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    Asssignment Transaction, Jounal, Ledger, Trial Balance, Adjusting Entry, Final Account, Closing

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    Shakil Hossain
    Mr. Shamsul Arefin started a tea business called Marifa Tea House on January 1, 2023. Over the course of January, he invested cash, purchased assets, took a bank loan, sold goods and services for cash and credit, purchased inventory on account and cash, paid expenses and rent, and withdrew cash from the business. A trial balance, income statement, owner's equity statement, and classified balance sheet were prepared using account information provided for the month.

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    Asssignment Transaction, Jounal, Ledger, Trial Balance, Adjusting Entry, Final Account, Closing

    Uploaded by

    Shakil Hossain
    38 views2 pages
    Mr. Shamsul Arefin started a tea business called Marifa Tea House on January 1, 2023. Over the course of January, he invested cash, purchased assets, took a bank loan, sold goods and services for cash and credit, purchased inventory on account and cash, paid expenses and rent, and withdrew cash from the business. A trial balance, income statement, owner's equity statement, and classified balance sheet were prepared using account information provided for the month.

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    Mr. Shamsul Arefin started a tea business called Marifa Tea House on January 1, 2023. Over the course of January, he invested cash, purchased assets, took a bank loan, sold goods and services for cash and credit, purchased inventory on account and cash, paid expenses and rent, and withdrew cash from the business. A trial balance, income statement, owner's equity statement, and classified balance sheet were prepared using account information provided for the month.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    38 views2 pages

    Asssignment Transaction, Jounal, Ledger, Trial Balance, Adjusting Entry, Final Account, Closing

    Uploaded by

    Shakil Hossain
    Mr. Shamsul Arefin started a tea business called Marifa Tea House on January 1, 2023. Over the course of January, he invested cash, purchased assets, took a bank loan, sold goods and services for cash and credit, purchased inventory on account and cash, paid expenses and rent, and withdrew cash from the business. A trial balance, income statement, owner's equity statement, and classified balance sheet were prepared using account information provided for the month.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Mr.

    Shamsul Arefin Rahman has started a business of Tea leaf trading and Tea serving named
    “Marifa Tea House” on January 01, 2023. The following events occurred during the month of
    January 2023.

    Date Event
    Jan 01 Mr. Shamsul Arefin Invested Tk. 10,00,000 cash in his business.
    Jan 01 Appointed two sales persons with monthly salary of 20,000 each.
    Jan 01 Rented a shop and storage with monthly rent of Tk. 20,000
    Jan 01 He also brought his personal computer worth 50,000 to the business.
    Jan 01 Tk. 1,00,000 of furniture was purchased from Wood land Furnitures and paid Tk.
    50,000.
    Jan 01 Tk. 50,000 of Equipment was purchased from Startech on Cash.
    Jan 01 Rented the extra space of the storage for a yearly rent of 120,000 payable after
    every six months.
    Jan 01 Invested Tk. 200,000 in a Bank as fixed deposit at 12% interest payable at the
    end of every year.
    Jan 05 Tea was purchased from Kamal Tea House on credit tk. 2,00,000.
    Jan 06 Tea was purchased from Sumon Tea House of Tk. 2,00,000 and paid Tk. 1,00,000
    cash.
    Jan 07 Sold goods to Niloy Tea Stall worth tk. 100,000 on account.
    Jan 08 Sold goods worth tk. 150,000 on cash.
    Jan 10 Goods purchased on cash tk. 150,000.
    Jan 12 Goods sold on account to Palash Store worth tk. 200,000
    Jan 14 Purchased supplies for office use for tk. 10,000 on cash.
    Jan 14 Provided tea catering service to an office conference and received tk. 150,000
    cash
    Jan 15 Paid the owner of the shop tk. 120,000 as advance rent for six months
    Jan 18 Fire Insurance premium is paid for twelve months tk. 60,000
    Jan 18 Received Tk. 300,000 as an advance payment for catering service to be provided
    later.
    Jan 19 Goods sold on account to Hasin Traders totaling tk. 120,000
    Jan 20 Purchased basic office supplies for tk. 20,000 cash.
    Jan 21 Purchased more office supplies for tk. 15,000 on account.
    Jan 22 Received utility bills in the amount of tk 3,000, to be paid next month.
    Jan 23 Collected cash tk. 70,000 from Hasin Traders for previous credit sales.
    Jan 24 Borrowed tk. 200,000 from Jamuna Bank Ltd. repayable after 5 years at an
    interest of 12% per year and purchased tea with all the money.
    Jan 25 Paid the monthly salaries of the two employees, totalling tk. 40,000
    Jan 26 Paid tk. 250,000 previous credit purchase.
    Jan 30 Mr. Shamsul Arefin has withdrew tk. 50,000 cash from the business.

    Using the following list of accounts Prepare-


    (1) Tabular Analysis and
    (2) Journal
    (3) Ledger
    (4) Trial Balance

    Cash Accounts Payable Equity Sales Revenue


    Accounts Receivable Bank Loan Drawings Service Revenue
    Equipment
    Supplies Purchase
    Furniture Salary Expense
    Utility Expense
    Prepaid Insurance
    Advance Rent

    Assignment 01: Part II


    Information:

    1. Fire Insurance premium was paid for twelve months.


    2. Monthly depreciation of Furniture is Tk. 5,000. There is currently no depreciation on
    equipment.
    3. Rent was paid for six months.
    4. Loan from Jamuna Bank Ltd. is repayable after 5 years at an interest of 12% per year.
    5. Rented the extra space of the storage for a yearly rent of 120,000 payable after every
    six months.
    6. Supplies on hand total 15,000 on 31/12/2023
    7. Accrued salaries are Tk 30,000
    8. There is no inventory left on 31/12/2023

    Using the above information and existing trial balance (done in Part I):

    (a) Prepare a worksheet


    (b) i. Prepare an income statement,
    ii. an owner’s equity statement, and
    iii. a classified balance sheet.

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