Professional Documents
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Basic Financial Accounting
Basic Financial Accounting
Rented an office at Rs 1 lakh/month and paid advance for 2 years Bank Balance
- 2,400,000
Advance rent
2,400,000
One computer got damaged and was sold off for Rs 5,000
1. Sold at selling price 5,000
2. Inventory at cost price Inventory
- 40,000
They paid the computer vendor Rs 5 lakhs by cheque Bank Balance
500,000
Expense accruals for the month Rs 22 lakhs (including salaries) Bank balance
- 2,200,000
Expenses = Liab + Incomes
Equity Share Capital
20,000,000
Vendor Payable
1,500,000
vendor payable
2,000,000
3,120,000
COGS
2,400,000
5,000
COGS
40,000
vendor payable
- 500,000
2,500
8,500
15,000
2,200,000
Balance Shee
Liabilities - Sources of Funds
Equity Share Capital 20,000,000
Reserves - 1,741,000.00
Total 21,259,000
Expenses
COGS
Other Expenses
Petty cash expenses
Cash stolen
Accurrals
Net Profit
Total
Balance Sheet
Assets - Application of Funds
Inventories
Furnitures
Advance Rent
Bank Balance
Receivables
Total
2,400,000
11,799,000
3,000,000
21,259,000
-
3,125,000
3,125,000