Sl.

No Transaction

Amount

Name of Asset

Amount

Head of Expense

Sale of Shares of chemalite

Issue of shares to Alexander

Purchase of machinery for

cash

Purchase of Raw materials

inventory by paying cash

6
-

7
-

Total as on June 30

Check the bank balance

230000

PREPARE A BALANCE SHEET AS ON JUNE 30 2003

GO AHEAD
-

GO AHEAD
-

GO AHEAD
-

GO AHEAD
-

+
-

GO AHEAD
-

ARITHMETICAL
ACCURACY

Amount

Head of Revenue

+
-

Source of Capital Amount

+
-

Amount

Payment of legal fees

Name of Liability

+
-

Amount

GO AHEAD
-

GO AHEAD

Sl.No Transaction

Amount

Name of Asset

Amount

Head of Expense

Cost of prototypes paid

Sale of products on cash

(685000) and credit (69500)

Purchase of raw materials by

paying cash

Labor and overheads paid in

cash

Corporate salaries and

corporate expenses paid

Machinery purchased for

cash

Loan taken by company

-

Loan repaid with interest

-

10
-

11
-

12
-

GO AHEAD
-

GO AHEAD
-

GO AHEAD
-

GO AHEAD
-

GO AHEAD
-

GO AHEAD
-

GO AHEAD
-

GO AHEAD
-

GO AHEAD
-

GO AHEAD
-

+
-

GO AHEAD
-

ARITHMETICAL
ACCURACY

Amount

Head of Revenue

+
-

Source of Capital Amount

+
-

Amount

=
-

Advertisement expenses paid

Name of Liability

+
-

Amount

GO AHEAD
-

Sl.No Transaction

Amount

Name of Asset

Amount

Head of Expense

Amount

Name of Liability

Amount

Source of Capital Amount

Head of Revenue

ARITHMETICAL
ACCURACY

Amount

ADJUSTMENTS

Depreciation on machinery
(6 months out of 10 years
expired)

Closing stock of raw

materials

Writing off Patent expenses

-

Write off legal expenses

-

Receipt of Olympic orders

-

7
-

GO AHEAD
-

GO AHEAD
-

GO AHEAD
-

GO AHEAD
-

GO AHEAD
-

GO AHEAD
-

Writing off prototype

expenses

GO AHEAD

GO AHEAD
TOTAL AS ON DECEMBER 31, 2003

Check the bank balance

113000

PREPARE A BALANCE SHEET AS ON DECEMBER 31, 2003

PREPARE A INCOME STATEMENT FOR THE PERIOD 1 JULY 2003 TO DECEMBER 31, 2003

Asset

Expenses

Liabilities

Owners' Equity

Revenues

Acc. Depn (Building)

Acc. Depn (Equipments)
Acc. Depn (Furniture)
Acc. Depn (Imp. to land)
Acc. Depn (Machinery)
Accounts Receivable/ Debtors
Accrued Commission (asset)
Accrued Interest (asset)
Accrued Rent (asset)
Advance Income Tax
Advertisement paid in advance
Bank Account
Building
Cash
Cash & Bank Account
Commission paid in advance
Electricity Expenses paid in advance
Equipments
Furniture
Goodwill
Improvements to Land
Insurance paid in advance
Inventory
Inventory - Finished Goods
Inventory - Raw Materials
Inventory - WIP
Land
Motor Vehicle
Patent (Asset)
Plant & Machinery
Postage and Telephone paid in advance
Preliminary Expenses not written off
Prepaid Advertisement
Prepaid Bank Charges
Prepaid Commission

Advertisement Expense
Bad Debts
Bank Charges
Commission
Corp. Salaries and Expenses
Cost of Goods Sold
Depreciation - Building
Depreciation - Equipments
Depreciation - Furniture
Depreciation - Imp. To land
Depreciation - Plant & Machinery
Electricity Expenses
Income Tax
Insurance
Interest Expense
Labor and Overheads
Loss due to fire
Loss due to theft
Patent (Expense)
Penalities
Pilferage
Postage and Telephone
Preliminary Expenses written off
Property Tax
Prototypes Expenses
Rent
Repairs & Maintenance
Salary
Wages

Accounts Payable/ Creditors

Accrued Interest Expenses
Bank Loan
Debentures
Income Tax Payable
Notes Payable
Outstanding Advertisement
Outstanding Bank Charges
Outstanding Commission
Outstanding Electricity Expenses
Outstanding Insurance
Outstanding Postage and Telephone
Outstanding Rent
Outstanding Repairs & Maintenance
Outstanding Salary
Outstanding Wages
Refundable Security Deposit Received
Sales Tax Collected

Capital
Dividend
Drawings
Equity Share Capital
Preference Share Capital
Reserves & Surplus
Retained Earnings
Share Premium

Commission Revenue
Fee Income
Interest Income
Rent Income
Sales Revenue

Asset
Prepaid Electricity Expenses
Prepaid Insurance
Prepaid Postage and Telephone
Prepaid Property Tax
Prepaid Rent
Prepaid Repairs & Maintenance
Prepaid Salary
Prepaid Wages
Prototypes (Assets)
Provision for Doubtful Debts
Refundable Security Deposit paid
Rent paid in advance
Repairs & Maintenance paid in advance
Salary paid in advance
TDS Paid
Wages paid in advance

Expenses

Liabilities

Owners' Equity

Revenues