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Ultrabikes Enterprise

Unadjusted Journal for June 2015


Unadjusted Journal-Ultrabikes Entreprise

DATE
JUNE 1

DESCRIPTION
Vehicles
Cash
Capital
( Record capital Fazura had invest in business)
1 Rent Expenses
Furniture
Cash
( Record rental expenses and purchasing
of furniture by cash )
3 Merchandise Inventory
Account Payable -MINICYCLE
(Record Purchasing of inventory on account)
5 Transportation in
Cash
( Record transportation in for MINICYCLE)
8 Merchandise Inventory
Account Payable - BICYCLE WAREHOUSE
(Record Purchasing of inventory on account)
9 Cash
Sales
(Record cash Sales)
9 Cost Of Merchandise Sold
Merchandise Inventory
(Record cost of merchandise sold)
10 Account Payable- BICYCLE WAREHOUSE
Purchases Return & Allowances
( Record return inventory had defected )
11 Account Receivable - SUPERCYCLES SHOP
Sales
(Record sales on account)
11 Cost Of Merchandise Sold
Merchandise Inventory
(Record cost of merchandise sold)

POST.REF.

Ultrabikes Enterprise
Unadjusted Journal for June 2015
12 Account Payable- MINICYCLE
Purchases Discount
Cash
( Paid for MINICYCLE for purchases)

DATE

DESCRIPTION
12 Drawing
Merchandise Inventory
( Take 2 mountain bike for nephews)
15 Cash
Long-term Loan
(Obtained a loan from GG BANK BERHAD )
18 Account Receivable - HAPPYBIKE CENTRE
Sales
(Record sales on account)
18 Cost Of Merchandise Sold
Merchandise Inventory
(Record cost of merchandise sold)

21 Account Payable- BICYCLE WAREHOUSE


Cash
( Paid for BICYCLE WAREHOUSE for purchases)
21 Cash
Sales Discount
Account Receivable- SUPERCYCLES SHOP
( Receive cash from SUPERCYCLES SHOP )
23 Cash
Sales
(Record cash Sales)
23 Cost Of Merchandise Sold
Merchandise Inventory
(Record cost of merchandise sold)
26 Merchandise Inventory
Account Payable -MINICYCLE

POST.REF.

Ultrabikes Enterprise
Unadjusted Journal for June 2015
(Record Purchasing of inventory on account)
26 Transportation in
Cash
( Record transportation in for MINICYCLE)
28 Sales Return
Cash
(Record return merchandise inventory from
customer)

DATE

DESCRIPTION
28 Merchandise Inventory
Cost Of Merchandise Sold
(Record sales return )
30 Utility Expenses
Salaries Expenses
Insurance Expenses
Cash
(Paid the bills)

POST.REF.

Ultrabikes Enterprise
Unadjusted Journal for June 2015

DEBIT (RM)
CREADIT (RM)
114,000
82,500
196,500

5,100
15,600
20,700

30,750
30,750

1,800
1,800

26,700
26,700

7,950
7,950

3,300
3,300

1,350
1,350

17,550
17,550

6,143
6,143

Ultrabikes Enterprise
Unadjusted Journal for June 2015
30,750
29,212.50
1,537.50

DEBIT (RM)

CREADIT (RM)
810
810

72,000
72,000

16,350
16,350

5,715
5,715

25,350
25,350

16,672.50
877.5
17,550

12,750
12,750

4,988
4,988

22,500
22,500

Ultrabikes Enterprise
Unadjusted Journal for June 2015

630
630

945
945

DEBIT (RM)

CREADIT (RM)
525
525

570
9,900
8,100
18,570

Adjusted journal -Ultrabikes Entreprise


Date
Particular
June 30
Prepaid Rental
Rental Expenses
( Record rental expenses for 3 month)

POST.REF. Debit (RM)


3,400

Depreciation Expenses- Vehicles


* 114000x 1/12x 10%
Accumulated Depn -Vehicles
( Record depreciation of vehicles for June)

950

Depreciation Expenses - Furniture


* 15600x 1/12x 8%
Accumulated Depn- Furniture
( Record depreciation of furniture for June)

104

Salary Expenses
Salary Payable
( Record salary remained payable)

975

Prepaid Insurance
Insurance Expenses
(Record insurance that is effective from July)

8,100

Creadit(RM)
3,400

950

104

975

8,100

unadjusted ledger-ULTRABIKES ENTREPRISE

Date Particular

Jun-01 Capital

Jun-01 Capital
9 Sales
15 Long-term Loan
21 Account ReceivableSUPERCYCES SHOP
23 Sales

Dt(Rm)
Vehicle
114,000

Cash
82,500
7,950
72,000
16,673
12,750

191,873

Jun-01 Cash

Furniture
15600

Merchandise Inventory
Jun-03 Account PayableMINI CYCLE
5 Cash
8 Account PayableCYCE WAREHOUSE
26 Account PayableMINI CYCE
Cash
28 Cost Of Merchandise sold

30,750
1,800
26,700
22,500
630
525

82,905

Jun-11 Sales
18 Sales

Account Receivable
17,550
16,350

33,900

Account Payable
Jun-10 Merchandise Inventory
12 Merchandise Inventory
12 Cash
21 Cash
30 Balance

1,350

1,537.50
29,212.50
25,350
22,500
79,950

Jun-30 Balance

Bank Loan
72,000

Jun-30 Balance

Capital
196,500
196,500

Jun-12 Merchandise Inventory

Jun-09 Merchandise Inventory


11 Merchandise Inventory
18 Merchandise Inventory
23 Merchandise Inventory

Drawing
810

Cost Of Merchandise sold


3,300
6,143
5,715
4,988
20,146

Jun-30 Balance

Sales
54,600

54,600

Jun-28 Cash

Sales Return and Allowances


945

Sales Discounts
Jun-21 Account ReceivableBICYCLE WAREHOUSE

877.5

30 Cash

Utility Expenses
570

30 Cash

Salary Expenses
9,900

30 Cash

Insurance Expenses
8,100

Jun-01 Cash

Rent Expenses
5,100

Date Particular

Jun-30 Balance

Jun-01 Rent Expenses


Furniture
5 Merchandise Inventory
12 Account PayableMINI CYCLE
21 Account PayableBICYCLE WAREHOUSE
26 Merchandise Inventory
28 Sales Return & Allowances
30 Utility Expenses

Salaries Expenses
Insurance Expenses
Balance

Ct(Rm)

114,000

5,100
15,600
1,800
29,212.50
25,350
630
945
570
9,900
8,100
94,665
191,873

Jun-30 Balance

15600

Jun-09 Cost Of Merchandise sold


10 Account PayableBICYCLE WAREHOUSE
11 Cost Of Merchandise sold
12 Drawing
Account PayableMINICYCLE
18 Cost Of Merchandise sold
23 Cost Of Merchandise sold
30 Balance

3,300
1,350
6,143
810
1,537.50
5,715
4,988
59,061

82,905

Receivable
Jun-21 Cash
21 Sales Discount
30 Balance

16,672.50
877.5
16,350
33,900.00

Jun-03 Merchandise Inventory


8 Merchandise Inventory
26 Merchandise Inventory

30,750
26,700
22,500

79,950

Jun-15 Cash

72,000

Jun-01 Vehicles
Cash

114,000
82,500
196,500

Jun-30 Balance

810

chandise sold
Jun-28 Merchandise Inventory
30 Balance

525
19,621

20,146

Jun-09 Cash
11 Acc. ReceivableSUPERCYCLES SHOP
18 Acc. ReceivableHAPPY BIKE CENTRE
23

7,950
17,550
16,350
Cash
12,750
54,600

and Allowances
Jun-30 Balance

945

Jun-30 Balance
877.5

30 Balance

570

30 Balance

9,900

30 Balance

8,100

Jun-30 Balance

5,100

Adjusted Ledger-ULTRABIKES ENTREPRISE

Rent Expenses
5,100

Jun-01 Cash

Jun-30 Prepaid Rent


Balance

5,100

Prepaid Rent
3,400

Jun-30 Rent Expenses

3,400

1,700
5,100

Jun-30

3,400

Accumulated Depn-Furniture
Jun-30 Balance

104

Jun-30 Depreciation ExpensesFurniture

104

104
104

Depreciation Expense-Furniture
Jun-30 Depreciation ExpensesFurniture

Jun-30 Balance

104

104

104

104

Accumulated Depn-Vehicles
Jun-30 Balance

950

Jun-30 Depreciation ExpensesVehicles

950

950
950

Depreciation Expense-Vehicles
Jun-30 Depreciation ExpensesVehicles

Jun-30 Balance

950

950

950

Salary Expenses

950

Jun-30 Cash
Payable salary

9,900
975

Jun-30 Balance

10,875

Jun-30 Balance

Jun-30 Cash

Jun-30 Insurance Expenses

Payable Salaries
975

10,875

Jun-30 Salary Expenses

Insurance Expenses
8,100
Jun-30 Prepaid Insurance

Prepaid Insurance
8,100

10,875

Jun-30 Balance

975

8,100

8,100

ULTRABIKES ENTREPRISE
Unadjusted Trial Balance
June 30, 2015
ACCOUNT
Vehicle
Cash
Furniture
Merchandising Inventory
Account Receivable
Account Payable
Long-term Liability
Fazura,Capital
Fazura,Drawing
Sales
Sales Discount
Sales Return
Cost of Merchandising
Rent Expenses
Utility Expenses
Salaries Expenses
Insurance Expenses
TOTAL

RM
RM
114,000
94,665
15,600
59,061
16,350
22,500
72,000
196,500
810
54,600
878
945
19,621
5,100
570
9,900
8,100
345,600

345,600

ULTRABIKES ENTREPRISE
Adjusted Trial Balance
June 30, 2015
ACCOUNT
Vehicle
Cash
Account Receivable
Merchandising Inventory
Furniture
Prepaid Insurance
Prepaid Rent
Account Payable
Payable Salary
Long-term Liability
Fazura,Capital
Fazura,Drawing
Sales
Sales Discount
Sales Return
Cost of Merchandising
Rent Expenses
Utility Expenses
Salaries Expenses
Vehicles Depreciation Expenses
Accumulated Depreciation-Vehicles
Furniture Depreciation Expenses
Accumulated Depreciation-Furniture
TOTAL

RM
RM
114,000
94,665
16,350
59,061
15,600
8,100
3,400
22,500
975
72,000
196,500
810
54,600
878
945
19,621
1,700
570
10,875
950
950
104
347,629

104
347,629

ULTRABIKES ENTERPRISE
Income Statement
June 30, 2015
RM
Sales Revenue
Add: Sales Return &Allowances
Sales Discount
Net Sales
Cost of Goods Sold
Income from operations
Expenses:
Depreciation Expense- Furniture
Depreciation Expense- Vehicles
Salaries Expense
Utility Expense
Rent Expense
Total Expense
Net Profit

RM

RM
54,600

945
878

1,823
52,777
19,621
33,156
104
950
10,875
570
1,700
14,199
18,957

ULTRABIKES ENTERPRISE
Statement of Owner's Equity
June 30, 2015
RM
RM
Fazura, capital, June 1, 2015
196,500
Net Income
18,957
Less drawings
810
Increase in owner's equity
18,147
Fazura, capital, June 30, 2015
214,647

ULTRABIKES ENTERPRISE
Balance Sheet
June 30, 2015

Assets
Current assets :
Cash
Accounts Receivable
Merchandise Inventory
Prepaid rent
Prepaid insurance
Total Current Assets
Property, plant, and equipment :
Vehicle
Less accumulated depreciation
Furniture
Less accumulated depreciation
Total property, plant, and equipment
Total assets
Liabilities
Current liabilities :
Accounts Payable
Salaries payable
Total Current Liabilities
Long-term liabilities :
Total liabilities
Owner's Equity
Fazura, capital
Total liabilities and owner's equity

ULTRABIKES ENTERPRISE
Balance Sheet
June 30, 2015
RM

RM

urrent assets :

Accounts Receivable
Merchandise Inventory
Prepaid rent
Prepaid insurance
Total Current Assets
roperty, plant, and equipment :
Vehicle
Less accumulated depreciation
Furniture
Less accumulated depreciation
Total property, plant, and equipment

urrent liabilities :
Accounts Payable
Salaries payable
Total Current Liabilities

ong-term liabilities :
otal liabilities

Owner's Equity
azura, capital
otal liabilities and owner's equity

94,665
16,350
59,061
3,400
8,100

114,000
950
15,600
104

113,050
15,496

22,500
975

RM

181,576

128,546
310,122

23,475
72,000
95,475

214,647
310,122

Solvency Measures
Current Ratio

Method of Computation

Current Assets
Current Liabilities
181,576
23,475
7.73
2

Acid Test Ratio


Current Assets - inventory
Current Liabilities
181,576 - 59,061
23,475
5.22

Total Assets Turnover


Net Sales
Average Total Assets
52,777
(181,576 + 128,546)/2
0.34

Profit Margin
Net income
Sales
18, 957
54,600
0.35

Return On Assets
Net income
Total assets
18,957
( 181,576 + 128,546 )
0.06

Return On Equity
Net income
Total Equity
18,957
214,647
0.09

Analysis

As you can see, ULTRABIKES had exceed 7.73 percent


of current assets to pay off of his current liabilities. This
shows that ULTRABIKES is Manage their current
liabilities well. So, all the current liabilities would be
covered by the current assets.

As you can see ULTRABIKES quick ratio is 5.22. This


means that Carole can pay off all of her current liabilities
with quick assets and still have some quick assets left over.

As you can see, ULTRABIKES ratio is only 0.34. This


means that for every ringgit in assets, ULTRABIKES only
generates 0.34 cents. In other words, ULTRABIKES start
up in not very efficient with its use of assets.

As you can see, ULTRABIKES ENTREPRISE only


converted 6 percent of sales into profits. It shows, they had
less sales.

less sales.

As you can see, ULTRABIKES ENTREPRISE ratio is


0.06 percent. In other words, every Ringgit that Charlie
invested in assets during the year produced RM 6 of net
income.

As you can see, after preferred dividends are removed


from net income ULTRABIKES ENTREPRISE ROE is 9.
This means that every Ringgit of common shareholder's
equity earned about RM 9 this year. In other words,
shareholders saw a 9 percent return on their investment.

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