Lady_Sapphire
Feb 9, 2010, 08:02 AM
Prepare an Income Statement, Balance Sheet, and Statement of Owner’s Equity. Assume that the capital account started with a beginning balance of $10,000.
ROLCAM
Feb 9, 2010, 08:44 AM
Examples:-
INNOVATIVE SOLUTIONS INTERNATIONAL PTY LTD
PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 30 JUNE 2009
2009 2008
$ $
INCOME
CONSULTING FEES GROSS 0.00 323,255.52
RENTS RECEIVED 0.00 7,100.00
LESS G S T 0.00 -30,030.00
TOTAL INCOME 0.00 300,325.52
EXPENSES
ADVERTISING & PROMOTION 545.64 132.13
BANK CHARGES 1,793.13 1,450.67
COMPUTER REPAIRS 805.41 2,790.52
COMPUTER MATERIALS 0.00 720.00
CONSUMABLE MATERIALS 102,722.26 369,945.34
DEPRECIATION 881.70 14,045.99
ELECTRICITY,GAS & WATER 3,329.11 4,253.54
HIRE OF EQUIPMENT 0.00 3,034.50
INSURANCE 3,282.73 2,000.33
LEASING 11,588.48 22,841.95
LICENCE FEES 205.00 1,750.00
RATES - COUNCILS 419.18 3,961.69
TELEPHONE 3,133.55 4,276.23
RENT 1,236.36 0.00
OFFICE - PRINTING & STATIONERY 666.13 1,871.33
PROFESSIONAL FEES 3,304.55 0.00
M/V - REGISTRATION & INSURANCE 6,176.99 8,749.85
REPAIRS & MAINTENANCE 363.64 0.00
WASTE DISPOSAL 0.00 11,700.00
LESS G S T RECOVERED 0.00 -39,922.00
TOTAL EXPENSES 140,453.86 413,602.07
OPERATING PROFIT/LOSS FOR YEAR -140,453.86 -113,276.55
ACCUMULATED LOSSES B/FWD -386,654.33 -273,377.78
ACCUMULATED LOSSES C/FWD -527,108.19 -386,654.33
##################
INNOVATIVE SOLUTIONS INTERNATIONAL PTY LTD
BALANCE SHEET AS 30 JUNE 2009
2009 2008
$ $
AUTHORISED CAPITAL
1,000,000 SHARES OF $1 EACH 1,000,000.00 1,000,000.00
SHARE CAPITAL AND RESERVES
10 ORDINARY SHARES OF $1 EACH FULLY PAID 10.00 10.00
ACCUMULATED LOSSES -527,108.19 -386,654.33
DEFICIENCY OF FUNDS -527,098.19 -386,644.33
FIXED ASSETS
OFFICE EQUIPMENT AT COST 10,385.80 10,385.80
LESS: ACCUMULATED DEPRN -10,385.80 -9,504.10
OFFICE FURNITURE AT COST 3,323.61 3,323.61
LESS: ACCUMULATED DEPRN -3,323.61 -3,323.61
VEHICLES & TRAILER AT COST 54,865.00 54,865.00
LESS: ACCUMULATED DEPRN -54,865.00 -54,865.00
TOTAL FIXED ASSETS 0.00 881.70
INVESTMENTS
OPTION FEE 5,500.00 5,500.00
REGENT STREET INVESTMENT 23,500.00 23,500.00
TOTAL INVESTMENTS 29,000.00 29,000.00
CURRENT ASSETS
CASH AT BANK - C B A 384.27 0.00
SUNDRY DEBTOR 218.00 0.00
TOTAL CURRENT ASSETS 602.27 0.00
TOTAL ASSETS 29,602.27 29,881.70
LIABILITIES
CASH AT BANK - C B A 0.00 19,708.23
SUNDRY CREDITOR 0.00 3,242.00
LOAN A/C - LARKINGS A J 539,481.94 376,357.28
LOAN A/C - PIPER R 17,218.52 17,218.52
TOTAL LIABILITIES 556,700.46 416,526.03 ##################
DEFICIENCY OF FUNDS -527,098.19 -386,644.33