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Solution of Session 3

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0% found this document useful (0 votes)
43 views8 pages

Solution of Session 3

Uploaded by

htrung.j4study
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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ASSETS = LIABILITIES

Cash Receivables InventoriesEquipmentBuildings Trade payables

No1 Owner contributi 50,000


No2 -30,000 30,000
No3 -6,000 6000
No4 -6,500 6,500
No5 5,000 5,000
No6 -5,000 -5,000
No7 electricity -100
No8a COGS -3,500
No8b 7,000
No9 5,000 5,000
No10a COGS -2000
No10b Cash sales 4,000
No11a COGS -1,500
No11b 3,000
No12a COGS -3,500
No12b 7,000
No13 Collection from 3,000 -3,000
No14 -1000
No15 salaries -2000
No16 depreciation of equipment -250
Ending balance 6,400 14,000 6,000 5,750 30,000 0 5,000
62,150 5000
+ EQUITY
Share capital Retained earnings
Revenue Expenses Dividends and withdrawals
50,000

Expenses: value of resources to generate revenue

-100
-3,500
7,000 Profit = Revenue - Cost of goods sold - period expenses

-2000
4,000
-1,500
3,000
-3,500
7,000

-1000
-2000
-250
0 50,000 21,000 -12,850 -1,000
57,150
generate revenue

s sold - period expenses


STATEMENTS OF CASH FLOWS
Opening balance 0
CASH INFLOWS 57,000
from owners 50,000
from sales 7,000
CASH OUTFLOWS 50,600
for building 30,000
for equipment 6,000
for inventories 11,500
for electricity 100
for withdraws 1,000
for salaries 2,000
NET CASH FLOWS 6,400
Ending balance 6,400
INCOME STATEMENT
REVENUE 21,000
COST OF GOODS SOLD 10,500
GROSS PROFIT 10,500
OPERATING EXPENSES 2350
Electricity 100
Salaries 2000
Equiment impairs 250
NET PROFIT 8,150
BALANCE SHEET/STATEMENT OF FINANCIAL POSITION
ASSETS 62,150
Cash 6,400
Receivables 14,000
Inventories 6,000
Equipment 5,750
Building 30,000

LIABILITIES 5,000
Trade payables 5,000

EQUITY 57,150
Share capital 50,000
Retained earnings 7,150
Profit 8,150
Withdrawal -1,000
TOTAL LIABILITIES EQUITY 62,150
ASSETS

Aug-20
purchased 40 pairs of shoes VND2 million/pair
sold 30 pairs VND 3 million/pair
rent VND 20 million

Profit = Revenue - Cost of goods sold - period expenses


-80

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