Company A was incorporated on January 1, 2010 with an initial capital Rs 1,000,000. During the first month of its operations, the company engaged in following transactions: Date Transaction Jan 2 An amount of Rs 36,000 was paid as advance rent for three months. Jan 3 Paid Rs 60,000 cash on the purchase of equipment costing Rs 80,000. Jan 4 Purchased office supplies costing Rs 17,600 on account. Jan 13 Provided services to its customers and received RS 28,500 in cash. Jan 13 Paid the accounts payable on the office supplies purchased on January 4. Jan 14 Paid wages to its employees for first two weeks of January, aggregating Rs 19,100. Jan 26 Purchased office supplies costing Rs 5,200 on account. Jan 28 Paid wages to its employees for the third and fourth week of January: Rs 19,100. Jan 31 Paid Rs 5,000 as dividends. Electricity bill of Rs 2,470, telephone bill of Rs 1,494. Required: You are required to prepare the following. Income Statement Statement of Financial Position
Company A was incorporated on January 1, 2010 with an initial capital Rs 1,000,000. During the first month of its operations, the company engaged in following transactions:
|
Date |
Transaction |
|
Jan 2 |
An amount of Rs 36,000 was paid as advance rent for three months. |
|
Jan 3 |
Paid Rs 60,000 cash on the purchase of equipment costing Rs 80,000. |
|
Jan 4 |
Purchased office supplies costing Rs 17,600 on account. |
|
Jan 13 |
Provided services to its customers and received RS 28,500 in cash. |
|
Jan 13 |
Paid the accounts payable on the office supplies purchased on January 4. |
|
Jan 14 |
Paid wages to its employees for first two weeks of January, aggregating Rs 19,100. |
|
Jan 26 |
Purchased office supplies costing Rs 5,200 on account. |
|
Jan 28 |
Paid wages to its employees for the third and fourth week of January: Rs 19,100. |
|
Jan 31 |
Paid Rs 5,000 as dividends. Electricity bill of Rs 2,470, telephone bill of Rs 1,494. |
Required:
You are required to prepare the following.
- Income Statement
Statement of Financial Position
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