Solution
Calculation of profit
Profit and Loss Account for the year ended 30.06.2007
Expense | Amount | Income | Amount |
Depreciation Expense - Vehicles | 39,900 | Touring service Revenue | 795,800 |
Office Supplies Expense | 300 | Car Rental Revenue | 27,280 |
Repair Expense | 63,000 | ||
Electricity Expense | 40,700 | ||
Insurance Expense | 39,360 | ||
Wages Expense | 311,100 | ||
Net Profit transferred to Capital | 328,720 | ||
Total | 823,080 | 823,080 |
Note - Since it an adjusted Trial Balance, no need to adjust any outstanding or prepaid expense. Also depreciation entry already passed and correspondingly accumulated depreciation has been credited
A.Fung Capital Balance as on 30.06.2017
Capital as per Trial Balance - 1006,220
Add- Net Profit for the year - 328,720
Less- Drawings. - (61080)
A.Fung Capital Balance. - 1273,860
Balance Sheet of World Travel as on 30.06.2017
Assets | Amount |
Current Assets:- | |
Cash at bank | 195,540 |
Accounts Receivable | 297,700 |
Prepaid Insurance | 10,200 |
Office Supplies | 1,500 |
Other Assets:- Land | 670,000 |
Vehicles | 920,000 |
Total Assets 20,94,940
Liabilities | Amount |
Current Liabilities:- Accounts payable | 369,000 |
Wages payable | 10,000 |
Long term Liabilities - Mortgage payable | 123,080 |
Other liabilities & Provisions - Accumulated Depreciation | 319,000 |
Owners Funds (As per working Note) | 1,273,860 |
Total Liabilities | 2,094,940 |
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