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Discuss About The Income Statement With Owners Equity Stand?
As evident from the above stated income statement it can be said that the net profit that has been transferred to capital accounting stood €7285.
|
Cash Budget for the period 2018 |
||||
|
Particulars |
Quarter 1 |
Quarter 2 |
Quarter 3 |
Quarter 4 |
|
Opening Balance |
600 |
3533.75 |
5467.5 |
6401.25 |
|
Receipts |
|
|
|
|
|
Cash Receipts |
3500 |
2500 |
1500 |
2500 |
|
Total |
4100 |
6033 |
6967 |
8901 |
|
Expenses |
|
|
|
|
|
Overheads |
275 |
275 |
275 |
275 |
|
Selling Expense |
291.25 |
291.25 |
291.25 |
291.25 |
|
Total |
566 |
566 |
566 |
566 |
|
Closing Balance |
3533 |
5467 |
6401 |
8335 |
Cash receipts for the first year = 50*70 = 3500
Cash receipts for the Second quarter = 50*50 = 2500
Cash receipts for the Third quarter = 50*30 = 1500
Cash receipts for the Fourth quarter = 50*50 = 2500
Opening Balance = Opening Balance – Closing Balance
The closing amount of cash budget at the end of the fourth quarter stood €8335.
|
Julia Schlussier & Co |
||
|
Balance Sheet |
||
|
January 31-12-2018 |
||
|
Assets |
Amount (€) |
Amount (€) |
|
Current Assets |
|
|
|
Cash |
8335 |
|
|
Prepaid Insurance |
260 |
|
|
Prepaid Road Tax |
120 |
|
|
Total Current Assets |
|
8715 |
|
Non-Current Assets |
|
|
|
Tangible Assets |
|
|
|
Scooter |
1500 |
|
|
Less: Depreciation |
300 |
1200 |
|
Photo Camera |
2500 |
|
|
Less: Depreciation |
500 |
2000 |
|
Computer |
1600 |
|
|
Less: Depreciation |
400 |
1200 |
|
Intangible Assets |
|
|
|
Software |
800 |
|
|
Less: Depreciation |
200 |
600 |
|
Total Non-current Assets |
|
5000 |
|
Total Assets |
|
13715 |
|
Liabilities and stockholder Equity |
|
|
|
Current Liabilities |
|
|
|
Current portion of Parents loan |
|
400 |
|
Total Current Liability |
|
400 |
|
Long-Term Liabilities |
|
|
|
Parents Loan |
1600 |
|
|
Less: Repayment |
400 |
1200 |
|
Total Liabilities |
|
2000 |
|
Stockholders Equity |
|
2850 |
|
Net Profit (tranferred from P/L A/c) |
|
7665 |
|
Total Liabilities and Stockholders Equity |
|
13715 |
As evident from the balance sheet, that Julia & Co has the equal balance of the total assets and total liabilities. The net profit has been transferred to balance sheet from the income statement with owners’ equity standing €3230.
Deegan, C. (2013). Financial accounting theory. McGraw-Hill Education Australia.
Edwards, J. R. (2013). A History of Financial Accounting (RLE Accounting) (Vol. 29). Routledge.
Weil, R. L., Schipper, K., & Francis, J. (2013). Financial accounting: an introduction to concepts, methods and uses. Cengage Learning.
Williams, J. (2014). Financial accounting. McGraw-Hill Higher Education.
Discuss About The Income Statement With Owners Equity Stand?
As evident from the above stated income statement it can be said that the net profit that has been transferred to capital accounting stood €7285.
|
Cash Budget for the period 2018 |
||||
|
Particulars |
Quarter 1 |
Quarter 2 |
Quarter 3 |
Quarter 4 |
|
Opening Balance |
600 |
3533.75 |
5467.5 |
6401.25 |
|
Receipts |
|
|
|
|
|
Cash Receipts |
3500 |
2500 |
1500 |
2500 |
|
Total |
4100 |
6033 |
6967 |
8901 |
|
Expenses |
|
|
|
|
|
Overheads |
275 |
275 |
275 |
275 |
|
Selling Expense |
291.25 |
291.25 |
291.25 |
291.25 |
|
Total |
566 |
566 |
566 |
566 |
|
Closing Balance |
3533 |
5467 |
6401 |
8335 |
Cash receipts for the first year = 50*70 = 3500
Cash receipts for the Second quarter = 50*50 = 2500
Cash receipts for the Third quarter = 50*30 = 1500
Cash receipts for the Fourth quarter = 50*50 = 2500
Opening Balance = Opening Balance – Closing Balance
The closing amount of cash budget at the end of the fourth quarter stood €8335.
|
Julia Schlussier & Co |
||
|
Balance Sheet |
||
|
January 31-12-2018 |
||
|
Assets |
Amount (€) |
Amount (€) |
|
Current Assets |
|
|
|
Cash |
8335 |
|
|
Prepaid Insurance |
260 |
|
|
Prepaid Road Tax |
120 |
|
|
Total Current Assets |
|
8715 |
|
Non-Current Assets |
|
|
|
Tangible Assets |
|
|
|
Scooter |
1500 |
|
|
Less: Depreciation |
300 |
1200 |
|
Photo Camera |
2500 |
|
|
Less: Depreciation |
500 |
2000 |
|
Computer |
1600 |
|
|
Less: Depreciation |
400 |
1200 |
|
Intangible Assets |
|
|
|
Software |
800 |
|
|
Less: Depreciation |
200 |
600 |
|
Total Non-current Assets |
|
5000 |
|
Total Assets |
|
13715 |
|
Liabilities and stockholder Equity |
|
|
|
Current Liabilities |
|
|
|
Current portion of Parents loan |
|
400 |
|
Total Current Liability |
|
400 |
|
Long-Term Liabilities |
|
|
|
Parents Loan |
1600 |
|
|
Less: Repayment |
400 |
1200 |
|
Total Liabilities |
|
2000 |
|
Stockholders Equity |
|
2850 |
|
Net Profit (tranferred from P/L A/c) |
|
7665 |
|
Total Liabilities and Stockholders Equity |
|
13715 |
As evident from the balance sheet, that Julia & Co has the equal balance of the total assets and total liabilities. The net profit has been transferred to balance sheet from the income statement with owners’ equity standing €3230.
Deegan, C. (2013). Financial accounting theory. McGraw-Hill Education Australia.
Edwards, J. R. (2013). A History of Financial Accounting (RLE Accounting) (Vol. 29). Routledge.
Weil, R. L., Schipper, K., & Francis, J. (2013). Financial accounting: an introduction to concepts, methods and uses. Cengage Learning.
Williams, J. (2014). Financial accounting. McGraw-Hill Higher Education.
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"Income Statement With Owners Equity Stand." My Assignment Help, 2018, https://myassignmenthelp.com/free-samples/income-statement-with-owners-equity-stand.
My Assignment Help (2018) Income Statement With Owners Equity Stand [Online]. Available from: https://myassignmenthelp.com/free-samples/income-statement-with-owners-equity-stand
[Accessed 27 May 2020].
My Assignment Help. 'Income Statement With Owners Equity Stand' (My Assignment Help, 2018) <https://myassignmenthelp.com/free-samples/income-statement-with-owners-equity-stand> accessed 27 May 2020.
My Assignment Help. Income Statement With Owners Equity Stand [Internet]. My Assignment Help. 2018 [cited 27 May 2020]. Available from: https://myassignmenthelp.com/free-samples/income-statement-with-owners-equity-stand.
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