Professional Documents
Culture Documents
Capital
Date Description Debit Credit Balance
Capital invested 2,500,000 (2,500,000)
(2,500,000)
(2,500,000)
F&F
Date Description Debit Credit Balance
Cash purchases 300,000 300,000
300,000
300,000
Equipment
Date Description Debit Credit Balance
Cash purchases 270,000 270,000
270,000
270,000
Revenue
Date Description Debit Credit Balance
2013 services 395,000 (395,000)
2013 credit services 1,595,000 (1,990,000)
(1,990,000)
Salary expense
Date Description Debit Credit Balance
2013 salaries paid 535,000 535,000
535,000
535,000
Receivables
Date Description Debit Credit Balance
2013 credit services 1,595,000 1,595,000
Partial cash received 900,000 695,000
695,000
Rent expense
Date Description Debit Credit Balance
2013 rentals 195,000 195,000
195,000
195,000
Utility expense
Date Description Debit Credit Balance
2013 utility expenses paid 85,000 85,000
85,000
85,000
Bank loan
Date Description Debit Credit Balance
2013 loan 425,000 (425,000)
1st inst 25,000 (400,000)
(400,000)
Motor Vehicles
Date Description Debit Credit Balance
Credit purchases 575,000 575,000
575,000
575,000
Payables
Date Description Debit Credit Balance
MV payables 575,000 (575,000)
(575,000)
(575,000)
Interest expense
Date Description Debit Credit Balance
2013 interest charge 22,000 22,000
22,000
22,000
Advances from customers
Date Description Debit Credit Balance
Advance from cust A 50,000 (50,000)
(50,000)
(50,000)
Advance Salary
Date Description Debit Credit Balance
Jan salary in advance 10,000 10,000
10,000
10,000
Dividends
Date Description Debit Credit Balance
2013 dividends 450,000 450,000
450,000
450,000
Trial balance for the year ended December 31, 2013
Debit Credit
Cash 2,378,000
Capital 2,500,000
F&F 300,000
Equipment 270,000
Revenue 1,990,000
Salary expense 535,000
Receivables 695,000
Rent expense 195,000
Utility expense 85,000
Bank loan 400,000
Motor Vehicles 575,000
Payables 575,000
Interest expense 22,000
Advances from customers 50,000
Advance Salary 10,000
Dividends 450,000
5,515,000 5,515,000
Cash
Date Description Debit Credit Balance
Capital invested 2,500,000 2,500,000
F&F payments 300,000 2,200,000
Equipment payments 270,000 1,930,000
2013 revenues 395,000 2,325,000
2013 salaries 535,000 1,790,000
2013 customer receipts 900,000 2,690,000
2013 rentals paid 195,000 2,495,000
2013 Utility exp paid 85,000 2,410,000
Bank loan funds 425,000 2,835,000
1st inst bank loan 25,000 2,810,000
2013 interest charge 22,000 2,788,000
Advances from customers 50,000 2,838,000
Advance Salary 10,000 2,828,000
2013 dividends 450,000 2,378,000
Capital
Date Description Debit Credit Balance
Capital invested 2,500,000 (2,500,000)
(2,500,000)
(2,500,000)
F&F
Date Description Debit Credit Balance
Cash purchases 300,000 300,000
300,000
300,000
Equipment
Date Description Debit Credit Balance
Cash purchases 270,000 270,000
270,000
270,000
Revenue
Date Description Debit Credit Balance
2013 services 395,000 (395,000)
2013 credit services 1,595,000 (1,990,000)
Transfer to RE 1,990,000 -
Salary expense
Date Description Debit Credit Balance
2013 salaries paid 535,000 535,000
Transfer to RE 535,000 -
-
Receivables
Date Description Debit Credit Balance
2013 credit services 1,595,000 1,595,000
Partial cash received 900,000 695,000
695,000
Rent expense
Date Description Debit Credit Balance
2013 rentals 195,000 195,000
Transfer to RE 195,000 -
-
Utility expense
Date Description Debit Credit Balance
2013 utility expenses paid 85,000 85,000
Transfer to RE 85,000 -
-
Bank loan
Date Description Debit Credit Balance
2013 loan 425,000 (425,000)
1st inst 25,000 (400,000)
(400,000)
Motor Vehicles
Date Description Debit Credit Balance
Credit purchases 575,000 575,000
575,000
575,000
Payables
Date Description Debit Credit Balance
MV payables 575,000 (575,000)
(575,000)
(575,000)
Interest expense
Date Description Debit Credit Balance
2013 interest charge 22,000 22,000
Transfer to RE 22,000 -
-
Advances from customers
Date Description Debit Credit Balance
Advance from cust A 50,000 (50,000)
(50,000)
(50,000)
Advance Salary
Date Description Debit Credit Balance
Jan salary in advance 10,000 10,000
10,000
10,000
Retained earnings
Date Description Debit Credit Balance
Transfer from revenue 1,990,000 (1,990,000)
Transfer from salary 535,000 (1,455,000)
Transfer from Rent 195,000 (1,260,000)
Transfer from utility 85,000 (1,175,000)
Transfer from interest 22,000 (1,153,000)
Transfer from Dividends 450,000 (703,000)
Dividends
Date Description Debit Credit Balance
2013 dividends 450,000 450,000
Transfer to RE 450,000 -
-
Post closingTrial balance for the year ended December 31, 2013
Debit Credit
Cash 2,378,000
Capital 2,500,000
F&F 300,000
Equipment 270,000
Revenue -
Salary expense -
Receivables 695,000
Rent expense -
Utility expense -
Bank loan 400,000
Motor Vehicles 575,000
Payables 575,000
Interest expense -
Advances from customers 50,000
Advance Salary 10,000
Retained earnings 31.12.2013 703,000
Dividends -
4,228,000 4,228,000
Cash
Date Description Debit Credit Balance
Jan 1 2014 Balance b/f 2,378,000
2014 services 525,000 2,903,000
2,903,000
2,903,000
2,903,000
2,903,000
2,903,000
2,903,000
2,903,000
2,903,000
2,903,000
2,903,000
2,903,000
2,903,000
Capital
Date Description Debit Credit Balance
Capital invested (2,500,000)
(2,500,000)
(2,500,000)
F&F
Date Description Debit Credit Balance
Cash purchases 300,000
300,000
300,000
Equipment
Date Description Debit Credit Balance
Cash purchases 270,000
270,000
270,000
Revenue
Date Description Debit Credit Balance
2014 services 525,000 (525,000)
(525,000)
(525,000)
Salary expense
Date Description Debit Credit Balance
-
-
-
Receivables
Date Description Debit Credit Balance
695,000
695,000
695,000
Rent expense
Date Description Debit Credit Balance
-
-
-
Utility expense
Date Description Debit Credit Balance
-
-
-
Bank loan
Date Description Debit Credit Balance
(400,000)
(400,000)
(400,000)
Motor Vehicles
Date Description Debit Credit Balance
575,000
575,000
575,000
Payables
Date Description Debit Credit Balance
(575,000)
(575,000)
(575,000)
Interest expense
Date Description Debit Credit Balance
-
-
-
Advances from customers
Date Balance
(50,000)
(50,000)
(50,000)
Advance Salary
Date Description Debit Credit Balance
10,000
10,000
10,000
Retained earnings
Date Description Debit Credit Balance
(703,000)
(703,000)
(703,000)
(703,000)
(703,000)
(703,000)
Dividends
Date Description Debit Credit Balance
-
-
-
Post closingTrial balance for the year ended December 31, 2014
Debit Credit
Cash 2,903,000
Capital 2,500,000
F&F 300,000
Equipment 270,000
Revenue 525,000
Salary expense -
Receivables 695,000
Rent expense -
Utility expense -
Bank loan 400,000
Motor Vehicles 575,000
Payables 575,000
Interest expense -
Advances from customers 50,000
Advance Salary 10,000
Retained earnings 1.1.2014 703,000
Dividends -
4,753,000 4,753,000