice Insurance - 1,57
12 Jul 2019 Payable Payment Payment: Creditor1 977.00
12 Jul 2019 Payable Payment Payment: Creditor1 1,423.00
13 Jul 2019 Payable Invoice Computer - 2,23
14 Jul 2019 Payable Invoice Creditor1 PO-0002 - 754
15 Jul 2019 Payable Invoice wages - 2,20
15 Jul 2019 Payable Payment Payment: wages 2,208.00
16 Jul 2019 Payable Invoice Rent - 3,01
16 Jul 2019 Payable Payment Payment: Rent 3,014.00
20 Jul 2019 Payable Invoice Creditor1 PO-0003 - 696
22 Jul 2019 Payable Invoice Office supplies PO-0006 - 586
24 Jul 2019 Payable Invoice Creditor1 PO-0004 - 540
25 Jul 2019 Payable Credit Note Creditor1 PO-0004 81.00
25 Jul 2019 Payable Credit Note Allocation Creditor1 PO-0004 81.00
25 Jul 2019 Payable Credit Note Allocation Creditor1 PO-0004 - 81
28 Jul 2019 Payable Payment Payment: Creditor1 1,431.00

Account Transactions
DATE SOURCE DESCRIPTION REFERENCE DEBIT CRE
Account Transactions ABCDE PTY LTD JOSEPHDILANKA PONWEERA ARCHCHILLAGE
29 Jul 2019 Payable Invoice Advertising - 532
30 Jul 2019 Payable Invoice Creditor1 PO-0005 - 520
Total Accounts Payable 13,327.00 15,98
Closing Balance - 8,11
Accounts Receivable
Opening Balance 3,451.00
2 Jul 2019 Receivable Invoice Debtor1 INV-0002 4,015.00
4 Jul 2019 Receivable Payment Payment: Debtor1 INV-0001 - 633
5 Jul 2019 Receivable Invoice Debtor1 INV-0003 4,070.00
6 Jul 2019 Receivable Payment Payment: Debtor1 INV-0001 - 837
6 Jul 2019 Receivable Credit Note AllocationDebtor1 INV-0003 - 275
6 Jul 2019 Receivable Credit Note AllocationDebtor1 CN-0009 275.00
6 Jul 2019 Receivable Credit Note Debtor1 CN-0009 - 275
11 Jul 2019 Receivable Invoice Debtor1 INV-0004 3,575.00
18 Jul 2019 Receivable Invoice Debtor1 INV-0005 4,180.00
21 Jul 2019 Receivable Payment Payment: Debtor1 INV-0001 - 645
22 Jul 2019 Receivable Invoice Debtor1 INV-0006 2,750.00
29 Jul 2019 Receivable Invoice Debtor1 INV-0007 3,685.00
Total Accounts Receivable 22,550.00 2,66
Closing Balance 23,336.00
Advertising
29 Jul 2019 Payable Invoice Advertising - Advertising 483.64
Total Advertising 483.64
Allowance for doubtful debt
Opening Balance - 383
31 Jul 2019 Manual Journal Potential bad debts expense -
Potential bad debts expense #84 - 233
Total Allowance for doubtful debt - 233
Closing Balance - 616

Account Transactions
DATE SOURCE DESCRIPTION REFERENCE DEBIT CRE
Account Transactions ABCDE PTY LTD JOSEPHDILANKA PONWEERA ARCHCHILLAGE
Bad debts
31 Jul 2019 Manual Journal Potential bad debts expense -
Potential bad debts expense #84 233.36
Total Bad debts 233.36
Cash at Bank
Opening Balance 23,048.00
1 Jul 2019 Payable Payment Payment: wages - 2,38
1 Jul 2019 Manual Journal Paid outstanding telephone bill -
Paid outstanding telephone bill #66 - 227
4 Jul 2019 Receivable Payment Payment: Debtor1 INV-0001 633.00
6 Jul 2019 Receivable Payment Payment: Debtor1 INV-0001 837.00
8 Jul 2019 Payable Payment Payment: Motor expense - 149
9 Jul 2019 Payable Payment Payment: Insurance - 1,57
12 Jul 2019 Payable Payment Payment: Creditor1 - 977
12 Jul 2019 Payable Payment Payment: Creditor1 - 1,42
15 Jul 2019 Payable Payment Payment: wages - 2,20
16 Jul 2019 Payable Payment Payment: Rent - 3,01
21 Jul 2019 Receivable Payment Payment: Debtor1 INV-0001 645.00
28 Jul 2019 Payable Payment Payment: Creditor1 - 1,43
Total Cash at Bank 2,115.00 13,39
Closing Balance 11,771.00
Computer Equipment
Opening Balance -
13 Jul 2019 Payable Invoice Computer - Computer 2,035.45
Total Computer Equipment 2,035.45
Closing Balance 2,035.45
Cost of Goods Sold
2 Jul 2019 Debtor1 1,460.00
5 Jul 2019 Debtor1 1,480.00
6 Jul 2019 Debtor1 - 100

Account Transactions
DATE SOURCE DESCRIPTION REFERENCE DEBIT CRE
Account Transactions ABCDE PTY LTD JOSEPHDILANKA PONWEERA ARCHCHILLAGE
11 Jul 2019 Debtor1 1,300.00
18 Jul 2019 Debtor1 1,520.00
22 Jul 2019 Debtor1 1,000.00
29 Jul 2019 Debtor1 1,340.00
Total Cost of Goods Sold 8,100.00 100
Depreciation
31 Jul 2019 Manual Journal Depreciation on motor -
Depreciation on motor #72 331.38
31 Jul 2019 Manual Journal Depreciation on office furniture -
Depreciation on office furniture#73 169.75
31 Jul 2019 Manual Journal Depreciation on computer -
Depreciation on computer #76 32.65
Total Depreciation 533.78
GST
Opening Balance -
2 Jul 2019 Receivable Invoice Debtor1 INV-0002 - 365
5 Jul 2019 Receivable Invoice Debtor1 INV-0003 - 370
6 Jul 2019 Receivable Credit Note Debtor1 CN-0009 25.00
7 Jul 2019 Payable Invoice Creditor1 PO-0001 63.64
8 Jul 2019 Payable Invoice Motor expense 13.55
9 Jul 2019 Payable Invoice Insurance 143.55
11 Jul 2019 Receivable Invoice Debtor1 INV-0004 - 325
13 Jul 2019 Payable Invoice Computer 203.55
14 Jul 2019 Payable Invoice Creditor1 PO-0002 68.55
16 Jul 2019 Payable Invoice Rent 274.00
18 Jul 2019 Receivable Invoice Debtor1 INV-0005 - 380
20 Jul 2019 Payable Invoice Creditor1 PO-0003 63.27
22 Jul 2019 Receivable Invoice Debtor1 INV-0006 - 250
22 Jul 2019 Payable Invoice Office supplies PO-0006 53.27
24 Jul 2019 Payable Invoice Creditor1 PO-0004 49.09
25 Jul 2019 Payable Credit Note Creditor1 PO-0004 - 7

Account Transactions
DATE SOURCE DESCRIPTION REFERENCE DEBIT CRE
Account Transactions ABCDE PTY LTD JOSEPHDILANKA PONWEERA ARCHCHILLAGE
29 Jul 2019 Payable Invoice Advertising 48.36
29 Jul 2019 Receivable Invoice Debtor1 INV-0007 - 335
30 Jul 2019 Payable Invoice Creditor1 PO-0005 47.27
Total GST 1,053.10 2,03
Closing Balance - 979
Historical Adjustment
Opening Balance -
31 Jul 2019
The company counted inventory at the end of the month. They
discovered that 9 units were missing and these must be removed from
inventory - The company counted inventory at the end of the month.
They discovered that 9 units were missing and these must be removed
from inventory
197.17
Total Historical Adjustment 197.17
Closing Balance 197.17
Insurance
9 Jul 2019 Payable Invoice Insurance - Insurance paid 1,435.45
31 Jul 2019 Manual Journal Insurance - Insurance #71 - 1,27
Total Insurance 1,435.45 1,27
Interest Expense
31 Jul 2019 Manual Journal Interest owing on the bank loan -
Interest owing on the bank loan
#83 60.00
Total Interest Expense 60.00
Interest owing on the bank loan
Opening Balance -
31 Jul 2019 Manual Journal Interest owing on the bank loan -
Interest owing on the bank loan
#83 - 60
Total Interest owing on the bank loan - 60
Closing Balance - 60
Inventory
Opening Balance 10,260.00
1 Jul 2019 Inventory Opening Balance 10,260.00

Account Transactions
DATE SOURCE DESCRIPTION REFERENCE DEBIT CRE
Account Transactions ABCDE PTY LTD JOSEPHDILANKA PONWEERA ARCHCHILLAGE
1 Jul 2019 Inventory Opening Balance - 10,26
2 Jul 2019 Debtor1 - 1,46
5 Jul 2019 Debtor1 - 1,48
6 Jul 2019 Debtor1 100.00
7 Jul 2019 Payable Invoice Creditor1 - Supplies PO-0001 636.36
11 Jul 2019 Debtor1 - 1,30
14 Jul 2019 Payable Invoice Creditor1 - Supplies PO-0002 685.45
18 Jul 2019 Debtor1 - 1,52
20 Jul 2019 Payable Invoice Creditor1 - Supplies PO-0003 632.73
22 Jul 2019 Debtor1 - 1,00
24 Jul 2019 Payable Invoice Creditor1 - Supplies PO-0004 490.91
25 Jul 2019 Payable Credit Note Creditor1 - Supplies PO-0004 - 73
29 Jul 2019 Debtor1 - 1,34
30 Jul 2019 Payable Invoice Creditor1 - Supplies PO-0005 472.73
31 Jul 2019
The company counted inventory at the end of the month. They
discovered that 9 units were missing and these must be removed from
inventory - The company counted inventory at the end of the month.
They discovered that 9 units were missing and these must be removed
from inventory
- 197
Total Inventory 13,278.18 18,63
Closing Balance 4,907.37
Less Accumulated Depreciation on Computer Equipment
Opening Balance -
31 Jul 2019 Manual Journal Depreciation on computer -
Depreciation on computer #76 - 32
Total Less Accumulated Depreciation on Computer Equipment - 32
Closing Balance - 32
Less Accumulated Depreciation on Motor vehicle
Opening Balance - 2,28

Account Transactions
DATE SOURCE DESCRIPTION REFERENCE DEBIT CRE
Account Transactions ABCDE PTY LTD JOSEPHDILANKA PONWEERA ARCHCHILLAGE
31 Jul 2019 Manual Journal Depreciation on motor -
Depreciation on motor #72 - 331
Total Less Accumulated Depreciation on Motor vehicle - 331
Closing Balance - 2,61
Less Accumulated Depreciation on Office furniture
Opening Balance - 1,84
31 Jul 2019 Manual Journal Depreciation on office furniture -
Depreciation on office furniture#73 - 169
Total Less Accumulated Depreciation on Office furniture - 169
Closing Balance - 2,01
Motor Vehicle Expenses
8 Jul 2019 Payable Invoice Motor expense - motor vehicle expenses 135.45
Total Motor Vehicle Expenses 135.45
Office Expenses
31 Jul 2019 Manual Journal Office supplies used - Office
supplies used #82 733.73
Total Office Expenses 733.73
Office supplies
Opening Balance 438.00
22 Jul 2019 Payable Invoice Office supplies - Office suppliesPO-0006 532.73
31 Jul 2019 Manual Journal Office supplies used - Office
supplies used #82 - 733
Total Office supplies 532.73 733
Closing Balance 237.00
Prepayments
Opening Balance -
31 Jul 2019 Manual Journal Insurance - Insurance #71 1,275.96
Total Prepayments 1,275.96
Closing Balance 1,275.96

Account Transactions
DATE SOURCE DESCRIPTION REFERENCE DEBIT CRE
Account Transactions ABCDE PTY LTD JOSEPHDILANKA PONWEERA ARCHCHILLAGE
Rent
16 Jul 2019 Payable Invoice Rent - Rent paid 2,740.00
Total Rent 2,740.00
Sales
2 Jul 2019 Receivable Invoice Debtor1 - Supplies INV-0002 - 3,65
5 Jul 2019 Receivable Invoice Debtor1 - Supplies INV-0003 - 3,70
6 Jul 2019 Receivable Credit Note Debtor1 - Supplies CN-0009 250.00
11 Jul 2019 Receivable Invoice Debtor1 - Supplies INV-0004 - 3,25
18 Jul 2019 Receivable Invoice Debtor1 - Supplies INV-0005 - 3,80
22 Jul 2019 Receivable Invoice Debtor1 - Supplies INV-0006 - 2,50
29 Jul 2019 Receivable Invoice Debtor1 - Supplies INV-0007 - 3,35
Total Sales 250.00 20,25
Telephone payable
Opening Balance - 227
1 Jul 2019 Manual Journal Paid outstanding telephone bill -
Paid outstanding telephone bill #66 227.00
Total Telephone payable 227.00
Closing Balance -
Wages and Salaries
1 Jul 2019 Payable Invoice wages - Wages 2,384.00
15 Jul 2019 Payable Invoice wages - Wages 2,208.00
Total Wages and Salaries 4,592.00
Total 75,889.00 75,88