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Income Statement With Owners Equity Stand

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Question:

Discuss About The Income Statement With Owners Equity Stand?

 

Answer:

Introducation

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.

 

References

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.

OR

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