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Accounting Workshop: Transaction Summary

The owner of Quality Services & Co. invested Tk. 100,000 and had various business transactions in April including purchasing furniture, receiving payment for services, paying salaries, receiving a loan, and incurring expenses. Participants are asked to 1) summarize the transactions in an accounting equation format, 2) prepare an income statement for the month, 3) prepare a statement of owner's equity, and 4) prepare a balance sheet as of April 30.

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Akil Afzal
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8 views1 page

Accounting Workshop: Transaction Summary

The owner of Quality Services & Co. invested Tk. 100,000 and had various business transactions in April including purchasing furniture, receiving payment for services, paying salaries, receiving a loan, and incurring expenses. Participants are asked to 1) summarize the transactions in an accounting equation format, 2) prepare an income statement for the month, 3) prepare a statement of owner's equity, and 4) prepare a balance sheet as of April 30.

Uploaded by

Akil Afzal
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Session 1: Workshop

Time 30 minutes

Instructions:

 Form a group of 2 participants


 Solve the given problem

Problem:

The owner of Quality Services & Co., Mr. Morgan started the business on April 01, 20120
investing cash of Tk. 100,000 from his personal source. During the month, the following
transactions took place:

April-04: Purchased furniture paying cash for Tk. 35,000.

April-10: Service provided to customers for 32,000 and cash received of Taka 20,000 therein.

April-12: Paid to employees as salary for this month Tk. 10,000.

April-15: The owner paid his personal expense from business petty cash of Tk. 5,000.

April-19: Received Loan from Natwest Bank of Taka 14,000.

April-25: Appointed a manager (monthly salary of Taka 10,000) who will join in May.

April-30: Received a utility bill for the month of Tk. Tk. 1,000 which will be paid in May.

Required:

1. Prepare a summary of the above transaction showing their effects in Accounting Equation
(Use the given format).
2. Using the summary (as done for req. 1), prepare the followings:
i) Income Statement for the Month
ii) Statements of Owner’s Equity for the month
iii) Balance Sheet on April 30

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