MPA501 Accounting Principles- Transactions and Financial Statements

MPA501 Accounting Principles- Transactions and Financial Statements

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MPA501 Accounting Principles

Task:

Transactions and Financial Statements 

I. Cover decided to open Recover Upholstery Repairs on 1 January 2018.  She contributed office equipment valued at $10 000 and a commercial  an valued at $12 000, and deposited $5 000 cash in a business bank account. Transactions during January were:

Jan 4 Took a three-year lease on a shop and paid the first month’s rent $350.

4 Purchased office supplies for $260, and issued a cheque for $100 in part payment for these supplies.

6 Cash received for minor repairs, $120.

6 Revenue earned for repair work for Shipshape Ltd on credit, $350.

7 Purchased an upholstery sewing machine for $1 840, paying $400 cash with the balance to be paid at a later date.

8 Cash revenue earned $230.

11 Engaged an upholsterer at an agreed wage of $350 per week.

12 Paid petrol $20, postage $10, and electricity bill $30.

13 Cash of $200 received for over-the-counter repairs

13 Revenue of $450 earned from sales to a customer on credit.

14 Paid the balance owing for office supplies purchased on 4th Jan 2018.

15 The owner withdrew $100 for her own use.

16 Office supplies purchased for $250 on credit.

17 Cash revenue received $365.

18 Paid weekly wages to the upholsterer.

21 Revenue earned for repairs: cash $80, on credit $170.

23 Shipshape Ltd paid the bill for services rendered on 6th Jan 2018.

24 Petrol expenses paid $20.

25 Paid weekly wages to the upholsterer.

28 Revenue earned for repair work $390, receiving $100 in cash and the remainder to be paid at a later date.

31 Office supplies used $200.

Complete a worksheet for the month of January using the above data and prepare an income statement, cash flow statement and balance sheet at 31st January.

MPA501 Accounting Principles

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