Professional Documents
Culture Documents
Lone Pine Cafe
Lone Pine Cafe
Ashish Mehta
American Accounting Association Committee defines
Accounting as “The process of identifying, measuring and
communicating economic information to permit informed
judgement and decisions by users of the information”.
Abhishek Mishra
Achyut Joshi
Jayraj Khunti
Vishal Tulsiyani
Viral Parekh
On 1st November 2009, Mr. & Mrs. Henry Antoine and Mrs.
Sandra Landers contributed $16,000 cash and agreed to share
profit on equal proportion.
They signed a one year lease agreement to the Lone Pine Cafe.
The Monthly rent of the cafe was $1,500.
They borrowed a loan of $21,000 from a local bank and they also
invested $35,000 of partnership funds to purchase equipments
amounting $53,200 and food & beverages amounting $2,800.
They have paid $1,428 for local operating license(valid upto one
year). They also paid $1,400 for a new cash register.
On 1st November, They have opened the restaurant in which Mr.
Antoine was the cook, Mrs. Antoine and Mrs. Landers waited for
customers.
The Restaurant operated through out the winter season but was
not very successful.
Liabilities / Expenses
In the recent time, the organisation is not very successful to attract more
revenue but in future if she does modifying & can make staff work
efficiently then this entity can turn into profitive organisation also.
Thank You