Term Paper

On
Financial Statement

Principles of Accounting
ALD 1202
Group Number - 01

Department of Bachelor of Business Administration

in Marketing
Faculty of Business Studies

Bangladesh University of Professionals

Date of Submission: October 30, 2020

 Submitted To:
Asst. Prof Moin Reza Nadim

Dept. of Accounting

Bangladesh University of Professionals

Submitted By:

Group No 01

Group Leader: Kaniz Fatema Mehzabin

Department of Marketing

Section B

Group Details - 01

Name Roll
1 Kaniz Fatema Mehzabin 2025171048
2 Nusaiba Hoque 2025171066
3 Hasin Farhan 2025171058
4 Kazi Nazia 2025171044
5 Imtiaz Imdad 2025171092
6 Fahim Ahmed Chowdhury 2025171096
7 Masrur Jamil Prochchhod 2025171090
8 Mahmud Sinan 2025171050
9 Sadman Ishq Sumam 2025171064
10 Shams Siam 2025171028
11 Tanvir Dihan 2025171040
12 Abu Sayeed Anoy 2025171062
 Question 1

Name of the Business

Statement of Financial Performance
For the year ended 31st December ,2018
Particulars Taka Taka
Revenues
Computer service revenue 31284
31284
Less.Expenses
Wages expense 3875
Rent expense 5228
Computer supplies expense 3065
Mileage expense 1146
Repair expense 1860
Depreciation on computer equipment 1250
Depreciation on office equipment 400
16824
Net Profit 14460

Name of the Business

Owners' Equity Statement
For the year ended 31st December ,2018
Particulars Taka Taka
Capital 73000
Add. Net Profit 14460
Less. Drawings 7100
Owner's Equity 80360
 Name of the Business
Statement of Financial Position
For the year ended 31st December ,2018
Particulars Taka Taka Taka
Asset
Current Asset:
Cash 48372
Accounts Receivable 5668
Prepaid Insurance 1665
Prepaid rent 825
Computer supplies 580
Total Current Asset 57110
Fixed Asset:
Office equiment 8000
less. accumulated Depreciation 400
7600
Computer equipment 20000
less. accumulated depreciation 1250
18750
Total Fixed Asset 26350
Total Asset 83460
Owner's Equity and Liability
Current Liability:
Accounts payable 1100
Wages payable 500
Unearned computer service revenue 1500
Total Current Liability 3100
Owners equity: 80360
Total O/E and Liability 83460
Closing entries
1) Closing the Revenue account to Income Summary Account

Debit Credit

Computer Service Revenue 31,284

Income Summary 31,284

2) Closing the Expense account to Income Summary Account

Debit Credit

Income Summary 16,824

Expense

Wages Expense 3,875

Rent Expense 5,228
Depreciation Expense (1250 + 400) 1,650
Mileage Expense 1,146
Computer Supplies Expense 3,065
Repairs Expense – Computer 1,860
3) Transferring the Balance of Income Summary to Capital

Debit
Debit Credit
Credit

Income Summary 14,460

Capital 14,460

4) Transferring the Withdrawing Account to Capital Account

Debit Credit

Capital 7,100

Withdrawing 7,100
 Question 2

Taranagar Enterprise
Statetment of Financial Performance
For the year ended 30th June, 2019
Particulars Taka Taka Taka
Sales Revenue 950000

Less. Cost of goods sold:

Inventory (01.07.2018) 80000
Purchase 500000
less.Closing Stock 60000
520000
Gross Profit 430000
Less. Operating expense:
Expired Prepaid insurance 10000
Advertisement expense 30000
Salary and wages expense 80000
add. Salary and wages payable 20000
100000
Utilities expense 5000
Supplies expense 20000
Depreciation on building and equipment (40000 +
30000) 70000
Interest on bank loan 30000
265000
Operating Income 165000
Add. Other revenues and gains:
Investment Income 30000
30000
Net Profit 195000
 Taranagar Enterprise
Statetment of Financial Position
For the year ended 30th June, 2019
Particulars Taka Taka Taka
Asset
Current Asset :
Cash 150000
Accounts Receivable 100000
Closing Inventory 60000
Supplies 30000
less. Used 20000
10000
Prepaid Insurance 45000
less. Expired 10000
35000
Total Current Asset 355000

Fixed Asset:
Land 500000
Building 800000

less. Accumulated depreciation (440000+40000) 480000

320000
Equipment 600000

less. Accumulated depreciation (330000+30000) 360000

240000
Total Fixed Asset 1060000
Total Asset 1415000
Liability and Owners' Equity
Current Liabilities:
Accounts Payable 70000
Notes Payable 80000
Salary and wages payable 20000
Interest on Bank Loan 30000
Total Current Liability 200000

Long Term Liability:

Bank Loan 300000
Total Long Term Liability 300000
Owner's Equity:
Capital 800000
Add. Net profit 195000
less. Drawings 80000
Owner's Equity 915000
Total Liabilities and Owners' Equity 1415000
 Question 3
SUPER MOTEL
Statetment of Financial Performance
For the year ended 31th December, 2015
Particulars Taka Taka Taka
Revenues:
Rent Revenue 9200
Add. Earned rent revenue 1000
10200
Less.Expenses
Salary expense 3000
Add.unpaid 300
3300
Utilities expense 1000
Advertising expense 500

Expired Prepaid Insurance (200x8) 1600

Depreciation on lodge (2400/12x8) 1600
Depreciation on Furniture (1800/12x8) 1200
Used supplies (1900-1200) 700

Interest on Mortgage Payable (35000x24%=8400/12x8) 5600

15500
Net Loss -5300
 SUPER MOTEL
Statetment of Financial Position
For the year ended 31st December, 2015
Particulars Taka Taka Taka
Asset
Current Asset:
Cash 2500
Prepaid Insurance 1800
less. Expired 1600
200
Unsed Supplies 1200
Total Current Asset 3900
Fixed Asset:
Land 15000
Lodge 70000
less. accumulated depreciation 1600
68400
Furniture 16800
less. accumulated depreciation 1200
15600
Total Fixed Asset 99000
Total Asset 102900
Liabilities and Owner's Equity
Current Liability:
Accounts Payable 4700
Unearned rent revenue 3600
less. Earned 1000
2600
Unpaid salary 300
Interest on mortgage loan 5600
Total Current Liability 13200

Long term liability

Mortgage payable 35000
Total long term liability 35000

Owner's equity
Capital 60000
Less. Net loss 5300
Owners Equity 54700
Total Owner's Equity and liability 102900
 Question 4
MS Shapla & Co.
Statement of Financial Performance
For the year ended 31st December, 2003
Particulars Taka Taka Taka
Revenues:
Fees Revenue 79320
Add.Unearned Fees Earned (1800-700) 1100
80420
Less.Expenses :
Salary Expense 25200
Add. Unpaid Salary 1300
26500
Rent Expense 5000
Add. Rent Expired 1000
6000
Telephone Expense 2490
Interest on Bills Payable 210
Expired Prepaid Insurance 600
Office Supplies Expense 1280
Less. Closing Inventory 620
660
Research Expense 4310
Travel Expense 1860
Add. Unpaid Travel Expense 220
2080
Depreciation on office equipment 800
43650
Net Profit 36770
 MS Shapla & Co
Statement of Financial Position
For the year ended 31 December, 2003
Particulars Taka Taka Taka
Asset
Current Asset:
Cash 9880
Accounts Receivable 4310
Prepaid Insurance 1320
Less. Expired 600
720
Prepaid Rent 1500
less. Expired 1000
500
Office Supplies Closing Inventory 620
Total Current Asset 16030

Fixed Asset:
Office Equipement 4000

Less. Accumulated Depreciation (2400 +800) 3200

800
Total Fixed Asset 800

Total Asset 16830

Owner's Equity and Liability
Current Liability:
Accounts payable 630
Salary Payable 1300
Interest on Bills Payable 210
Travel Expense Payable 220
Bills Payable 3000
Unearned Fees 700
Total Current Liability 6060

Owners’ equity:
Capital 10000
Add.Net Profit 36770
Less.Drawings 36000
Owners’ equity 10770
Total Liabilities & Owner's Equity 16830