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    Maria Hernandez Solution

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    Shashank Patel
    1) The balance sheet shows the company's assets, liabilities, and equity as of August 31, 2004. Total assets were Rs. 60,300 and included cash, supplies, equipment, prepaid rent, and accounts receivable. Total liabilities and equity were also Rs. 60,300. 2) The income statement shows revenues of Rs. 47,000 and expenses of Rs. 42,400 for July-August 2004, resulting in a net profit of Rs. 4,600. 3) The cash flow statement shows a net cash decrease of Rs. 5,400 for the period, with cash inflows from sales offset by cash outflows for expenses and equipment purchase. Opening cash was

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    Maria Hernandez Solution

    Uploaded by

    Shashank Patel
    524 views13 pages
    1) The balance sheet shows the company's assets, liabilities, and equity as of August 31, 2004. Total assets were Rs. 60,300 and included cash, supplies, equipment, prepaid rent, and accounts receivable. Total liabilities and equity were also Rs. 60,300. 2) The income statement shows revenues of Rs. 47,000 and expenses of Rs. 42,400 for July-August 2004, resulting in a net profit of Rs. 4,600. 3) The cash flow statement shows a net cash decrease of Rs. 5,400 for the period, with cash inflows from sales offset by cash outflows for expenses and equipment purchase. Opening cash was

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    1) The balance sheet shows the company's assets, liabilities, and equity as of August 31, 2004. Total assets were Rs. 60,300 and included cash, supplies, equipment, prepaid rent, and accounts receivable. Total liabilities and equity were also Rs. 60,300. 2) The income statement shows revenues of Rs. 47,000 and expenses of Rs. 42,400 for July-August 2004, resulting in a net profit of Rs. 4,600. 3) The cash flow statement shows a net cash decrease of Rs. 5,400 for the period, with cash inflows from sales offset by cash outflows for expenses and equipment purchase. Opening cash was

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    524 views13 pages

    Maria Hernandez Solution

    Uploaded by

    Shashank Patel
    1) The balance sheet shows the company's assets, liabilities, and equity as of August 31, 2004. Total assets were Rs. 60,300 and included cash, supplies, equipment, prepaid rent, and accounts receivable. Total liabilities and equity were also Rs. 60,300. 2) The income statement shows revenues of Rs. 47,000 and expenses of Rs. 42,400 for July-August 2004, resulting in a net profit of Rs. 4,600. 3) The cash flow statement shows a net cash decrease of Rs. 5,400 for the period, with cash inflows from sales offset by cash outflows for expenses and equipment purchase. Opening cash was

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 13
    At a glance
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    The document contains financial statements including the balance sheet, income statement and cash flow statement for a business over a two month period.

    The main components of the balance sheet are assets, liabilities and equity.

    The main components of the income statement are revenue, expenses and profit.

    Balance Sheet as on 31st August 2004

    Asset Amount Liabilities Amount Equity Amount


    Cash in Bank Loan Owner's Equity
    Opening Balance 12000 Opening Balance 20000 Opening Balance 30000

    Office Supplies
    Opening Balance 5000

    Equipment and Software


    Opening Balance 27000

    Prepaid Rent
    Opening Balance 6000

    Total 50000 20000 30000


    Income statement for the two
    months ending on 31st Aug.
    2004
    Particular Amount
    Balance Sheet as on 31st August 2004
    Asset Amount Liabilities Amount Equity
    Cash in Bank Loan Owner's Equity
    Opening Balance 12000 Opening Balance 20000 Opening Balance
    Add: Cash Sale 40000 Outstanding Interest 200 Add: profit for the year
    Less: Purchase of Supplies 900
    Less: Rent Paid 6000
    Less: Salaries Paid 33000
    Less: Equipement Purchased 5500
    Cash in Hand at end 6600

    Office Supplies Creditors 5500


    Opening Balance 5000 (for purchasing Equipment)
    Add: Purchases 900
    supplies consumed 1700
    Closing Balance 4200

    Equipment and Software


    Opening Balance 27000
    Add: Pruchase of Equipment 11000
    Less: Accumulated Depreciation 1500
    Closing Balance 36500

    Prepaid Rent
    Opening Balance 6000
    (security and September)

    Debtors 7000

    Total 60300 25700


    Income statement for the two months ending
    on 31st Aug. 2004
    Amount Particular Amount
    Sales
    30000 Cash Sale 40000
    4600 Credit Sale 7000
    Total Sales 47000

    Supplies Consumed 1700


    Rent (July and August) 6000
    Salaries Paid 33000
    Interst 200
    Depreciation
    Old Equipments 1500

    Total Expenses 42400

    Profit for the Year 4600

    34600
    Cash Flow statement for the two months ending
    on 31st Aug. 2004
    Particular Amount
    Cash Flow From Operting Activities
    Received From Client 40000
    Purchase supplies -900
    Rent Paid -6000
    Salaries Paid -33000

    Net Cash Flow from Operating Act. 100

    Cash Flow From Investing Activities


    Purchase of New Equipment -5500

    Net Cash Flow from Operating Act. -5500

    Cash Flow From Financing Activities 0

    Total Cash Flow -5400


    Add: Opening Balance 12000
    Closing Balance of Cash 6600
    Balance Sheet as on July 02, 2004
    Sources of Funds Amount
    Loan 20,000
    Maria's Equity 30,000

    50,000

    Bank Account (from July 02 to August 31, 2004


    Receipts
    Opening Balance 12,000
    Sales 40,000

    52,000
    cash balnce decreased by

    Income Statement (for the period from July 02 to August 31, 2004
    Revenue
    Expenses:
    Rent
    Office Supplies
    Salaries
    Interest
    Depreciation
    Profit for the period

    Balance Sheet as on August 31, 2004


    Sources of Funds Amount
    Loan 20,000
    Interest on Loan 200
    Maria's Equity 30,000
    Retained Profit 4,600
    Creditors (Account Payable) 5,500
    60,300

    Cash-flow Statement (Method I)


    Opening Cash Balance
    Cashflow from Operatios:
    Received from Clients
    Rent paid
    Supplies Purchased
    Salaries

    Cashflow from Inveting:


    Purchase equipment/software
    Cashflow from Financing
    Equity
    Loan
    Change in Cash
    Closing cash Balance

    Cash-flow Statement (MethodII)


    Opening Cash Balance
    Cashflow from Operatios:
    Profit
    Non cash Exp (Depreciation)
    Cash Profit
    Changes in Current Assets:
    Office supplies -800
    Prepaid Rent -
    Account Receivables 7,000

    Change in Current Liability:


    Account Payables
    Interest Charges 200
    Cashflow from Inveting:
    Purchase equipment/software
    Cashflow from Financing
    Equity
    Loan
    Change in Cash
    Closing cash Balance
    eet as on July 02, 2004
    Applications of Funds Amount
    Cash at Bank 12,000
    Office Supplies 5,000
    Equipments ans Software 27,000
    Prepaid Rent 6,000
    50,000

    m July 02 to August 31, 2004


    Payment
    Office Supplies 900
    Rent Paid 6,000
    Utility, Repair and Salaries 33,000
    Software 5,500
    Closing Balance 6,600
    52,000
    5,400

    r the period from July 02 to August 31, 2004)


    47,000

    6,000
    1,700
    33,000
    200
    1500 42,400
    4,600

    t as on August 31, 2004


    Applications of Funds Amount
    Cash at Bank 6,600
    Office Supplies 4,200
    Equipments ans Software 36,500
    Prepaid Rent 6,000
    Account Receivable 7,000
    60,300

    Statement (Method I)
    12,000

    40,000
    -6,000
    -900
    -33,000 100

    -5,500 -5,500
    -
    - -
    -5400
    6,600

    Statement (MethodII)
    12,000

    4,600
    1,500
    6,100

    6,200
    -100

    200 100

    -5,500 -5,500
    -
    - -
    -5,400
    6,600

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