Scribd
Upload
131 views2 pages

Maya - Company Case

Uploaded by

nakshitabadala4
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
131 views2 pages

Maya - Company Case

Uploaded by

nakshitabadala4
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 2

MAYA COMPANY

This case has been curated by the faculty @SBM (Accounting Teaching Group) to provide
a basis for classroom discussion. It does not offer any comments on managerial
effectiveness. Copyright @SBM (Accounting Teaching Group) 2021

Maya Company’s accountant has disappeared leaving behind only an excel sheet containing
figures for the key items at the beginning and at the end of the month of July 2019. Maya Sagar,
the founder and CEO of the company, remembers that the balance in retained earnings at the end
of June was 221,511. She has taken a loan of Rs 11,700 from the company in July as well as paid
herself a dividend of Rs 5,000.

Exhibit 1: Account Balances (Rs)

Account Balance at the end of July 2019


Accounts payable 21,315
Accounts receivable 26,505
Accrued wages payable 2.202
Building 427,050
Equipment 30,732
Bank loan 29,250
Share capital 390,000
Cash 54,960
Land 89,700
Inventory 26,520
Loan to Maya Sagar 11,700
Other non-current assets 5,265
Other non-current liabilities 2,451
Prepaid insurance 2,826
Retained Earnings 229,446
Supplies on hand 6,630
Taxes payable 7,224

Questions

1. Categorise all the accounts as per the balance sheet categories (Exhibit 2).

2. Confirm if the accounting equation is balanced.

3. How much profit or loss has the company made during the month of July 2019?

1|Page
Exhibit 2. Balance Sheet Categorisation
Account Asset Liability Owners’ Equity
Current Non- Current Non- Capital Retained
Current Current Earnings
Accounts
payable
Accounts
receivable
Accrued wages
payable
Building
Equipment
Bank loan
Share capital
Cash
Land
Inventory
Loan to Maya
Sagar
Other non-
current assets
Other non-
current
liabilities
Prepaid
insurance
Retained
Earnings
Supplies on
hand
Taxes payable
Total

2|Page

You might also like