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 |
\
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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