Comprehensive Problem 1: Solution of Trial Balance, Income Statement and Balance Sheet
| Trial Balance | ||
| As on … | ||
| Particular | Rs | Rs |
| Cash | 405800 | |
| Rent | 40000 | |
| Equipment | 60000 | |
| 10% Notes payable | 40000 | |
| Insurance | 24000 | |
| Debtor | 5000 | |
| Creditor | 20000 | |
| Capital | 500000 | |
| Advertisement | 20000 | |
| Dividend | 20000 | |
| Discount | 200 | |
| Service rendered | 15000 | |
| Total | 575000 | 575000 |
| Income Statement | ||
| For the month ended … | ||
| Particular | Rs | Rs |
| Sales | 15000 | |
| Less: COGS | 0 | |
| Total Revenue | 15000 | |
| Less: Expenses | ||
| Rent | 40000 | |
| Insurance | 24000 | |
| Advertisement | 20000 | |
| Discount | 200 | |
| Total Expenses | 84200 | |
| Net Loss | -69200 | |
| Statement of Retained Earning | ||
| For the year ended… | ||
| Particular | Rs | RS |
| Opening R/E | 0 | |
| Less: Net Loss | -69200 | |
| Profit for distribution | -69200 | |
| Less: Dividend | 20000 | |
| Closing R/E | -89200 | |
| Balance Sheet | ||
| As on… | ||
| Asset | Rs | Rs |
| Current Asset | ||
| Cash | 405800 | |
| Debtor | 5000 | |
| Total Current Asset | 410800 | |
| Investment | ||
| ---- | --- | --- |
| Plant, Property, and Equipment | ||
| Equipment | 60000 | |
| Total Plant,…, Equipment | 60000 | |
| Intangibles | ||
| ---- | --- | --- |
| Total Asset | 470800 | |
| Liabilities, and owner's equity | ||
| Current Liabilities | ||
| Notes Payable | 40000 | |
| Creditor | 20000 | |
| Total Current Liabilities | 60000 | |
| Long Term Debt | ||
| ---- | --- | --- |
| Owner's equity | ||
| Capital | 500000 | |
| Retained Earning | -89200 | |
| Total owner's equity | 410800 | |
| Liabilities, and owner's equity | 470800 | |
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