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Accounting Firm Summative

Accounting 11 Class Summative

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20 views16 pages

Accounting Firm Summative

Accounting 11 Class Summative

Uploaded by

desiultron101
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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STUDENT RESPONSE SHEET - PART A:

What is owner(s) first and last name: Imaanbir Kang

What is the name of your business: Kang’s Accounting Firm

What does your business sell/do? Explain.


This business is an accounting firm. It prepares and analyzes financial statements for its clients. It
ensures that the financial records are accurate, and taxes are paid properly.

List of Transactions

Date Source Doc. & # Written Transaction


Jan. 1 #13268 Imaanbir Kang needs money to invest in his business. He went to TD Bank to
Bank Credit Advice take a bank loan of $80,000 CAD with a 15% annual interest. After presenting
his business plan and the required financial documents, the loan was approved
for a five-year payment schedule. This loan was taken to purchase supplies,
equipment and hire staff in the future for the business.
Jan. 2 #01101 Imaanbir Kang invested an additional $100,000 CAD into the business to
Cheque Copy support its growth. This investment allows Imaanbir to expand his operations,
upgrade equipment and hire more staff in the firm.
Feb. 3 #7197 Imaanbir purchased 3 new computers for his employees from MKS Computers
Purchase Invoice for $6803.97 CAD plus 13% HST on account. These were bought to enhance
the productivity of the accounting firm.
Mar. 4 #7198 Manpreet pays the business for bookkeeping services. The total comes to
Sales Invoice $38,402.04 CAD which is put on account for him.
Apr. 5 #1234 Ata paid the business filing his corporation’s taxes. We charged him a total of
Cash Sales Slip $2004.68 CAD. The full total was paid by cash.
May 6 #7199 Imaanbir Kang purchased 10 tax folders, 20 pack of pens for our accounting
Purchase Invoice needs from MKS Accounting Supplies. The total came to $402.39 CAD plus
13% HST.
Jun. 7 #7200 Thomas Jefferson paid for cash flow forecasting for his own business. The total
Sales Invoice was $2050.56 plus 13% HST. Jefferson pays $2000 in cash CAD and $317.13
*$317.13 still owed was left on account.
Jun. 8 #1102 Imaanbir Kang paid the building rent for the month of June, $3500 CAD cash.
Cheque Copy
Jun 8. #1103 Imaanbir Kang paid for utilities expenses costing $107 CAD cash.
Cheque Copy
Jul. 10 #7001 Manpreet pays his amount owed to the business in full cash payment. His
Cash Receipt Daily balance owed to the business is now nil.
Summary
Sep. 1 #1104 Imaanbir Kang purchased BMW Series 3 for $56,900 CAD with 13% HST. This
Cheque Copy vehicle will help him go to his customers in person if they are not able to attend
his office and work together with them, preventing any errors.
Sep. 12 #1105 Imaanbir Kang paid $800 CAD plus 13% HST to MKS advertisements for
Cheque Copy television and billboard ads.
Nov. 1 #1106 Imaanbir Kang purchased annual insurance for the business costing $1800 CAD
Cheque Copy with cash.
Nov 1. #1107 Imaanbir Kang paid $634.78 CAD in wages to his employees.
Cheque Copy
Dec. 15 #1108 Imaanbir Kang inves0074ed an additional $60,000 CAD into the business to
Cheque Copy further stabilize his business.
Dec. 16 #1109 Christmas is coming up, so Imaanbir Kang withdrew $20,000 from the business
Cheque Copy to buy gifts for his family.
Dec. 31 #1110 Imaanbir Kang paid 15% of the annual interest on the bank loan with cash. The
Cheque Copy total came up to $12,000 CAD.
Dec. 31 N/A Counted $201.20 CAD worth of supplies on hand.
Dec. 31 N/A Adjusted for prepaid insurance which was bought on Nov.1.
Dec. 31 N/A Depreciation for vehicle which has salvage value of $2050 CAD in 15 years and
for Equipment which we bought one Feb 3 which has a salvage value of $1050
CAD in 7 years.

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