1.

               During the month of June, Bon Voyage travel recorded the following transactions:
                           i.          Owners invested Rs. 2,50,000 in cash to start the business. The month’s re

                         ii.          Equipment costing Rs. 80,000 was bought on credit.

                       iii.          Rs. 5,000 was paid for office supplies.

                       iv.          Advertising costing Rs. 7,500 was paid for with cash.

                         v.          Wage costs for the month totalled Rs. 40,000 out of which Rs. 30,000 wer

                       vi.          Earned travel commissions of Rs.1,00,000 of which Rs. 20,000 was receiv

                     vii.          Paid Rs. 50,000 of the Rs.80,000 owed to the equipment supplier.

                   viii.          Used Rs. 1,000 of the office supplies.

                       ix.          Depreciation on the Equipment was Rs. 1,000

A E = I L OC

1 250000 250000
Cash Capital

2 -5000
Cash
5000
Prepaid Rent

3 80000 80000
Equipment Crs. For Equipment

4 -5000
Cash
5000
Inv. Of O.Supplies

5 -7500 7500
Cash Advt

6 -30000 40000 10000

Cash Wages Unpaid Wages

7 20000 100000
Cash Commission Income
80000
Receivables

4000 4000
Prov. For bad debts Prov for bad debts

8 -50000 -50000
Cash Crs. For Equipment
 9 -1000 1000
Inv. Of O.SO. Supplies consumed

10 -1000 1000
EquipmentDepreciation

2. Shared by Sangeeta
Income statement for the
month ending January, 2020
ASSET EXPENSE INCOME
cash 50000
Income 52000 cash 25000
Gross Income 52000 accounts r 14000 services pr
Less: Operating Expenses: cash -5000 salary 5000
Salary 5000 cash -20000
Fuel 8000 furniture 20000
Rent 4000 17000 office supp 3000
NET INCOME 35000 cash 38000 services pr
cash -8000 fuel 8000
cash -4000 rent 4000
Balance sheet as of January, 2020 cash -3000
Assests cash 11000
Non-current Assests: accounts r -11000
Furniture 20000 TOTAL 110000 17000
TOTAL NON-CURREN 20000
Current Asset:
Accounts r 3000
Office Inve 3000
Cash 84000 50000 5000
TOTAL CURRENT AS 90000 25000 20000
TOTAL ASSETS 110000 14000 8000
Liabilities 20000 4000
Non-current Liabilities: 3000 3000
Bank Loan 25000 25000 38000 11000
Owner's Equity 11000 51000
Capital 50000 161000
Retained e 35000 85000
TOTAL LIABILITIES 110000
he business. The month’s rent of Rs. 5,000 was prepaid in cash.

out of which Rs. 30,000 were paid in cash.

which Rs. 20,000 was received in cash. Typically only 95% of the balance earnings on account are realized.
quipment supplier.

Income Statement for the period ending

Income/ Revenue
Commission 100000

Less Expenses
Advt 7500
Wages 40000
Prov. For bd 4000
Supplies cons 1000
Depreciation 1000 53500
Net Profit 46500
INCOME LIABILITY OWNERS CAPITAL
50000
bank loan 25000
14000

accounts p 3000
38000

accounts p -3000

52000 25000
TOTAL LIA 75000

28000
3000
on account are realized.

Balance Sheet Statement as on the y.e

Assets
NCA
Equipment 80000
Less: Depre -1000 79000
CA
Inventory 4000 4000
Receivables 80000
Less: Prov. For Bd -4000 76000
Prepaid Rent 5000 5000
Cash 172500 172500 257500

Total Assets 336500

Liabilities
Equity
Capital 250000
Add: Retained Earnings 46500 296500

NCL
Crs. For Equpmnt 30000 30000

CL
Unpaid wages 10000 10000

Total Liabilities 336500