Wednesday 6 April 2011

TECHTONE TALENT AGENCY

TECHTONE TALENT AGENCY
JOURNAL ENTRIES
AS ON 31,DEC 2005

Particulars
Credit $
Depreciation exp A/c
250

   Accumulated  depreciation A/c

250
Unearned income A/c
2500

                revenue earned A/c

2500
Salary A/c
1360

    Salary P/A A/c

1360
Rent A/c
600

    Prepaid rent A/c

600
Income R/A A/c
3000

               revenue earned A/c

3000
Supplies expenses A/c
370

    Supplies A/c

370
Insurance A/c
125

    Unexpired insurance A/c

125
Interest Expenses A/c
45

    Interest P/A A/c

45
Income tax expenses A/c
325

    Income tax payable A/c

325










                                                              
                                                                   

                                                                     



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BALANCE AS ON 31,DEC 2005

Particular
Debit $
Credit $
14950

Fees R/A (35300+3000)
38300

Prepaid rent (1200-600)
600

Unexpired insurance (375-125)
250

Office supplies (900-370)
530

Office equipment
15000

Acc-Depreciation (12000+250)

12250
Accounts P/A

1500
Notes  P/A (6000+45)

6045
Income tax P/A (3200+325)

3525
Unearned office fees (8000-2500)

5500

20000
Retained earning

10800
Dividend
800

Agency fees earned(46500+2500+3000)

52000
Telephone expenses
480

Office supplies exp (1130+370)
1500

Dep. exp (2750+250)
3000

Rent exp( 6100+600)
6700

Insurance (1175+125)
1300

Salaries exp( 24640+1360)
26000

Income  tax exp (3200+325)
3525

Interest exp
45

Salaries P/A

1360
Total
112980
112980

























           TECHTONE TALENT AGENCY
                        income statement
                FOR THE YAER ENDED 31,DEC 2005

Particulars
$
$
Agency fees earned

52000
Less


Operative Expenses


Telephone exp
480

Office supply exp
1500

Depreciation exp
3000

Rent exp
6700

Insurance
1300

Salaries
26000

Interest expenses
45

Total operative expenses

-39025
Operative income

12975
Income tax expense

-3525
Net income

9450















                        





                                                          
                                                                       TECHTONE TALENT AGENCY
BALANCE SHEET
AS ON 31,DEC 2005

Liabilities
Rs.
Rs.
Equities and liabilities


capital reserves

20000
Un appropriated profit

19450
Current liabilities


Account P/A

1500
Notes P/A

6045
Income tax P/A

3525
un earned fees

5500
Salaries P/A

1360
total

57380
Assets


Non-current Assets


Equipment
15000

Depreciation
-12250
2750
Current Assets


Cash

14950
Fees R/A

38300
Prepaid Rent

600
Unexpired Insurance

250
Office supplies

530
Total Assets

57380






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