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After collecting the information from the owner of OK GARMENTS, the whole group tried to
put in a lot of efforts in drafting the financial statements of the sole trader and tried to
make this report a complete source of information on the accounts of a sole
proprietorship.
Ok Garments
Transactions for the month of October, 2010
Date Particulars
Cash 420
Paid telephone expense of Rs. 420
Oct 31,2010 Depreciation Expense: Furniture 1267
Cash 21750
GENERAL LEDGER
Rs.2386414
9
Rs.8,000
FURNITURE
INVENTORY ACCOUNT Rs Bal: Rs.250000
01/10 10000000 31/10 195420
20/10 14100
20/10 21750
Rs.250,000
ACCOUNT PAYABLE
01/10 Rs.70000
SPLITS
20/10 4230 Bal: Rs.64000
Rs.4,230
Rs.64,000
Rs.55,000 Rs.350,000
DRAWINGS
19/10
SHUTTERS
Rs. 25000 Bal:
20/10 Rs.100000
Rs. 25000
31/10
Rs. 15000
31/10
Rs. 5000
Rs.70,000
Rs.100,000
RENT & DEPRICIATION EXPENSE:
MAINTENANCE FURNITURE
PAYABLE 31/10 Rs.1267
09/10 Rs.3980 31/07 Rs.1990
31/08 Rs.1990
31/09 Rs.1990
31/10 Rs.1990
Rs.1,267
Rs.3980
ACCUMULATED
ELECTRICITY EXPENSE
DEPRICIATION:
31/10
Rs.5776.46 FURNITURE
31/10 Rs.1267
Rs.5,776.46
Rs.1,267
TELEPHONE EXPENSE
31/10 Rs.420 PETROL EXPENSE
15/10 Rs.1000
Rs.420
Rs.1,000
uncollectible account
expense
31/10 Rs.2000
OWNER’S CAPITAL
31/10 drawing 25000 Bal: Rs.1759279
31/10 income 26,574
Rs.2,000
DEPRICIATION
EXPENSE: FIXTURE &
Rs .1760853
FITTINGS ACCUMULATED
31/10 Rs.2892 DEPRICIATION:
FIXTURE & FITTINGS
31/10 Rs.2892
31/10 1574
Rs.2,892
SALES
02/10 Rs.5000
06/10 Rs.2100
08/10 Rs.2775
09/10 Rs.15000
15/10 Rs.35000 Rs.2,892
16/10 Rs.25900 DEPRICIATION EXPENSE:
17/10 Rs.32500
18/10 Rs.19600 SHUTTERS
18/10 Rs.6000 31/10 Rs.333
19/10 Rs.12500
21/10 Rs.25000
24/10 Rs.19500
28/10 Rs.30000
29/10 Rs.56000
30/10 Rs.13770
Rs.300,645 Rs.333
DEPRICIATION EXPENSE:
SPLITS ACCUMULATED
31/10 Rs.983 DEPRICIATION: SPLITS
31/10 Rs.983
Rs.983
Rs.983
Rs.3980
Rs.333
Rs. 195,420
Rs.2000
ACCOUNT
RECEIVABLE
01/10 31/10 Rs.2000
Rs.2500000
02/10 5000
Rs.3,000
OK GARMENTS
ADJUSTED TRIAL BALANCE
OCTOBER 31, 2010
Less EXPENSES:
Rent & Maintenance expense 3980
Petrol Expense 1000
Salaries expense 55000
Electricity expense 5776
Telephone expense 420
Bad debts expense 2000
Office Supplies expense 5000
Depreciation expense: furniture 1267
Depreciation expense: splits 983
Depreciation expense: 2892
Fixtures and fittings
Depreciation expense: 333
Shutters
(78651)
NET INCOME 26,574
OK GARMENTS
BALANCE SHEET
OCTOBER 31, 2010
OWNER’S EQUITY:
Owner’s Capital (opening)
1759279
Add: Net Income
26,574
Less: Drawings
(25000)
1760853
TOTAL LIABILITIES & OWNER’S EQUITY Rs.1769063
OK GARMENTS
WORK SHEET
FOR THE PERIOD ENDED OCTOBER 31, 2010