Reference no: EM13555509
Effects of Transactions on Accounting Equation and Preparation of Financial Statements.
On September 1, 20XX, Meera Kumar started Instaprogram Company to provide computer programming services. On September 30, the company had the following balances: Cash, Rs.10,000; Accounts Receivable, Rs.5,000; Computer Supplies, Rs.1,000; Office Equipment, Rs.35,000; Creditors, Rs.13,300; Share Capital, Rs.24,500; Retained Earnings, Rs.13,200; The following transactions took place in October 20XX:
(a) Bought computer supplies for cash, Rs.1,800.
(b) Billed clients for professional services, Rs.59,900.
(c) Purchased office equipment for cash Rs.3,000.
(d) Provided services for cash, Rs.20,000.
(e) Paid creditors, Rs.11,000.
(f) Paid office rent, Rs.1,100.
(g) Collected from clients billed in September, Rs.4,000.
(h) Bought equipment on credit, Rs.20,000.
(i) Collected from clients in (b), Rs.56,400.
(j) Paid programmers' salaries, Rs.28,000.
(k) Paid dividends, Rs.6,750.
Required
1. Analyze the effect of the transactions on the accounting equation. First enter the beginning balances.
2. Prepare the company's October 20XX profit and loss account, statement of retained earnings, balance sheet and cash flow statement.
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