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  • Model Demonstration Farm Sol.

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    Kumar Naresh
    104 views2 pages
    1) The document presents the opening and transactions for April 2001 of a model demonstration farm. It includes balance sheets showing assets, liabilities, and owner's equity for January 4th and April 30th. 2) In April, the farm had revenues of $1 million but expenses of $600,000, resulting in a profit of $445,000. 3) By the end of April, assets included $1.795 million in cash, $1 million in equipment, $50,000 in inventory, and $200,000 in accounts receivable. Liabilities were $300,000 in accounts payable, $150,000 in salary payable, and $50,000 in electricity pay

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    1) The document presents the opening and transactions for April 2001 of a model demonstration farm. It includes balance sheets showing assets, liabilities, and owner's equity for January 4th and April 30th. 2) In April, the farm had revenues of $1 million but expenses of $600,000, resulting in a profit of $445,000. 3) By the end of April, assets included $1.795 million in cash, $1 million in equipment, $50,000 in inventory, and $200,000 in accounts receivable. Liabilities were $300,000 in accounts payable, $150,000 in salary payable, and $50,000 in electricity pay

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    104 views2 pages

    Model Demonstration Farm Sol.

    Uploaded by

    Kumar Naresh
    1) The document presents the opening and transactions for April 2001 of a model demonstration farm. It includes balance sheets showing assets, liabilities, and owner's equity for January 4th and April 30th. 2) In April, the farm had revenues of $1 million but expenses of $600,000, resulting in a profit of $445,000. 3) By the end of April, assets included $1.795 million in cash, $1 million in equipment, $50,000 in inventory, and $200,000 in accounts receivable. Liabilities were $300,000 in accounts payable, $150,000 in salary payable, and $50,000 in electricity pay

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    Model Demonstration Farm

    Owners Equity
    Assets = Liabilities + REV/EXP + Contributed Capital
    2100000 Cash 2100000 Capital

    -1000000 Cash
    1000000 Equipments

    Opening Balances Sheet (1/4/2001)


    Assets
    Cash 1100000
    Equipments 1000000
    Total 2100000
    Liabilities + Owners Equity
    Liabilities 0
    Owners's Equity 2100000
    Total 2100000

    Transactions for the month of April


    Owners Equity
    Assets = Liabilities + REV/EXP + Contributed Capital
    300000 Inventory 300000 Acc Payables

    800000 Cash 1000000 Revenues


    200000 Acc. Receivables

    -100000 Cash -100000 Wages


    150000 Salary Payable -150000 Salary

    50000 Electricity Payable -50000 Electricity


    -250000 Inventory -250000 Sales Expenses

    -5000 Cash -5000 Rent


    445000

    Income Statement Cash Balance


    Revenues 1000000 Revenues 800000
    Wages -100000 Wages -100000
    Salary -150000 Rent -5000
    Electricity -50000 Cash Inflows 695000
    Sales Expenses -250000 Opn. Balance 1100000
    Rent -5000 End. Balance 1795000
    Profit 445000

    Balances Sheet as on 30/4/2001


    Assets
    Cash 1795000
    Equipments 1000000
    Inventory 50000
    Acc. Receivables 200000
    Total 3045000
    Liabilities + Owners Equity
    Liabilities
    Acc. Payables 300000
    Salary Payable 150000
    Electricity Payable 50000
    Owners's Equity
    Capital 2100000
    Reserves and Surplus 445000
    Total 3045000

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