Assignment 1 FinalA
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Reference
NumberDate Transactions DR. CR. Additional Notes
1 2-Jul-12 Cash $200,000.00Common Shares
kjjdjjdjjgdjgjkdgjdg $200,000.00
2 2-Jul-12 Cash $40,000.00
Bank Loan Payable
jkjjjjjjjjjjjjjjjjjjjjjjjj $40,000.00
31-Jul-12 Interest Expense $2,400.00
Interest Payable $2,400.00
3 3-Jul-12 Prepaid Insurance $14,400.00
Cash $14,400.00
4 3-Jul-12 Lease Expense $1,000.00Prepaid Lease $6,000.00
Cash $7,000.00
6 3-Jul-12 Rent Expense $4,500.00
Pre-paid Rent $4,500.00
Cash $9,000.00
7 4-Jul-12 Supplies $12,000.00
Cash $12,000.00
Vandermeer Computer Consultants
Transactions
For the Year Ended June 30th, 2013
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8 5-Jul-12 Equipment $100,000.00
Accounts Payable $100,000.00
31-Jul-12 Depreciation Expense $2,083.00
Accumulated Depreciation $2,083.00
10 10-Jul-12 Cash $4,800.00 For Invoice dated June 2012 to Collins Enterprises
Accounts Receivable $4,800.00
11 12-Jul-12 Unearned Revenue $4,480.00 Revenue $4,480.00
12 16-Jul-12 Cash $48,000.00
Unearned Revenue hjkh $48,000.00
13 17-Jul-12 Salaries Expense $44,000.00
Cash $44,000.00
14 18-Jul-12 Utilities Expense $1,600.00
Cash $1,600.00
15 20-Jul-12 Accounts Receivable $72,000.00 Services provided on credit to Moore Productions
Revenue $72,000.00
16 20-Jul-12 Legal Expense $8,800.00
Accounts Payable $8,800.00
17 23-Jul-12 Unearned Revenue $40,000.00
Revenue $40,000.00
18 25-Jul-12 Cash $10,000.00 Revenue for speaking at an idustry conference
Additional Revenue $10,000.00
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19 26-Jul-12 Cash $50,000.00
Cash received towards a previously issued invoice for Moore
Productions
Accounts Receivable $50,000.00
20 31-Jul-12 Supplies Expense $1,250.00 Office Supplies Used for July
Supplies $1,250.00
21 31-Jul-12 Salaries Expense $44,000.00
Salaries Payable $44,000.00
22 31-Jul-12 Utilities Expense $2,400.00
$2,400.00
23 31-Jul-12 Income Tax Expense $5,966.00
Income Tax Payable $5,966.00
Reference number 3 and 9 aren't recognized as transactions
under IFRS
Adjusting 31-Jul-12 Insurance Expense $1,200.00 Insurance Expense for the month of July
Prepaid Insurance $1,200.00
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Bal 20,920 Bal 4,800
1 200,000 10 4,800
2 40,000 15 72,000
3 14,400 19 50,000
4 7,000
6 9,000
7 12,000
10 4,800
12 48,000
13 44,000
14 1,600
18 10,000
19 50,000
373,720 88,000 76,800 54,800Bal. 285,720 - Bal. 22,000
Bal. - Bal.
4 14,400 4 1,000
Adjusting 1,200
14,400 1,200
Bal 13,200 Bal. 1,000
Cash Accounts Receivable
Dr. Cr. Dr. Cr.
Prepaid Insurance Lease Expense
Dr. Cr. Dr. Cr.
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Bal. Bal.
8 2,083 5,966
2,083 - 5,966
Bal. 2,083 Bal. 5,966
Bal. Bal. 4,480
2 40,000 11 4,480
12 48,000
17 40,000
40,000 44,480 52,480
Bal. 40,000 Bal. 8,000
Bank Loan Unearned Revenue
Accumulated Depreciation Income Tax Payable
Dr. Cr. Dr.
Dr. Cr.Dr. Cr.
Cr.
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Bal. - Bal. -
3 2,400 4,500
Bal. 2,400 Bal. 4,500
Bal. 1,600 Bal.
8 100,000 8 100,000
16 8,800
- 110,400 100,000 -
Bal. 110,400 Bal. 100,000
Dr. Cr. Dr. Cr.
Interest Expense Rent Expense
Accounts Payable
Dr. Cr.
Equipment
Dr. Cr.
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Bal. - Bal. -
11 4,480 13 44,000
15 72,000 21 44,000
17 40,000
116,480
Bal. 116,480 Bal. 88,000
Bal. - Bal. -
16 8,800 22 2,400
Bal. 8,800 Bal. 2,400
Legal Expense
Dr. Cr.
Utilities Payable
Dr. Cr.
Dr. Cr.
Salaries Expense
Dr. Cr.
Revenue
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Bal. - Bal. -
6 4,500 20 1,250
4,500 -Bal. 4,500 Bal. 1,250
Bal. Bal. -
4 6,000 14 1,600
-
6,000 Bal. 1,600
Bal. 6,000 -
Prepaid Rent
Dr. Cr.
Prepaid Lease
Cr.Dr.
Supplies Expense
Dr. Cr.
Accrued Utilities
Dr. Cr.
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Bal. Bal. 2,760
3 2,400 7 12,000
20 1,250
2,400 14,760 1,250
Bal. 2,400 Bal. 13,510
Bal. 14,400
1 200,000 Bal. -
8 2,083
- 214,400
Bal. 214,400
Bal. 2,083
Cr.
Common Shares
Interest Payable
Dr.
Dr.
Cr. Depreciation Expense
Dr.
Supplies
Dr. Cr.
Cr.
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Bal. Bal.
21 44,000 22 2,400
- 44,000
Bal. 44,000 Bal. 2,400
Bal. 8,000 Bal. -
ADJ 11,080 23 5,966
19,080
Bal. 19,080 Bal. 5,966
Salaries Payable
Dr. Cr.
Utilities Expense
Dr. Cr.
Dr. Cr.
Retained Earnings Income Tax Expense
Dr. Cr.
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Bal. - Bal. -
ADJ 1,200 18 10,000
10,000
Bal. 1,200 Bal. 10,000
Insurance Expense
Dr. Cr.
Additional Revenue
Dr. Cr.
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Debit Credit
Cash 285720
Accounts Recievable 22000
Prepaid rent 4500
Supplies Expense 1250
Prepaid Insureance 13200
Lease Expense 1000
Prepaid Lease 6000
Accrued Utilities 1600
Accumulated Depreciation 2083
Income Tax Payable 5196
Interest Payable 2400
Supplies 13510Bank Loan 40000
Unearned Revenue 8000
Common Shares 214400
Deprecition Expense 2083
Interest Expense 2400
Rent Expense 4500
Salaries Payable 44000
Utilities Expense 2400
Accounts Payable 110400
Equipment 100000
Retained Earnings 19005
Income Tax Expense 5196
Revenue 116480
Salaries Expense 88000
Insurance Expensse 1200
Additional Revenue 10000
Legal Expense 8800
Utilities Payable 2400
Total 563359 574364
560,330
Vandermeer Computer Consultants Ltd.
Trial Balance
As of June 30, 2012
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Assets Liabilities and Shareholder's Equity
Current Assets Short-Term Liabilities
Cash 285720 Accounts payable
Supplies 13,510 Salaries PayableAccounts Recievable 76,800 Utilities Payable
Interest payable
376,030
Non-Current Assets Long-Term Liabilities
Prepaid Expenses 25,400 Bank Loan Payable
Uneanered Revenue
Equipment 100,000
less: Accumulated Depreciation (2,083) Total Liabilities
97,917 Shareholder's Equitycommon shares
Retained Eaning
Total Shareholder Equity
Total Assets 499,347 Total Liabilities and Shareholder's Equity
Vandermeer Computer Consultants Ltd.
Statement of Financial Position
As of July 31st, 2012
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88,000
44,0002,400
2,400
136,800
40,000
48,000
88,000
224,800
214,400
19,005
233,405
458,205
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Revenues
Sales Revenue 116,480
Cost of Goods Sold -
Gross Margin 116,480
Expenses
Interest Expense 2,400
Rent Expense 4,500
Lease Expense 1,000
Salaries Expense 88,000
Utilities Expense 2,400
Supplies Expense 1,250
Legal Expense 8,800
Insurance Expense 1,200
Total Expense 109,550 109433.33 117
Additional Revenue 10,000
Net Income before Taxes 16,930 17,047
Tax Expense 5,926 5,966
Net Income After Taxes 11,005
Vandermeer Computer Consultants Ltd
As of Month Ended July 31st, 2012
Statement of Operations
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Retained Earnings at the beginning of the year 8,000
Net Income 11,005
Dividends -
Retained Earnings at the End of Year 19,005
Vandermeer Computer Consultants Ltd
Statement of Equity
As of Month Ended July 31st, 2012
