Professional Documents
Culture Documents
formed by Mr. and Mrs. Henry Antoine and Mrs. Sandra Landers contributing $16000 each in cash to start a restaurant.
They
signed a 1 year lease to the Lone Pine Caf at a monthly rent of $1500.
Borrowed
Amount
Assets
Amount
Current Assests: Cash at bank Inventory 48000 Prepaid Expenses Prepaid Rent 21000 Fixed Assests: Equipment Cash Register 69000
14400
53200 1400
54600 69000
On march 31,2006 Mr. Antoine and Mrs. Landers disappeared and the cash register was missing. Clothing of Mr. Antoine was also present. Mrs. Antoine concluded that partnership was dissolved and decided to continue operating the caf and made an accounting till march 30. The cash register had $311 and checking account balance was $1030. Ski instructors had run up accounts worth $870 which were cleared subsequently.
3.
4. 5. 6. 7.
Cash received from customers through March 30th is $43480. Cash payments were as follows: Monthly payments to partners $23150 Wages $5480 Interest $540 Food & beverages suppliers $10016 Telephone and electricity $3270 Miscellaneous $255 Rent payments $7500 Based on these transactions an income statement and a balance sheet is to be prepared.
Amount
Particular
Amount
44350 2430
Office Administration Expenses: Gross Profit b/d Salary 23150 Wages 5480 Net Loss c/d Telephone & Electricity 3270 Misc Expenses 255 Rent 7500 Interest 540 Depreciation 2445 Operating License 595 43235
43235
Amount
Assests
Current Assests:
Amount
Cash at Hand: 311 Cash at bank: 1030 37146 Debtors: 870 Inventory: 2430 Prepaid Expenses: 833 18900
5474
Loan Funds:
Bank Loan
57629
57629
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