Mansa Building Balance Sheet as on 31st Dec, 1999 Assets Rs.

Land Building Less Accumulated Depreciation (for 9 years) Fixed Assets Account Receivables Cash at Bank Total Current Assets Total 1,200,000 3,600,000 1,080,000 3,720,000 4,250 1,289,420 1,293,670 5,013,670 Accrued Collection Charges (@ 4% on Rs. 4250) Accounts Payable for property rates and taxes Less amount applicable to 2000 Total Liabilities Owner's Capital Retained Earnings Total Capital Total Liabilities and Capital Rs. 170 120,000 60,000 60,170 4,800,000 153,500 4,953,500 5,013,670

Month Rent Revenue

Mansa Building Journal Entry from January - December' 2000 Description

Transfer of Title

Rent collected for 1999 Rent collected for 2001 Normal Repair Expense Interior Painting Expense Exterior Painting Expese Prepaid Interior Expense Other Operating Expense Pandit's Remuneration - 1999 Pandit's Remuneration - 2000

Pandit's Remuneration - 2001 Pandit's Remuneration against Rent Insurance Premium for 2000 Insurance Premium for 2001 Property Tax Paid for 1999 Property Tax Paid for 2000 Property Tax Pending for 2000 Depreciation Expense

Personal Expense

Building nuary - December' 2000 Journal Entry Cash Accounts Receivable Sales Revenue Cash Accounts Receivable Other Income Cash Accounts Receivable Cash Deferred Revenue Repair Expense Cash Painting Expense Cash Painting Expense Cash Prepaid Interior Expense Cash Other Expenses Cash Salary Payable Cash Salary Expenses Cash Salary Payable Salary Payable Prepaid Expense Cash Salary Expenses Sales Revenue Insurance Expense Cash Prepaid Insurance Cash Tax Payable Cash Tax Expense Cash Tax Expense Tax Payable Depreciation Expense Accumulated Depreciation

Debit 534,500 74,500

Credit

609,000 75,000 25,000 100,000 4,250 4,250 5,000 5,000 1,770 1,770 10,000 10,000 30,000 30,000 10,000 10,000 1,030 1,030 170 170 24,360 20,560 820 2,980 200 200 36,000 36,000 10,000 10,000 10,000 10,000 60,000 60,000 180,000 180,000 60,000 60,000 120,000 120,000

Personal Expense Cash

100,000 100,000

Opening Balance Land Building Cash Accounts Receivable Sales Revenue Other Income Deferred Revenue Repair Expense Painting Expense Prepaid Interior Expense Other Expense Salary Expense Salary Payable Prepaid Salary Expense Insurance Premium Expense Prepaid Insurance Expense Tax Payable Tax Expense Depreciation Expense Accumulated Depreciation Owner's Capital Personal Expense Balance 1,200,000 3,600,000 1,289,420 4,250 170 60,000 1,080,000 4,800,000

Debit

Credit

Closing Balance Debit 1,200,000 3,600,000 1,474,440 99,500

618,750 99,500

433,730 4,250 645,000 100,000 5,000

1,770 40,000 10,000 1,030 60,360 170 200 10,000 10,000 60,000 240,000 120,000

1,770 40,000 10,000 1,030 60,360 3,800 200 10,000 10,000 60,000 120,000 240,000 120,000

153,500

100,000 1,371,780 -

100,000 1,371,780 153,500

Closing Balance Credit

645,000 100,000 5,000

3,800

60,000

1,200,000 4,800,000

Mansa Building Income Statement Jan - Dec' 2000 Sales 745000 Sales from Rent 645000 Other Income 100000 Expenses Repair Expense 1,770 Painting Expense 40,000 Salary Expense 60,360 Other Expense 1,030 Insurance Expense 10,000 Depreciation Expense 120,000 Tax Expense 240,000 Total Expenses Net Income Personal Expense Balance to Retained Earnings 473,160 271,840 100,000 171,840

Mansa Building Balance Sheet as on 31st Dec, 2001 Assets Land Building Less Accumulated Depreciation (for 10 years) Fixed Assets Account Receivables Cash at Bank Pre-paid expense Pre-paid Painting Expense Pre-paid Insurance Pre-paid collection Charges Rs. 1,200,000 3,600,000 1,200,000 3,600,000 99,500 1,474,440 10,000 10,000 200 Liabilities and Capital Salary Payable Tax Payable Deferred Revenue Total Liabilities Owner's Capital Retained Earnings

Total Current Assets Total

1,594,140 Total Capital 5,194,140 Total

pital Rs. 3,800 60,000 5,000 68,800 4,800,000 325,340

5,125,340 5,194,140 0