Accounting Project Report with General Journal Entries

This report contains General Journal Entries for the period Jan 1 to Dec 31, 2018. It includes transactions related to Cash, Common Stock, Prepaid Rent, Purchase, Prepaid Services, Accounts Payable, Accounts Receivable, Salaries, and Dividend.

Running Head: Accounting
1
Project Report: Accounting

Accounting
2
Que 1:
Normal View:
General Journal - Period Jan 1 to Dec 31, 2018
Date Description PR Debit Credit
Jan-
01 Cash a/c 25000
Common stock a/c 25000
(being issue of common stock)
Mar-
01 Prepaid rent 8400
Cash a/c 8400
(Being rent paid in advance)
Apr-
14 Purchase a/c 400
accounts payable 400
(Being purchase made on account)
Jun-
30 Cash a/c 12000
Prepaid service 12000
(Being cash received in advance)
Jul-05 Accounts payable a/c 300
Cash a/c 300
(Being accounts payable amount paid.)
Aug-
01 Accounts receivable a/c 4800
Services a/c 4800
(Being services offered.)
Aug-
08 Cash a/c 1600
Accounts receivable 1600
(Being partially payment made.)
Sep-
01 Salaries a/c 18000

Accounting
3
Cash a/c 18000
(Being salaries paid)
Sep-
09 Cash a/c 4250
Accounts receivable 4250
(being cash received)
Oct-
05 Accounts receivable a/c 17000
Services a/c 17000
(Being services offered.)
Nov-
02 Dividend a/c 500
Cash a/c 500
(Being dividend paid)
Dec-
31 Salaries a/c 1100
Outstanding salaries 1100
(Being accrued salaries recorded.)
Dec-
31 Rent a/c 4200
Prepaid rent 4200
(Being rent amount recorded.)
Formula View:
General Journal - Period Jan 1 to Dec 31, 2018
Date Description
P
R Debit Credit
36892 Cash a/c 25000
Common stock a/c =E6
(being issue of common stock)
36951 Prepaid rent 8400
Cash a/c =E10
(Being rent paid in advance)

Accounting
4
41730 Purchase a/c 400
accounts payable =E14
(Being purchase made on account)
11110 Cash a/c 12000
Prepaid service =E18
(Being cash received in advance)
38534 Accounts payable a/c 300
Cash a/c =E22
(Being accounts payable amount paid.)
37104 Accounts receivable a/c 4800
Services a/c =E26
(Being services offered.)
39661 Cash a/c 1600
Accounts receivable =E30
(Being partially payment made.)
37135 Salaries a/c 18000
Cash a/c =E34
(Being salaries paid)
40057 Cash a/c 4250
Accounts receivable =E38
(being cash received)
38626 Accounts receivable a/c 17000
Services a/c =E42
(Being services offered.)
37561 Dividend a/c 500
Cash a/c =E46
(Being dividend paid)
11658 Salaries a/c 1100
Outstanding salaries =E50
(Being accrued salaries recorded.)
11658 Rent a/c 4200
Prepaid rent =E54
(Being rent amount recorded.)

Accounting
5
Que 2:
Normal View:
Cash a/c
Date Particulars Amount Date Particulars Amount
Jan-
01
Common stock
a/c 25000
Mar-
01 Prepaid rent 8400
Jun-
30 Prepaid service 12000
Jul-
05 Accounts payable a/c 300
Aug-
08
Accounts
receivable 1600
Sep-
01 Salaries a/c 18000
Sep-
09
Accounts
receivable 4250
Nov-
02 Dividend a/c 500
Dec-
31 Balance c/f 15650
42850 42850
Common Stock a/c
Date Particulars Amount Date Particulars Amount
Dec-
31 Trading a/c 25000
Jan-
01 Cash a/c 25000
25000 25000
Prepaid Rent a/c
Date Particulars Amount Date Particulars Amount
Mar-
01 Cash a/c 8400
Dec-
31 Rent a/c 4200
Dec-
31 Balance c/f 4200
8400 8400
Purchase a/c
Date Particulars Amount Date Particulars Amount

Accounting
6
Apr-
14 accounts payable 400
Dec-
31 Trading a/c 400
400 400
Prepaid services a/c
Date Particulars Amount Date Particulars Amount
Dec-
31 Balance c/f 12000
Jun-
30 Cash a/c 12000
12000 12000
Accounts payable a/c
Date Particulars Amount Date Particulars Amount
Jul-
05 Cash a/c 300
Dec-
31 purchase 400
Dec-
31 balance c/f 100
300 400
Accounts receivable
Date Particulars Amount Date Particulars Amount
Aug-
01 Services a/c 4800
Aug-
08 Cash a/c 1600
Oct-
05 Services a/c 17000
Sep-
09 Cash a/c 4250
Dec-
31 Balance c/d 15950
21800 21800
Services a/c
Date Particulars Amount Date Particulars Amount
Dec-
31 P&L a/c 21800
Aug-
01
Accounts receivable
a/c 4800
Oct-
05
Accounts receivable
a/c 17000
21800 21800

Accounting
7
Salaries a/c
Date Particulars Amount Date Particulars Amount
Sep-
01 Cash a/c 18000
Dec-
31 P&L a/c 19100
Dec-
31
Outstanding
salaries 1100
19100 19100
Dividend a/c
Date Particulars Amount Date Particulars Amount
Nov-
02 Cash a/c 500
Dec-
31 P&L a/c 500
500 500
Outstanding Salaries a/c
Date Particulars Amount Date Particulars Amount
Dec-
31 Balance c/d 1100
Dec-
31 Salaries a/c 1100
1100 1100
Rent a/c
Date Particulars Amount Date Particulars Amount
Dec-
31 Prepaid rent 4200
Dec-
31 P&L a/c 4200
4200 4200
Formula View:
Cash a/c
Date Particulars Amount Date Particulars Amount

Accounting
8
='Que 1'!
B6
='Que 1'!
C7 ='Que 1'!F7
='Que 1'!
B10
='Que 1'!
C10 ='Que 1'!E10
='Que 1'!
B18
='Que 1'!
C19 ='Que 1'!F19
='Que 1'!
B22
='Que 1'!
C22 ='Que 1'!E22
='Que 1'!
B30
='Que 1'!
C31 ='Que 1'!F31
='Que 1'!
B34
='Que 1'!
C34 18000
='Que 1'!
B38
='Que 1'!
C39 ='Que 1'!E38
='Que 1'!
B46
='Que 1'!
C46 ='Que 1'!E46
11658 Balance c/f
=D11-
SUM(G6:G9)
=SUM(D6:D
10) =SUM(G6:G10)
Common Stock a/c
Date Particulars Amount Date Particulars Amount
11658 Trading a/c =G17
='Que 1'!
B6
='Que 1'!
C6 ='Que 1'!E6
=D17 =G17
Prepaid Rent a/c
Date Particulars Amount Date Particulars Amount
='Que 1'!
B10
='Que 1'!
C11 ='Que 1'!E10
='Que 1'!
B54
='Que 1'!
C54 ='Que 1'!E54
11658 Balance c/f
=D27-
SUM(G22:G25)
=D25 =G25+G26
Purchase a/c
Date Particulars Amount Date Particulars Amount
='Que 1'!
B14
='Que 1'!
C15 ='Que 1'!E14 11658 Trading a/c =D33
=D33 =G33
Prepaid services a/c
Date Particulars Amount Date Particulars Amount
11658 Balance c/f =G40 11110 ='Que 1'! ='Que 1'!E18

Accounting
9
C18
=D40 =G40
Accounts payable a/c
Date Particulars Amount Date Particulars Amount
='Que 1'!
B22
='Que 1'!
C23 ='Que 1'!E22 11658 purchase 400
11658 balance c/f 100
=D48 =G48
Accounts receivable
Date Particulars Amount Date Particulars Amount
='Que 1'!
B26
='Que 1'!
C27 ='Que 1'!E26
='Que 1'!
B30
='Que 1'!
C30 ='Que 1'!E30
='Que 1'!
B42
='Que 1'!
C43 ='Que 1'!E42
='Que 1'!
B38
='Que 1'!
C38 ='Que 1'!E38
11658
Balance
c/d =G58-G55-G56
=D55+D56 =D58
Services a/c
Date Particulars Amount Date Particulars Amount
11658 P&L a/c =D66
='Que 1'!
B26
='Que 1'!
C26 ='Que 1'!E26
='Que 1'!
B42
='Que 1'!
C42 ='Que 1'!E42
=G66 =G64+G65
Salaries a/c
Date Particulars Amount Date Particulars Amount
='Que 1'!
B34
='Que 1'!
C35 ='Que 1'!E34 =B73 P&L a/c =G74
='Que 1'!
B50
='Que 1'!
C51 ='Que 1'!E50
=D72+D73 =D74

Accounting
10
Dividend a/c
Date Particulars Amount Date Particulars Amount
='Que 1'!
B46
='Que 1'!
C47 ='Que 1'!E46 11658 P&L a/c =D80
=D80 =G80
Outstanding Salaries a/c
Date Particulars Amount Date Particulars Amount
=E89
Balance
c/d =G89 11658
='Que 1'!
C50 ='Que 1'!E50
=D89 =G89
Rent a/c
Date Particulars Amount Date Particulars Amount
=E97
='Que 1'!
C55 4200 11658 P&L a/c =D97
=D97 =G97
Que 3:
Normal View:
Trial Balance
As on 31st December 2019
(Amt in $) (Amt in $)
Cash a/c $ 15,650
Common Stock a/c $ 25,000
Prepaid Rent a/c $ 4,200
Purchase a/c $ 400
Prepaid services a/c $ 12,000
Accounts payable a/c $ 100
Accounts receivable $ 15,950
Services a/c $ 21,800

Accounting
11
Salaries a/c $ 19,100
Dividend a/c $ 500
Outstanding Salaries a/c $ 1,100
Rent a/c $ 4,200
Total $ 60,000 $ 60,000
Formula View:
Trial Balance
As on 31st December 2019
(Amt in $) (Amt in $)
='Que 2'!B2 ='Que 2'!G10
='Que 2'!B14 ='Que 2'!D17
='Que 2'!B22 ='Que 2'!G26
='Que 2'!B30 ='Que 2'!G33
='Que 2'!B37 ='Que 2'!D40
='Que 2'!B45 100
='Que 2'!B52 ='Que 2'!G57
='Que 2'!B61 ='Que 2'!D64
='Que 2'!B69 ='Que 2'!G72
='Que 2'!B77 ='Que 2'!G80
='Que 2'!B86 ='Que 2'!D89
='Que 2'!B94 ='Que 2'!G97
Total =SUM(C6:C18) =SUM(D6:D18)
Que 4:
Normal View:
Income Statement
As the end of 31st December 2018
Services a/c $ 21,800
Total revenue $ 21,800
Less:
Purchase a/c $ 400
Salaries a/c $ 19,100

Accounting
12
Dividend a/c $ 500
Rent a/c $ 4,200
Total exposes $ 24,200
Net profit -$ 2,400
Loss
Statement of changes in equity
As on 31st December 2018
Capital issuance 25000
Add:
Net profit -$ 2,400
Closing capital $ 22,600
Formula View:
Income Statement
As the end of 31st December 2018
Services a/c ='Que 3'!D13
Total revenue =C5
Less:
Purchase a/c ='Que 3'!C9
='Que 3'!B14 ='Que 3'!C14
='Que 3'!B15 ='Que 3'!C15
='Que 3'!B17 ='Que 3'!C17
Total exposes =SUM(C9:C12)
Net profit =C6-C13
=IF(C6>C15,"Loss","Profit")
Statement of changes in equity
As on 31st December 2018
Capital issuance ='Que 1'!E6
Add:
Net profit =C15
Closing capital =C21+C23

Accounting
13
Que 5:
Normal View:
Balance Sheet
As on 31st December 2018
Assets
Current Assets
Cash a/c $ 15,650
Prepaid Rent a/c $ 4,200
Accounts receivable $ 15,950
Total current Assets $ 35,800
Noncurrent Assets 0
Total Assets $ 35,800
Liabilities and equity
Current Liabilities
Prepaid services a/c $ 12,000
Accounts payable a/c $ 100
Outstanding Salaries a/c $ 1,100
Total current liabilities $ 13,200
Total noncurrent liabilities 0
Total liabilities $ 13,200
Stockholder's equity
Capital $ 22,600
Total liabilities and equity $ 35,800
Formula View:
Balance Sheet
As on 31st December 2018
Assets

Accounting
14
Current Assets
='Que 3'!B6 ='Que 3'!C6
='Que 3'!B8 ='Que 3'!C8
='Que 3'!B12 ='Que 3'!C12
Total current Assets =C7+C8+C9
Noncurrent Assets 0
Total Assets =C11+C12
Liabilities and equity
Current Liabilities
='Que 3'!B10 ='Que 3'!D10
='Que 3'!B11 ='Que 3'!D11
='Que 3'!B16 ='Que 3'!D16
Total current liabilities =C18+C19+C20
Total noncurrent liabilities 0
Total liabilities =C22+C23
Stockholder's equity
Capital ='Que 4'!C25
Total liabilities and equity =C24+C27