Perush. Trade "CAHAYU has the following data: 01/12/2006. Paid-up capital in the form of cash Rp. 500,000.00 02/12/2006. Merchandise sold 600,000, credit and 300,000,- cash 03/12/2006. Purchased merchandise 400,000,- credit and 200,000,- cash 04/12/2006. Purchased equipment 50,000,- credit and 20,000,- cash 05/12/2006. partially paid off debt worth Rp. 250,000.00 with 2% discount 06/12/2006 Received payment of receivables Rp. 350,000,- without deductions 31/12/2006. Paid salary fee of Rp. 250,000.00 cash Question : a. Specialized with 5 books/journals (cash receipts, cash disbursements, memorial journals, ledgers, trial balance) b. Enter the journal in answer a in the ledger c. Based on answer b, prepare a trial balance as of 31 Required: december 2006 Estimates need to be opened : 101 cash 201 Accounts payable 501 purchase 102 Receivables 301 Purchases 502 discounts 103 Supplies 401 Sales 551 Salary expenses
Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows from various activities such as operating, financing, and investment. Reporting this statement is important because it is the main financial statement of the company.
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the most critical measures of the financial performance and position of the company, and as the name suggests, the statement must balance the assets against the liabilities and equity. The assets are what the company owns, and the liabilities represent what the company owes. Equity represents the amount invested in the business, either by the promoters of the company or by external shareholders. The total assets must match total liabilities plus equity.
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It includes three main components that are balance sheet, income statement and cash flow statement.
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expected to have either a debit balance or a credit balance, depending on the nature of the account. An asset account will have a debit balance as normal balance because an asset is a debit account. Similarly, a liability account will have the normal balance as a credit balance because it is amount owed, representing a credit account. Equity is also said to have a credit balance as its normal balance. However, sometimes the normal balances may be reversed, often due to incorrect journal or posting entries or other accounting/ clerical errors.
Perush. Trade "CAHAYU has the following data:
01/12/2006. Paid-up capital in the form of cash Rp. 500,000.00
02/12/2006. Merchandise sold 600,000, credit and 300,000,- cash
03/12/2006. Purchased merchandise 400,000,- credit and 200,000,- cash
04/12/2006. Purchased equipment 50,000,- credit and 20,000,- cash
05/12/2006. partially paid off debt worth Rp. 250,000.00 with 2% discount
06/12/2006 Received payment of receivables Rp. 350,000,- without deductions
31/12/2006. Paid salary fee of Rp. 250,000.00 cash
Question :
a. Specialized with 5 books/journals (cash receipts, cash disbursements, memorial journals, ledgers,
b. Enter the journal in answer a in the ledger
c. Based on answer b, prepare a trial balance as of 31 Required: december 2006
Estimates need to be opened :
| 101 | cash | 201 | Accounts payable | 501 | purchase |
| 102 | Receivables | 301 | Purchases | 502 | discounts |
| 103 | Supplies | 401 | Sales | 551 | Salary expenses |
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