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    Samuel

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    Ehtisham Ul Haq
    The document contains a trial balance for Samuels Internet Cafe for the month of July 2020. It lists account balances, revenues and expenses. Journal entries were made for transactions throughout the month including issuing shares, a bank loan, revenues and expenses. Income statements and statements of changes in equity and financial position were prepared from the trial balance and journal entries.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Samuel

    Uploaded by

    Ehtisham Ul Haq
    13 views12 pages
    The document contains a trial balance for Samuels Internet Cafe for the month of July 2020. It lists account balances, revenues and expenses. Journal entries were made for transactions throughout the month including issuing shares, a bank loan, revenues and expenses. Income statements and statements of changes in equity and financial position were prepared from the trial balance and journal entries.

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    © © All Rights Reserved

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    The document contains a trial balance for Samuels Internet Cafe for the month of July 2020. It lists account balances, revenues and expenses. Journal entries were made for transactions throughout the month including issuing shares, a bank loan, revenues and expenses. Income statements and statements of changes in equity and financial position were prepared from the trial balance and journal entries.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    13 views12 pages

    Samuel

    Uploaded by

    Ehtisham Ul Haq
    The document contains a trial balance for Samuels Internet Cafe for the month of July 2020. It lists account balances, revenues and expenses. Journal entries were made for transactions throughout the month including issuing shares, a bank loan, revenues and expenses. Income statements and statements of changes in equity and financial position were prepared from the trial balance and journal entries.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    You are on page 1of 12

    Trial balance

    Account
    Cash

    Accounts Receivable

    Prepaid Rent

    Office Supplies

    Office Equipment

    Accumulated
    Depreciation -
    Office Equipment

    Computers

    Accumulated
    Depreciation -
    Computers

    Accounts Payable

    Bank Loan

    Common Shares

    Retained Earnings

    Rent Expense

    Office Supplies
    Expense

    Electrician Expense

    Assembly Expense

    Salary Expense
    Repairs and
    Maintenance
    Expense

    Tax Expense

    Internet Revenue

    Games Revenue

    Vending Machine
    Revenue

    Dividend
    Total
    Trial balance

    Debit Credit
    $23,100

    $100

    $2,200

    $1,050

    $2,500

    $83

    $13,800

    $150

    $1,800

    $2,000

    $82,400

    $1,790

    $2,200

    $1,200

    $300

    $320

    $1,570
    $1,000

    $250

    $8,300

    $3,500

    $3,000

    $1,000
    $130,323 $130,323
    Preparation of journal entries
    for the monthof july
    Date Particulars debit credit
    1-Jul cash 82400
    common stock 82400
    1-Jul cash 2000
    bank loan 2000
    2-Jul rent expense 2200
    cash 2200
    3-Jul office supplies 1200
    cash 1200
    3-Jul computers 10300
    office equipment 3100
    account payable 13400
    5-Jul office equipment 600
    cash 600
    6-Jul electician expense 300
    cash 300
    7-Jul assembly expense 320
    cash 320
    8-Jul cash 7200
    internet revenue 7200
    10-Jul accounts receivable 2500
    cash 1000
    gaming revenue 3500
    11-Jul stationary expense 150
    cash 150
    13-Jul dividend 1000
    cash 1000
    15-Jul cash 100
    unearned revenue 100
    18-Jul salary expense 1570
    cash 1570
    20-Jul repair and maintance expense 1000
    cash 1000
    22-Jul cash 1200
    ms office revenue 1200
    24-Jul account payable 1800
    cash 1800
    28-Jul cash 3000
    vending revenue 3000
    31-Jul income tax expense 250
    income tax payable 250
    31-Jul rent expense 2200
    prepaid rent 2200
    Statement of Changes in Equity For the Month of July 2020

    Share Capital:

    Opening Balance : $0
    Issuance of shares for cash $82,400
    Ending Balance: $82,400

    Retained Earnings:

    Opening Balance: $0
    Net Income: (calculated from income statement)
    Dividend Payment: $1,000
    Ending Balance: $2,190

    Total Equity:

    Opening Balance: $0
    Issuance of shares for cash $82,400
    Net Income: $3,190
    Dividend Payment: $1,000
    Ending Balance: $84,590

    Note: The calculation of net income assumes that all revenue and expenses hav
    evenue and expenses have been accounted for in the income statement.
    Samuels Internet Cafe Limited
    Income Statement for the Month Ended July 31, 2020
    Revenue:
    Internet surfing $7,200
    Games 3,500
    MS office 1,200
    Vending machine 3,000
    Total Revenue 14,900

    Expenses:
    Rent 2,200
    Office supplies 1,200
    Computers 3,500
    Office equipment 600
    Electrician expense 300
    Assembly expense 320
    Tax expenses 250
    Salary 1,570
    Total Expenses 10,040
    Repairs and maintenance 1,000
    Net Income $4,860
    Preparation of balance sheet

    Financial Statement for July 2020:

    Debit ($) Credit ($)


    Assets:
    Cash 48,170

    Office Supplies 1,200

    Prepaid Expenses 100

    Computers 10,300

    Office Equipment 2,500

    Total Assets 62,270

    Liabilities and
    Shareholder's Equity:

    Loan Payable 2,000

    Shareholder's Equity 60,270

    Total Liabilities and


    62,270 2,000
    Equity
    Cash ACCount recievable Prepaid rent
    dr cr dr cr dr cr
    82400 2200 2500 2200
    2000 1200
    7200 600
    100 300
    1200 320
    3000 1000
    150
    1000
    1000
    1800

    Account payable unearned revenue Bank loan


    dr cr dr cr dr cr
    1800 13400 100 2000

    Revenue from internet Revenue from games reveune fro ms office


    dr cr dr cr dr cr
    7200 3500 1200

    expense
    dr cr
    rent 2200
    electric 300
    assembly 320
    stationary 150
    repair 1000
    tax 250
    rent exp 2200
    unused supplies computers office equipment
    dr cr dr cr dr cr
    1200 10300 3100
    600

    Tax payable share capital Dividend


    dr cr dr cr dr cr
    250 82400 1000

    revenue from vending machine


    dr cr
    3000

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