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Financial Accounting

General Journal

Date Account Titles & Explanation Debits Credits

Cash Account to
1-4-17 Capital Account 600000 600000
(last month revenue)
3-4-17 Prepaid Rent Account to 20000 20000
Cash Account
(Prepaid Rent)
3-4-17 Furniture Account to 30000 30000
Cash Account
(Bought Furniture)
3-4-17 Cash Account to 20000 20000
Note Payable
(Unearned Service Revenue)
5-4-17 Salary paid Account to 55000 55000
Cash Account
(Workers Salary)
5-4-17 Cash Account to 60000 60000
Note payable
(loan From Bank)
7-4-17 Generator Account to 70000 70000
Cash Account
(purchase Generator)
7-4-17 Withdrawal Account to 8000 8000
Cash Account
(Personal use)
8-4-17 Cash Account to 60000 60000
Revenue
(Sell Instruments)
9-4-17 Electric Bills Account to 10000 10000
Cash Account
(March Bills)
9-4-17 Tax Account to 50000 50000
Cash Account
(Taxes Paid)
9-4-17 Note payable Account to 15000 15000
Cash Account
(Paid 1/4th of loan)
10-4-17 Goods Account to 50000 50000
Note payable
(purchase instruments)
10-4-17 Chemical Account to 20000 20000
Cash Account
(Purchase chemical)
Semester Project
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Financial Accounting
11-4-17 Machine Expense to 6000 6000
Cash Account
(Repair Machine)
13-4-17 Polishing Expense account to 1000 1000
Cash Account
(Instruments polishing)
13-4-17 Sand Expense Account to 2000 2000
Cash Account
(Sanding instruments)
14-4-17 Blister Packing Expense Account to 9000 9000
Cash Account
18-4-17 Cash Account to 60000 60000
Revenue
(Sell instruments)
19-4-17 Cash Account to 30000 30000
Note payable
(Advance taken)
19-4-17 Material Expense Account to 100000 100000
Cash Account
(Shaping Raw Instruments)
19-417 Polishing Expense Account to 2000 2000
Cash account
(polishing instruments)
19-4-17 Plastic Packing Expense Account to 3000 3000
Cash Account
(Packing instruments)
19-417 Sand Expense Account to 4000 4000
Cash Account
(Sanding Instruments)
19-4-17 Spring Expense to 1000 1000
Cash Account
(nail cutter Springs)
21-4-17 Surgical Association Expense Account to 500 500
Cash Account
(surgical Association Expense)
22-4-17 Cash Account to 400000 400000
Revenue
(Nail cutters Sold)
22-4-17 Prepaid Insurance Account to 70000 70000
Cash Account
(Insurance Company)
22-4-17 Office Expense Account to 500 500
Cash Account
(Pen, Files, Pins)
22-4-17 Machine Account to 100000 100000
Cash Account
(Purchase machine

Semester Project
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Financial Accounting

22-4-17 Cash Account to 50000 50000

Note payable
(loan from bank)
22-4-17 Cash Account to 40000 40000
Note payable
(Advance)
23-4-17 Polishing Account to 10000 10000
Cash Account
(Polishing instruments)
23-4-17 Sand Expense Account to 20000 20000
Cash Account
(Sanding instruments)
23-4-17 Packing Expense Account to 8000 8000
Cash Account
(Packing Instruments)
24-4-17 Surgical Association Expense Account to 1200 1200
Cash Account
26-4-17 Cash Account to 150000 150000
Revenue
(Sell Instruments)
26-4-17 Note payable to 47500 47500
Cash Account
(1/2th Loan paid)
26-4-17 Machine Account to 120000 120000
Cash Account
( bought laser Machine)
26-4-17 Withdrawal Account to 10000 10000
Cash Account
(personal use)
26-4-17 Petrol Expense to 2000 2000
Cash Account
(monthly Petrol expense)
27-4-17 Materials Expense Account to 70000 70000
Cash Account
(Spatulas Material)
27-4-17 Bags Material Expense Account to 20000 20000
Cash Account
(instruments bags Material)
27-4-17 Labor Expense Account to 15000 15000
Cash Account
(To Bags Maker)
28-4-17 Cash Account to 80000 80000
Revenue
(sold bags)

Semester Project
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Financial Accounting

28-4-17 Cash Account to 150000 150000

Revenue
(Sold Spatulas)
29-4-17 Office Expense Account to 300 300
Cash Account
(Bought Scotch Tape)
29-4-17 Maintenance Expense to 3000 3000
Cash Expense
(Cleaning Purpose etc)

Semester Project
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Financial Accounting
T Accounts

Cash Account Capital Account

Debit Credit Debit Credit
600000 20000 600000
20000 30000 600000
60000 55000
60000 70000
60000 8000
30000 10000 Prepaid Rent Account
400000 50000 Debit Credit
50000 15000 20000
40000 20000 20000
150000 6000
80000 1000
150000 2000
1700000 9000 Furniture Account
100000 Debit Credit
2000 30000
3000 30000
4000
1000
500
70000 Note Payable
500 Debit Credit
100000 20000
10000 50000
20000 30000
8000 40000
1200 140000
47500
120000
10000
Semester Project
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Financial Accounting
2000 Salary Expense
70000 Debit Credit
20000 55000
15000 55000
300
3000
1700000 904000
796000 Bank Payable
Debit Credit
15000 60000
47500 50000
62500 110000
47500
Withdrawal Account
Debit Credit
8000 Machine Account
10000 Debit Credit
18000 70000
100000
120000
Revenue 290000
Debit Credit

60000
60000
400000 Goods Account
150000 Debit Credit
80000 50000
150000 50000
900000

Surgical Association
Expense
Semester Project
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Financial Accounting
Electric Bill Expense Debit Credit
Debit Credit 500
10000 1200
10000 1700

Tax Expense
Debit Credit Spring Expense Account
50000 Debit Credit
50000 1000
1000

Chemical Account
Debit Credit Polishing Expense Account
20000 Debit Credit
20000 1000
2000
10000
13000
Sanding Expense Account
Debit Credit
2000
4000
20000
26000

Semester Project
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Financial Accounting
Packing Expense Account Materials Expense
Debit Credit Debit Credit
9000 100000
3000 70000
8000 20000
20000 190000

Petrol Expense
Debit Credit
2000 Machine Expense
2000 Debit Credit
6000
6000

Maintenance Expense
Debit Credit
3000 Office Expense
3000 Debit Credit
500
Labor Expense 300
Debit Credit 800
15000
15000

Prepaid Insurance
Debit Credit
70000
70000

Pro-Star Instruments
Semester Project
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Financial Accounting

Trial Balance

Account Names Debit Credit

(Rupees) (Rupees)
Cash Account 796000
Prepaid rent Account 20000
Furniture Account 30000
Goods Account 50000
Machine Account 290000
Prepaid Insurance 70000
Chemical Account 20000
Note Payable 140000
Bank Payable 47500
Withdrawal Account 18000
Capital Account 600000
Revenue 900000
Materials Expense 190000
Salary Expense 55000
Surgical Association Expense 1700
Electricity Bills 10000
Springs Expense 1000
Polishing Expense 13000
Sanding Expense 26000
Packing Expense 20000
Machine Expense 6000
Labor Expense 15000
Petrol Expense 2000
Office Expense 800
Tax Expense 50000
Miscellaneous/Maintenance Expense 3000
Total 1687500 1687500

Semester Project
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Financial Accounting
Income Statement

Description Amount Amount

Revenue 900000 900000
Less: Operating Expense (343500)
Materials Expense 190000
Labor Expense 15000
Office Expense 800
Salary Expense 55000
Electricity Bills 10000
Springs Expense 1000
Polishing Expense 13000
Sanding Expense 26000
Packing Expense 20000
Machine Expense 6000
Petrol Expense 2000
Surgical Association Expense 1700
Miscellaneous/Maintenance Expense 3000
EBIT: 556500
Tax Paid 50000 (50000)
Net Profit/EAT 506500

Semester Project
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Financial Accounting

Owners Statement
Capital 600000
Withdrawal (18000)
Net profit 506500
Ending Capital 1088500

Balance Sheet
Assets Amount Liability/Owners Amount
Equity
Current assets Note payable 140000
Cash Account 796000 Bank payable 47500
Prepaid rent Account 20000
Furniture Account 30000 Ending Capital 1088500
Goods Account 50000
Prepaid Insurance 70000
Chemical Account 20000
Fixed Assets
Machine Account 290000
Total 1276000 Total 1276000

Semester Project