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    A2 - Aditi Ray Wedding Planner - FY19-20

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    Aman Nawab
    Aditi Ray started a wedding planning company called Band Baja Barat (BBB) on April 1, 2019. During the fiscal year, BBB purchased office equipment and supplies, provided and billed for services, collected some payments from customers, paid expenses like salaries and rent, and will pay income taxes. To prepare the required financial statements, the transactions need to be analyzed and recorded in the balance sheet and income statement based on the accounting equation.

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    A2 - Aditi Ray Wedding Planner - FY19-20

    Uploaded by

    Aman Nawab
    8 views1 page
    Aditi Ray started a wedding planning company called Band Baja Barat (BBB) on April 1, 2019. During the fiscal year, BBB purchased office equipment and supplies, provided and billed for services, collected some payments from customers, paid expenses like salaries and rent, and will pay income taxes. To prepare the required financial statements, the transactions need to be analyzed and recorded in the balance sheet and income statement based on the accounting equation.

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    A2_Aditi Ray Wedding Planner_FY19-20

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    Aditi Ray started a wedding planning company called Band Baja Barat (BBB) on April 1, 2019. During the fiscal year, BBB purchased office equipment and supplies, provided and billed for services, collected some payments from customers, paid expenses like salaries and rent, and will pay income taxes. To prepare the required financial statements, the transactions need to be analyzed and recorded in the balance sheet and income statement based on the accounting equation.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    8 views1 page

    A2 - Aditi Ray Wedding Planner - FY19-20

    Uploaded by

    Aman Nawab
    Aditi Ray started a wedding planning company called Band Baja Barat (BBB) on April 1, 2019. During the fiscal year, BBB purchased office equipment and supplies, provided and billed for services, collected some payments from customers, paid expenses like salaries and rent, and will pay income taxes. To prepare the required financial statements, the transactions need to be analyzed and recorded in the balance sheet and income statement based on the accounting equation.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    “Band Baja Barat” Company (BBB)

    On April 1, 2019, Aditi Ray started “Band Baja Barat” Company (BBB), a wedding planning
    service. The company had the following transactions during the year:

    1. Ray invested ₹14,000 cash as the share capital of the company.


    2. Bought office equipment for cash ₹6,000 with a useful life of 3 years.
    3. Provided services for cash ₹9,000.
    4. Bought office supplies for credit ₹1,500.
    5. Billed customers for services ₹7,500; the amount is yet not received.
    6. Collected payment from the customers (Transaction 5) ₹6,800.
    7. Paid for office supplies bought on credit (Transaction 4) ₹1,200.
    8. Billed customers for services ₹2,100
    9. Paid Ray’s salary ₹6,000.
    10. Paid office rent ₹600.
    11. Charge depreciation.
    12. Income tax to be paid ₹600.

    a. Analyse the effect of transactions in FY2019-20 on the Basic Accounting Equation.


    b. Prepare the company’s FY2019-20 balance sheet and P&L statement.

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