Bank Statement and Cash Register Summaries

Assignment Globba Clothing Store
Congratulations, you have been appointed as chief accountant for a small

retail company Globba Clothing Store
Company has just started it's business and your task is to register the
business transactions to accounting system. Our accounting system is Excel
because there isn't yet funds to acquire a proper accounting software.
Usable XL template is attached, of course you may create your own as well.
Documents relevant for the assignment are in this same spreadsheet + purchase invoic
Materials which you need:

1 x Bank statement
3 x Cash register summaries
2x Sales invoices
4x Purchase invoices (separate file on Moodle)
List of possible accounts needed - see list below the template
Additional information you need:
a) Total Cost of goods sold for January sales was 42 000
b) Furniture and equipment has useful life of 5 years in the business
c) Employees worked overtime during January and 2500 will be paid to them in Februa
d) Insurance cost for the property damage is 1440 for whole year. It will be paid later.
Requirements:
1) Please prepare the accounting entries for this company (template on the next sheet).
2) Please prepare income statement for January and balance sheet as of 31st January fo
(you can prepare them to same sheet)
Submit your file to Moodle.
Thank You and Good Luck!
m is Excel
n as well.
eet + purchase invoices in separate file on Moodle
aid to them in February

. It will be paid later.
te on the next sheet).

t as of 31st January for this company.
Income Statement 1.1.-31.1.2013
Balance Sheet 31.1.2013
Sales
COGS
Gross profit
Other operating expenses:
Salary expenses
Rent expenses
Advertising expenses
Insurances and Office expenses
Depreciation
0.00
0.00
0.00
Operating profit
0.00
Financial expenses:
Interest expenses
0.00
Net income
0.00
0.00
0.00
0.00
0.00
0.00
ASSETS
Non-current assets:
Furniture and equipment
- accumulated depreciation
Furniture and equipment net book value
Current assets:
Inventory
Accounts receivable
Cash and bank
LIABILITIES AND SHAREHOLDERS' EQUITY

Share capital
1000.00
Net income
0.00
total Shareholders' equity
0.00
0.00
1000.00
0.00
0.00
0.00
1000.00
Loans from credit institutions

Accounts payable
Accrued expenses
VAT payable
total Liabilities
0.00
0.00
0.00
0.00
0.00
1000.00
1000.00
check
0.00
Add accounts if needed!

DOC
nr
1
2
Date
Description
CASH
1/2/2013 Investment of equity
0
0
0
check that balance is calculated on the correct side
TOTAL
Chart of accounts:
Furniture and equipment
Accumulated depreciation
Inventory
Accounts receivable
Prepaid expenses
Cash
Bank account 1
Share capital
Retained earnings
Long-term loan from credit institution
Short-term loan from credit institution
Accounts payable
Salary payables
Other accrued expenses
Unearned revenue
VAT payable
Output VAT (payable)
Input VAT (recceivable)

Sales 24%
Rental income
Cost of goods sold
Freight expenses of purchases
Salary expenses
Depreciation
Rent expenses on premises 24%
Electricity and gas expenses 24%
Advertising expenses 24%
Telephone expenses 24%
Interest expenses
Income tax expense
BANK ACCOUNT
SHARE CAPITAL
12400
12400
12400
ce is calculated on the correct side
INVENTORY
SALES
12400
12400
12400
0
0
0
0
COGS
0
0
ACCS.RECEIV
0
0
ACC. PAYABLE
0
0
0
0
ADD NEW ACCOUNTS!!
0
0
Check
debits total
cr total
12400
0
0
0
0
0
0
0
12400
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Document
balance
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Nordea Bank
BANK STATEMENT
Account 123454321 / Globba Clothing Store
1.1-31.1.2013
DATE
DETAILS
AMOUNT
10/1/2015
OPENING BALANCE
10/26/2015
Investment to the company
1,000.00
10/26/2015
Loan from Nordea bank (to be repaid by year end)
5,000.00
10/26/2015
Web-bank payment: Paid for store furniture and

equipment to previous owner, incl.VAT 24%
5.1.
RENT Payment
Receiver: Forum
Message: January store rent, thanks. Incl. VAT 24%
-1,250.00
7.1.
Transfer cash from the store
35,000.00
11.1.
Web-bank payment: Helsingin Sanomat

Advertisement. Incl VAT 24%
-200.00
12.1.
Web-bank payment, office supplies, including VAT 24%
-700.00
19.1.
Customer settlement to invoice 1004
20.1.
20.1.
Salaries paid for January
-16,000.00
21.1.
Payment for Baggy the bag invoice
-30,000.00
31.1.
Payment for Warm head invoice 5555
-1,250.00
31.1.
21,000.00
31.1.
Repayment of short-term loan incl. Interest expense 20,00
-1,320.00
1/31/2013
0.00
-12,000.00
410.00
32,500.00
Deposits total during the period

Withdrawals total during the period
Change
94,910.00
-62,720.00
32,190.00
Bank account balance
32,190.00
0.00
GLOBBA CLOTHING STORE

CASH REGISTER SUMMARY
1.1-7.1.2013
Sales incl. VAT 24%
36,000.00
Excl. VAT
29,032.26
VAT
DEBIT
Accounting notes:
ACCOUNT NAME
6,967.74
AMOUNT

8.1-20.1.2013
Sales incl. VAT 24%
33,000.00
Excl. VAT
26,612.90
VAT
DEBIT
Accounting notes:
ACCOUNT NAME
6,387.10
AMOUNT

21.1-31.1.2013
Sales incl. VAT 24%
21,000.00
Excl. VAT
16,935.48
VAT
DEBIT
Accounting notes:
ACCOUNT NAME
4,064.52
AMOUNT
INVOICE
Globba Clothing Store
Ratapihantie 13
HELSINKI
phone 555 5555 555
CUSTOMER & DELIVERY
Pippa Middleton
Hotel Kmp
Invoice nr 1004
Invoice date 5.1.2013
Quantity
STYLISH AT SCHOOL
- Globba Clothing Store
Item
Price
3 Dress
1 Scarf
1 Hat
100.00
50.00
60.00
Total
300.00
50.00
60.00
TOTAL
410.00
Our prices include VAT 24%

Price excl. VAT
VAT
330.65
79.35
VAT ID 9876543-2
Payment: 14 days net
Nordea Bank - our account!
THANK YOU FOR YOUR PURCHASE!
INVOICE
Globba Clothing Store
Ratapihantie 13
HELSINKI
phone 358 5555 555
CUSTOMER & DELIVERY
Ken Barbie
Hotel Kmp
Invoice nr 1005
Invoice date 19.1.2013
Quantity
STYLISH AT SCHOOL
- Globba Clothing Store
Item
Price
1 Trousers
2 Shirt
1 Hat
120.00
80.00
60.00
Total
120.00
160.00
60.00
TOTAL
340.00
Our prices include VAT 24%

Price excl. VAT
VAT
274.19
65.81
VAT ID 9876543-2
Payment: 14 days net
Nordea Bank - our account!
THANK YOU FOR YOUR PURCHASE!

Bank Statement and Cash Register Summaries

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Bank Statement and Cash Register Summaries

Uploaded by

Copyright:

Available Formats

Assignment Globba Clothing Store

Congratulations, you have been appointed as chief accountant for a small

Materials which you need:

eet + purchase invoices in separate file on Moodle

aid to them in February

te on the next sheet).

Income Statement 1.1.-31.1.2013

Balance Sheet 31.1.2013

LIABILITIES AND SHAREHOLDERS' EQUITY

Loans from credit institutions

Add accounts if needed!

1/2/2013 Investment of equity

Input VAT (recceivable)

ADD NEW ACCOUNTS!!

Investment to the company

Loan from Nordea bank (to be repaid by year end)

Web-bank payment: Paid for store furniture and

Transfer cash from the store

Web-bank payment: Helsingin Sanomat

Web-bank payment, office supplies, including VAT 24%

Customer settlement to invoice 1004

Transfer cash from the store

Salaries paid for January

Payment for Baggy the bag invoice

Payment for Warm head invoice 5555

Transfer cash from the store

Repayment of short-term loan incl. Interest expense 20,00

Deposits total during the period

Bank account balance

GLOBBA CLOTHING STORE

GLOBBA CLOTHING STORE

GLOBBA CLOTHING STORE

Our prices include VAT 24%

THANK YOU FOR YOUR PURCHASE!

Our prices include VAT 24%

THANK YOU FOR YOUR PURCHASE!

You might also like