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Answer:
Introduction

Principles of accounting may be defined as broad underlying concept which guides bookkeepers while preparing financial statements. According to Bradbury & Schröder (2012), this report presents the financial statements of a new restaurant Apple which includes journal entries, ledger accounts, trial balance, income statement and balance sheet of restaurant for recording the daily business transactions in the books of accounts (Coetsee, 2010).

Financial statements of Apple restaurant

 

Date

 

Particular

 

Amount $ (Debit)

 

Amount $ (Credit)

1 Jan

 

Cash a/c Dr

        To capital a/c

 

20000

 

20000

 

2 Jan

Rent a/c Dr.

         To cash a/c

 

3000

 

3000

 

3 Jan

Machinery (Kitchen equipments) a/c Dr.

      To Berry a/c

 

5400

 

5400

 

4 Jan

Furniture & Fixtures a/c Dr.

          To Durian a/c

 

Purchase a/c Dr.

           To cash a/c

 

2400

 

300

 

2400

 

 

300

 

5 Jan

Purchase a/c Dr.

      To cash a/c

 

1500

 

1500

 

6 Jan

Cash a/c Dr.

      To sales a/c

 

Cost of goods sold a/c Dr/

       To inventory a/c

400

 

 

200

 

400

 

 

200

 

7 Jan

Cash a/c Dr.

      To sales a/c

 

Cost of goods sold a/c Dr.

       To inventory a/c

560

 

 

280

 

560

 

 

280

 

 

8 Jan

Cash a/c Dr.

      To sales a/c

 

 

Cost of goods sold a/c Dr.

      To inventory a/c

 

     

480

 

 

 

220

 

480

 

 

 

220

 

9 Jan

Cash a/c Dr.

      To sales a/c

 

Cost of goods sold a/c Dr.

     To inventory a/c

660

 

 

320

 

660

 

 

320

 

10 Jan

Cash a/c Dr.

      To sales a/c

 

Cost of goods sold a/c Dr.

        To inventory a/c

 

Purchase a/c Dr.

     To Melon Foods a/c

520

 

 

260

 

 

1600

 

520

 

 

260

 

 

1600

 

11 Jan

Cash a/c  Dr.

   To sales a/c

 

Cost of goods sold a/c Dr.

    To inventory a/c

 

Melon Foods a/c Dr.

   To Purchase return a/c

400

 

 

180

 

 

200

 

400

 

 

180

 

 

200

 

12 Jan

Cash a/c Dr.

      To sales a/c

 

Cost of goods sold a/c Dr.

      To inventory a/c

 

Purchase a/c Dr.

        To cash a/c

390

 

 

190

 

 

400

 

390

 

 

190

 

 

400

 

13 Jan

Cash a/c Dr.

     To sales a/c

 

Cost of goods sold a/c Dr.

      To inventory a/c

 

460

 

 

250

 

460

 

 

250

 

14 Jan

Mango steen a/c Dr.

       To sales a/c

 

Cost of goods sold a/c Dr.

      To inventory a/c

 

540

 

 

240

 

540

 

 

240

 

 

15 Jan

 

Berry a/c Dr.

        To cash a/c

         To discount received a/c

 

Cost of goods sold a/c Dr.

      To inventory a/c

 

 

5400

 

 

 

200

 

 

5292

108

 

 

200

 

16 Jan

Cash a/c Dr.

        To sales a/c

 

Cost of goods sold a/c Dr.

      To inventory a/c

 

Melon foods a/c Dr.

         To cash a/c

380

 

 

140

 

 

1500

 

380

 

 

140

 

 

1500

 

17 Jan

Cash a/c Dr.

          To sales a/c

 

Cost of goods sold a/c Dr.

      To inventory a/c

 

Drawings a/c Dr.

         To cash a/c

420

 

 

170

 

 

2000

 

420

 

 

170

 

 

2000

 

18 Jan

Cash a/c Dr.

       To sales a/c

 

Cost of goods sold a/c Dr.

      To inventory a/c

 

Purchase a/c Dr.

      To Melon and foods a/c

480

 

 

240

 

 

1800

 

480

 

 

240

 

 

1800

 

19 Jan

Cash a/c Dr.

     To sales a/c

 

Cost of goods sold a/c Dr.

      To inventory a/c

 

Repairs a/c Dr.

      To cash a/c

490

 

 

250

 

 

50

 

490

 

 

250

 

 

50

 

20 Jan

Rambu Tan a/c Dr.

     To sales a/c

 

Cost of goods sold a/c Dr.

      To inventory a/c

 

 

Melon foods a/c Dr.

      To cash a/c

500

 

 

230

 

 

 

1600

 

500

 

 

230

 

 

 

1600

 

21 Jan

Cash a/c Dr.

     To sales a/c

 

Cost of goods sold a/c Dr.

      To inventory a/c

 

520

 

 

210

 

520

 

 

210

 

22 Jan

Cash a/c Dr.

     To sales a/c

 

Cost of goods sold a/c Dr.

      To inventory a/c

 

Purchase a/c Dr.

    To cash a/c

330

 

 

160

 

 

300

 

330

 

 

160

 

 

300

 

23 Jan

Cash a/c Dr.

    To sales a/c

 

Cost of goods sold a/c Dr.

      To inventory a/c

 

Purchase a/c Dr.

    To Longan store a/c

370

 

 

190

 

 

1700

 

370

 

 

190

 

 

1700

 

24 Jan

Cash a/c Dr.

    To Mango Steen a/c

 

Cost of goods sold a/c Dr.

      To inventory a/c

 

Cash a/c Dr.

     To sales a/c

580

 

 

180

 

 

390

 

580

 

 

180

 

 

390

 

25 Jan

Cash a/c Dr.

   To sales a/c

 

Cost of goods sold a/c Dr.

      To inventory a/c

 

450

 

 

220

 

450

 

 

220

 

26 Jan

Cash a/c Dr.

  To sales a/c

 

Cost of goods sold a/c Dr.

      To inventory a/c

 

 

Durion & Co. a/c Dr.

    To cash a/c

    To discount received a/c

460

 

 

170

 

 

 

2400

 

460

 

 

170

 

 

 

 

2376

24

 

27 Jan

Cash a/c Dr.

   To sales a/c

 

Cost of goods sold a/c Dr.

      To inventory a/c

 

Purchase a/c Dr.

  To cash a/c

600

 

 

350

 

 

400

 

600

 

 

350

 

 

400

 

28 Jan

Cash a/c Dr.

 To sales a/c

 

Cost of goods sold a/c Dr.

      To inventory a/c

 

Purchase a/c Dr.

  To Melon foods a/c

520

 

 

260

 

 

1000

 

520

 

 

260

 

 

1000

 

29 Jan

Cash a/c Dr.

  To sales a/c

 

Cost of goods sold a/c Dr.

      To inventory a/c

 

Melon foods a/c Dr.

  To purchase a/c

430

 

 

200

 

 

60

 

430

 

 

200

 

 

60

 

30 Jan

Cash a/c Dr.

  To sales a/c

 

Cost of goods sold a/c Dr.

      To inventory a/c

 

Cash a/c Dr.

  To bills received a/c

 

Drawings a/c Dr.

  To cash a/c

480

 

 

260

 

 

300

 

 

2000

 

480

 

 

260

 

 

300

 

 

2000

 

31 Jan

Wages a/c Dr.

  To cash a/c

 

2300

 

2300

Double entries posted in ledger accounts

According to Collins et al. (2012), Journal Entries posted in the ledger accounts of Apple Restaurant:

Dr. Cr.

Date

Particular

Amount ($)

Date

Particular

Amount ($)

1 Jan

To capital a/c

20000

2 Jan

By rent a/c

3000

6 Jan

To sales a/c

400

4 Jan

By purchase a/c

300

7 Jan

To sales a/c

560

5 Jan

By purchase a/c

1500

8 Jan

To sales a/c

480

12 Jan

By purchase a/c

400

9 Jan

To sales a/c

660

15 Jan

By berry a/c

5292

10 Jan

To sales a/c

520

16 Jan

By Melon foods a/c

1500

11 Jan

To sales a/c

400

17 Jan

By drawings a/c

2000

12 Jan

To sales a/c

390

19 Jan

By repairs

50

13 Jan

To sales a/c

460

20 Jan

By Melon foods a/c

1600

16 Jan

To sales a/c

380

22 Jan

By purchase a/c

300

17 Jan

To sales a/c

420

26 Jan

By Durian & Co. a/c

2376

18 Jan

To sales a/c

480

27 Jan

By purchase a/c

400

19 Jan

To sales a/c

490

30 Jan

By drawings a/c

2000

21 Jan

To sales a/c

520

31 Jan

By wages a/c

2300

22 Jan

To sales a/c

330

31 Jan

By balance c/d

8052

23 Jan

To sales a/c

370

 

 

 

24 Jan

To mango steen a/c

580

 

 

 

24 Jan

To sales a/c

390

 

 

 

25 Jan

To sales a/c

450

 

 

 

26 Jan

To sales a/c

460

 

 

 

27 Jan

To sales a/c

600

 

 

 

28 Jan

To sales a/c

520

 

 

 

29 Jan

To sales a/c

         430

 

 

 

30 Jan

To sales a/c

480

 

 

 

30 Jan

To bills received a/c

300

 

 

 

 

 

31070

 

 

31070

Dr. Cr.

Date

Particular

Amount ($)

Date

Particular

Amount ($)

31 Jan

To balance c/d

20000

1 Jan

By cash a/c

20000

 

 

20000

 

 

20000

Dr. Rent a/c Cr.

Date

Particular

Amount ($)

Date

Particular

Amount ($)

2 Jan

To cash a/c

3000

31 Jan

By balance c/d

3000

 

 

3000

 

 

3000

Dr.                                                      Machinery a/c                                                               Cr.

Date

Particular

Amount ($)

Date

Particular

Amount ($)

3 Jan

To Berry a/c

5400

31 Jan

By balance c/d

5400

 

 

5400

 

 

5400

Dr.                                                       Berry a/c                                                                       Cr.

Date

Particular

Amount ($)

Date

Particular

Amount($)

15 Jan

To cash a/c

5292

3 Jan

By machinery a/c

5400

15 Jan

To discount received a/c

108

 

 

 

 

 

5400

 

 

5400

Dr.                                                 Furniture a/c                                                                      Cr.

Date

Particular

Amount ($)

Date

Particular

Amount ($)

4 Jan

To Durian a/c

2400

31 Jan

By balance c/d

2400

 

 

2400

 

 

2400

Dr.                                                  Durian a/c                                                                        Cr.

Date

Particular

Amount ($)

Date

Particular

Amount ($)

31 Jan

By balance c/d

2400

4 Jan

By furniture a/c

2400

 

 

2400

 

 

2400

Dr.                                                Purchase a/c                                                                           Cr.

Date

Particular

Amount ($)

Date

Particular

Amount ($)

4 Jan

To cash a/c

300

29 Jan

By Melon foods a/c

60

5 Jan

To cash a/c

1500

31 Jan

By balance c/d

8940

10 Jan

To Melon foods a/c

1600

 

 

 

12 Jan

To cash a/c

400

 

 

 

18 Jan

To Melon foods a/c

1800

 

 

 

22 Jan

To cash a/c

300

 

 

 

23 Jan

To Longan store a/c

1700

 

 

 

27 Jan

To cash a/c

400

 

 

 

28 Jan

To Melon foods a/c

1000

 

 

 

 

 

9000

 

 

9000

Dr.                                       Melon foods a/c                                                                             Cr.

Date

Particular

Amount ($)

Date

Particular

Amount ($)

11 Jan

To purchase return a/c

200

10 Jan

By purchase a/c

1600

16 Jan

To cash a/c

1500

18 Jan

By purchase a/c

1800

20 Jan

To cash a/c

1600

28 Jan

By purchase a/c

1000

29 Jan

To purchase a/c

60

 

 

 

31 Jan

To balance  c/d

1040

 

 

 

 

 

4400

 

 

4400

 Dr.                                         Purchase return a/c                                                                     Cr.

Date

Particular

Amount ($)

Date

Particular

Amount ($)

31 Jan

To balance  c/d

200

11 Jan

By Melon foods a/c

200

 

 

 

200

 

 

200

Dr.                                           Mango Steen a/c                                                                         Cr.

Date

Particular

Amount ($)

Date

Particular

Amount ($)

14 Jan

To sales a/c

540

24 Jan

By cash a/c

580

31 Jan

To balance  c/d

40

 

 

 

 

 

580

 

 

580

Dr.                                                  Drawings a/c                                                                     Cr.

Date

Particular

Amount ($)

Date

Particular

Amount ($)

17 Jan

To cash a/c

2000

31 Jan

To balance  c/d

4000

30 Jan

To cash a/c

2000

 

 

 

 

 

4000

 

 

4000

 Dr.                                              Discount received a/c                                                             Cr.

Date

Particular

Amount ($)

Date

Particular

Amount ($)

31 Jan

To balance  c/d

132

15 Jan

By Berry a/c

108

 

 

 

26 Jan

By Durion & Co. a/c

24

 

 

132

 

 

132

Dr.                                                  Repairs a/c                                                                           Cr.

Date

Particular

Amount ($)

Date

Particular

Amount ($)

19 Jan

To cash a/c

50

31 Jan

To balance  c/d

50

 

 

50

 

 

50

Dr.                                                    Rambu Tan a/c                                                                 Cr.

Date

Particular

Amount ($)

Date

Particular

Amount ($)

20 Jan

To sales a/c

500

31 Jan

To balance  c/d

500

 

 

500

 

 

500

 Dr.                                                  Longan store a/c                                                                  Cr.

Date

Particular

Amount ($)

Date

Particular

Amount ($)

31 Jan

To balance  c/d

1700

23 Jan

By purchase a/c

1700

 

 

 

 

 

 

 

 

1700

 

 

1700

 Dr.                                                 Bills received a/c                                                                Cr.

Date

Particular

Amount ($)

Date

Particular

Amount ($)

31 Jan

To balance  c/d

300

30 Jan

By cash a/c

300

 

 

300

 

 

300

 Dr.                                                Wages a/c                                                                        Cr.

Date

Particular

Amount ($)

Date

Particular

Amount ($)

31 Jan

To cash a/c

2300

31 Jan

To balance  c/d

2300

 

 

2300

 

 

2300

 

Dr.                                                       Sales a/c                                                                         Cr.

Date

Particular

Amount ($)

Date

Particular

Amount ($)

31 Jan

To balance  c/d

11230

6 Jan

By cash a/c

400

 

 

 

7 Jan

By cash a/c

560

 

 

 

8 Jan

By cash a/c

480

 

 

 

9 Jan

By cash a/c

660

 

 

 

10 Jan

By cash a/c

520

 

 

 

11 Jan

By cash a/c

400

 

 

 

12 Jan

By cash a/c

390

 

 

 

13 Jan

By cash a/c

460

 

 

 

14 Jan

By Mango steen a/c

540

 

 

 

16 Jan

By cash a/c

380

 

 

 

17 Jan

By cash a/c

420

 

 

 

18 Jan

By cash a/c

480

 

 

 

19 Jan

By cash a/c

490

 

 

 

20 Jan

By Rambu Tan

500

 

 

 

21 Jan

By cash a/c

520

 

 

 

22 Jan

By cash a/c

330

 

 

 

23 Jan

By cash a/c

370

 

 

 

24 Jan

By cash a/c

390

 

 

 

25 Jan

By cash a/c

450

 

 

 

26 Jan

By cash a/c

460

 

 

 

27 Jan

By cash a/c

600

 

 

 

28 Jan

By cash a/c

520

 

 

 

29 Jan

By cash a/c

430

 

 

 

30 Jan

By cash a/c

480

 

 

 

 

 

 

 

 

11230

 

 

11230

 Dr.                                                Cost of goods sold a/c             Cr. 

Date

Particular

Amount ($)

Date

Particular

Amount ($)

6 Jan

To inventory a/c

200

31 Jan

To balance c/d

5570

7 Jan

To inventory a/c

280

 

 

 

8 Jan

To inventory a/c

220

 

 

 

9 Jan

To inventory a/c

320

 

 

 

10 Jan

To inventory a/c

260

 

 

 

11 Jan

To inventory a/c

180

 

 

 

12 Jan

To inventory a/c

190

 

 

 

13 Jan

To inventory a/c

250

 

 

 

14 Jan

To inventory a/c

240

 

 

 

15 Jan

To inventory a/c

200

 

 

 

16 Jan

To inventory a/c

140

 

 

 

17 Jan

To inventory a/c

170

 

 

 

18 Jan

To inventory a/c

240

 

 

 

19 Jan

To inventory a/c

250

 

 

 

20 Jan

To inventory a/c

230

 

 

 

21 Jan

To inventory a/c

210

 

 

 

22 Jan

To inventory a/c

160

 

 

 

23 Jan

To inventory a/c

190

 

 

 

24 Jan

To inventory a/c

180

 

 

 

25 Jan

To inventory a/c

220

 

 

 

26 Jan

To inventory a/c

170

 

 

 

27 Jan

To inventory a/c

350

 

 

 

28 Jan

To inventory a/c

260

 

 

 

29 Jan

To inventory a/c

200

 

 

 

30 Jan

To inventory a/c

260

 

 

 

 

 

 

 

 

 

 

 

5570

 

 

5570

 Dr.                                                  Inventory a/c                                                                       Cr.

Date

Particular

Amount ($)

Date

Particular

Amount ($)

31 Jan

To balance c/d

5570

6 Jan

By Cost of goods sold a/c

200

 

 

 

7 Jan

By Cost of goods sold a/c

280

 

 

 

8 Jan

By Cost of goods sold a/c

220

 

 

 

9 Jan

By Cost of goods sold a/c

320

 

 

 

10 Jan

By Cost of goods sold a/c

260

 

 

 

11 Jan

By Cost of goods sold a/c

180

 

 

 

12 Jan

By Cost of goods sold a/c

190

 

 

 

13 Jan

By Cost of goods sold a/c

250

 

 

 

14 Jan

By Cost of goods sold a/c

240

 

 

 

15 Jan

By Cost of goods sold a/c

200

 

 

 

16 Jan

By Cost of goods sold a/c

140

 

 

 

17 Jan

By Cost of goods sold a/c

170

 

 

 

18 Jan

By Cost of goods sold a/c

240

 

 

 

19 Jan

By Cost of goods sold a/c

250

 

 

 

20 Jan

By Cost of goods sold a/c

230

 

 

 

21 Jan

By Cost of goods sold a/c

210

 

 

 

22 Jan

By Cost of goods sold a/c

160

 

 

 

23 Jan

By Cost of goods sold a/c

190

 

 

 

24 Jan

By Cost of goods sold a/c

180

 

 

 

25 Jan

By Cost of goods sold a/c

220

 

 

 

26 Jan

By Cost of goods sold a/c

170

 

 

 

27 Jan

By Cost of goods sold a/c

350

 

 

 

28 Jan

By Cost of goods sold a/c

260

 

 

 

29 Jan

By Cost of goods sold a/c

200

 

 

 

30 Jan

By Cost of goods sold a/c

260

 

 

 

 

 

 

 

 

5570

 

 

 

5570

Trial Balance as on 31 January 2017

S.No.

Particular

Debit ($)

Credit ($)

1

Cash a/c

8052

-

2

Capital a/c

-

20000

3

Rent a/c

3000

-

4

Furniture a/c

2400

-

5

Durian a/c

-

2400

6

Purchase a/c

8940

-

7

Melon Foods a/c

-

1040

8

Purchase return a/c

-

200

9

Mango Steen a/c

-

40

10

Drawings a/c

4000

-

11

Discount received a/c

-

132

12

Repairs a/c

50

-

13

Rambu Tan a/c

500

-

14

Longan store a/c

-

1700

15

Bills received/c

-

300

16

Wages a/c

2300

-

17

Sales a/c

-

11230

18

Cost of goods sold a/c

5570

-

19

Inventory a/c

-

5570

20

Machinery a/c

5400

-

 

 

40212

40212

Income Statement as at 31 January 2017

According to Needles et al. (2013), the income statement and balance sheet of Apple restaurant:

Income

Amount

Income ($)

Amount ($)

To opening stock a/c

-

By sales

11230

 

To purchase                   8940

Less: Purchase return    (200)

 

 

8740

 

 

To wages

2300

By closing stock

5570

To Gross Profit

5760

 

 

 

16800

 

16800

To rent a/c

3000

By Gross Profit

5760

To repairs a/c

50

By discount received a/c

132

To Net Profit

3142

By bills received a/c

300

 

6192

 

6192

Balance Sheet as at 31 January 2017

Liabilities

Amount

Assests

Amount

Capital                        20000

Less: Drawings            (4000)

Add:  Net Profit          3142

 

 

19142

Cash a/c

8052

Creditors:

Melon Foods            1040

Mango Steen               40

Rambu Tan                500 Durian & Co.            2400

 

 

 

 

3980

Debtors:

Longan Store a/c

 

 

 

1700

 

 

Machinery a/c

5400

 

 

Closing Stock a/c

5570

 

 

Furniture a/c

2400

 

23122

 

23122

Conclusion

This report has concluded the financial statements of Apple Company as at 31 January 2017. The report evaluate the performance of Apple restaurant by prepared the financial statements which includes the journal entries, ledger accounts, trial balance, income statements and balance sheet as at 31 January 2017 and all these statements are prepared according to International Accounting Standard board.

References

Bradbury, M.E. & Schröder, L.B., 2012. The content of accounting standards: Principles versus rules. The British Accounting Review, 44(1), pp.1-10.

Coetsee, D., 2010. The role of accounting theory in the development of accounting principles. Meditari: Research Journal of the School of Accounting Sciences, 18(1), pp.1-16.

Collins, D.L., Pasewark, W.R. & Riley, M.E., 2012. Financial reporting outcomes under rules-based and principles-based accounting standards. Accounting Horizons, 26(4), pp.681-705.

Needles, B.E., Powers, M & Crosson, S.V., 2013. Principles of accounting. Cengage Learning.

Powers, M., Crosson, S.V. & Needles, B.E., 2014. Principles of accounting. South-Western, Cengage Learning.

Weygandt, J.J., Kimmel, P.D. & Kieso, D.E., 2015. Financial & Managerial Accounting. John Wiley & Sons.

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