In: Accounting
1)
Statement of Revenue and expenses | ||
Particular | Amount($) | Amount($) |
Revenue from operation | 37000 | |
Less : Expenses | ||
Operating expenses | 16000 | |
Depreciation ( 6000+4000)/10 | 1000 | |
Operating expenses of ISF | 2700 | -19700 |
Operating profit before interest and taxes | 17300 | |
Less : Interest expenses | -200 | |
Net Income | 17100 |
2)
Statement of net position (Balance sheet ) | ||
Assets | Amount($) | Amount($) |
Non current assets | ||
Property and equipment | 6000 | |
Accumulated depreciation | -600 | 5400 |
Property and equipment (ISF) | 4000 | |
Accumulated depreciation | -400 | 3600 |
Current assets | ||
Accounts receivables | 6000 | |
Cash | 15000 | |
Capital project fund (8000 - 6000 ) | 2000 | |
Debt service fund | 200 | |
Repairs service fund | 4000 | |
Total assets | 36200 | |
Long term liabilities | ||
bonds payable | 8000 | |
less : repaid | -2000 | 6000 |
Bill of exchange payable | 4000 | |
Current laibility | ||
Accounts payable | 8000 | |
Payable to ISF Billed | 100 | |
Payable to ISF unbilled | 1000 | |
Retained earning ( Profit for the year) | 17100 | |
Total liabilities | 36200 |
Working:
Cash | |
Particular | Amount($) |
Taxes cash collection | 31000 |
Operating expenses paid | -8000 |
Bond issued | 8000 |
Operating expenses of ISF | -2700 |
T/F to capital project fund | -8000 |
T/F to debt service fund | -2400 |
T/F to repair service fund | -2900 |
Total | 15000 |