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Adjusted Trial Balance

Debit Credit Income Stateme


1.1 Bank Cash For The Month Ended 31 J
1.2 Land Sales
1.3 Inventory Computer Less : Cost of goods sold
1.4 Building Gross profit
1,4.1 Accumulated Depreciation-Building Deduct: Depreciation expense
1.5 Furniture/Fittings Salary expense
1,5,1 Accumulated Depreciation-Furniture/Fittings Operating income
1.6 Machine Interest Expense
1,6,1 Accumulated Depreciation-Machine net income
2.1 Account Payable - computer
2.2 Account Payable - indomarco
2.3 interest Payable
2.4 Bank Loan Statement of Owner
2.5 Salary Payable For The Month Ended 31 J
3.1 Brandon, Capital Brandon Capital
3.11 Brandon drawing Nick Capital
3.2 Nick, Capital
3.21 Nick, Drawing Add: Income
4.1 Revenue, Sales Less: Drawing
5.1 Cost Of Good Sold Ending Capital
5.2 Interest Expense
5.3 Depreciation Exp-Buildding
5.4 Depreciation Exp-Furniture/fitting
5.5 Depreciation Exp-Machine
5.6 Salary Expense
Total

Balance Sheet Post Clossing Trial B


31 January 2015 31 January 201
Assets Bank Cash
Bank Cash Land
Land Inventory Computer
Inventory Computer Building
Building Accumulated Depreciation-Building
Accumulated Depreciation-Building Furniture/Fittings
Fixture/Furniture Accumulated Depreciation-F/Furniture
Accumulated Depreciation-F/Furniture Machine
Machine Accumulated Depreciation-Machine
Accumulated Depreciation-Machine Account Payable - computer
Total assets Account Payable - indomarco
Interest Payable
Liability and Owner's Equity Bank Loan
Liability : Salary Payable
Account Payable-Indomarco Brandon, Capital
Account Payable-Computer Nick, Capital
Interest Payable Total
Bank Loan
Salary Payable
Total Liability

Owner's Equity
Brandon Capital
Nick Capital
Total Owners Equity
Total Liability and Owners Equity
Income Statement
For The Month Ended 31 January 2015

ost of goods sold

: Depreciation expense
Salary expense

Statement of Owner's Equity


For The Month Ended 31 January 2015

Post Clossing Trial Balance


31 January 2015

ory Computer

ulated Depreciation-Building

ulated Depreciation-F/Furniture

ulated Depreciation-Machine
nt Payable - computer
nt Payable - indomarco
Practice 1b- Partnership Formation , Operation and Admitting new Partner

Journal entries
Bank-Cash 200
Capital-Nick 50
Capital-Brandon 50
Bank Loan 100

Land 100
Building 75
Fixture and furniture 25
Bank-Cash 200

Equipment 5
Machine (computer) 6.5
Accounts Payable-Computer Co. 11.5

Inventory 38
Accounts Payable-Indomarco 38

Cash and Bank 57


Sales 57

Cost of good sold 38


Inventory 38

Inventory 38
Account Payable-Indomarco 38

Accounts Payable 19
Cash and Bank 19

Salary expense 4
Salary Payable- Nick 1
Salary Payable- Brandon 3

Brandon Drawing 0.3


Nick Drawing 0.5
Cash/Bank 0.8
nd Admitting new Partner

Adjusting Entries
Interest Expense 1.25
Interest Payable 1.25

Depreciation expense-Building 0.3125


Accumulated Depreciation -Building 0.3125

Depreciation Expense-Fixture and Furniture 0.20833


Accumulated Depreciation - Equipment 0.20833

Depreciation Expense - Equip/Machine 0.09583


Accumulated Depreciation -Equip/Machine 0.09583

Closing entry
Sales 57
Cost of good sold 38
Depreciation expense-Building 0.3125
Depreciation Expense-F/Furniture 0.20833
Depreciation Expense -Equipment/Machine 0.09583
Interest expense 1.25
Salary expense 4
Brandon Capital 8.75556
Nick Capital 4.37778
Brandon Capital 0.3
Brandon Drawing 0.3
Nick Capital 0.5
Nick Drawing 0.5
1.1 Bank Cash 1.4.1 Accumulated Depreciation - Building 2.1 Account Payable- indomarco

1.5 F/ Furniture

2.2 Account Payable- Chips Com

1.2 Land 1.5.1 Accumulated Depreciation - F/Furniture


2.3 Interest Payable

1.3 Inventory 1.6 Machine 2.4 Bank Loan

2.5 Salary Payable


1.6.1 Accumulated Depreciation - Machine

1.4 Building
3.1 Brandon Capital 5.1 Cost of Good Sold 5.6 Salary expense

3.2 Nick, Capital


5.2 Interest Expense

3.3 Brandon Drawing 5.3 Deprecation Exp buildding

3.4 Nick, Drawing


5.4 Deprecation Exp F/Furniture

4.1 Revenue- Sales

5.5 Deprecation Exp Machine


Billy was accepted as new partner by contributing 50 million

a. Brandon and Nick agreed to withdraw their investment make it equal to Billy investment
journal
Brandon withdrawl 8.45556 Balance Sheet after Billy had been acc
Nick withdrawl 3.8778
Cash 12.33336
Cash 50
Billy, Capital 50

b. Brandon agreed to give bonus to Nick and Billy


Total new capital will be 58.5+ 53.9+ 50 50
New Capital will be 162.333/3 for each one of them 16.66667

Journal
Brandon Capital -16.6667
Cash 50
Nick Capital 16.66667
Billy Capital 16.66667
make it equal to Billy investment

Balance Sheet after Billy had been accepted as new partner


Assets A B
Bank Cash
Land
Inventory Computer
Building
Accumulated Depreciation-Building
Fixture/Furniture
Accumulated Depreciation-F/Furniture
Machine
Accumulated Depreciation-Machine
Total assets

Liability and Owner's Equity


Liability :
Account Payable-Indomarco
Account Payable-Computer
Interest Payable
Bank Loan
Salary Payable
Total Liability

Owner's Equity
Brandon Capital
Nick Capital
Billy,C apital
Total Owners Equity
Total Liability and Owners Equity