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Assignment 1

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ACFI1001 assignment 1


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Assignment 1
Topics this document covers:
Balance sheet Income statement Accounts receivable Retained earnings Account Radio spectrum
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Topics this document covers:
Balance sheet Income statement Accounts receivable Retained earnings Account Radio spectrum
Sample Text:
Date Jan 08 1 2 3 4 5 6 7 8 9 10 11 12 13 Subtotals Totals Cash 15 000 -2 000 -500 1 000 -200 150 750 1 500 -500 -250 -100 -500 13 200 -750 100 -500 -250 -100 250 150 23 600 10 000 7 650 14 800 23 600 -500 1 150 -100 1 500 150 -200 Accounts Receivable Equipment Vehicle Accounts Payable 8 000 Capital 15 000 Profit and Loss 10 000 -500 1 000 2. a) Income Statement for RM Ltd. for the month ending 31 January 2008. $ $ Sales 2,500 0 2,500 Rent Petrol Electricity Salaries 500 100 250 500 1,350 1,150 = - Cost of sales Gross profit Expenses = Net profit Statement of Changes in Shareholders' Equity $ $ 15,000 0 1,150 200 950 15,950 1,150 Contributed capital (opening) Retained earnings (opening) + = Net profit Dividends paid Retained earnings (closing) Shareholder's equity (closing) b) Balance Sheet for RM Ltd. as at 31 January 2008. ...
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