Rawalpindi Technical School

General Journal
Date Particulars L/F Dr. Cr. Posting
Adjusting Entrees
31-Dec Insurance Expense 9000
Prepaid Insurance A/C 9000
to record expired cost of supplies
31-Dec Office Supplies Expense 26300
Office Supplies A/C 26300
to record expired cost of supplies
31-Dec Depreciation Expense Equipment 33000
Accumulated Depreciation Equipment 33000
To allocate cost of Equipment for the year
31-Dec Depreciation Expense Professional Library 13200
Accumulated Depreciation Professiona Library 13200
To allocate cost of Equipment for the year
31-Dec Unearned Fee Revenue 12000
Enrollment Fee Earned 12000
To allocate Earned Revenue for the period
31-Dec Extension Fee Receivable 27000
Extension Fee Earned 27000
To record unrecoreded earned revenue
31-Dec Salaries Expense 2100
Salaries Payable 2100
To recorded Accrude Wages
 Assets
Bank A/C
31-Dec-97 Balance B/F 72000

Office Supplies
31-Dec Balance B/F 43000 31-Dec

Prepaid Insurance
31 De Bal B/F 81000 31-Dec

Professional Liabrary
31-Dec Balance B/F 198000

Accumulated Dep Professional Library

31-Dec
31-Dec

Equipment
31-Dec Balance B/F 433000

Accumulated Depreciation Equipmen

31-Dec
31-Dec

Extension Fee Receivable

31-Dec Extesion Fee Earned 27000
sets 538600 Dr. Expenses
k A/C

Supplies Office Supplies Expense

Office Supplies Expense 26300 31-Dec Office Supplies 26300

nsurance Insurance Expense

Insurance Exp 9000 31-Dec Prepaid Insurance 9000

nal Liabrary

Professional Library Dep Expense Professional Library

Bal B/F 84900 31-Dec Acc Dep Prof Lib 13200
Dep Exp 13200

pment

eciation Equipmen Depreciation Expense Equipment

Balance B/F 149000 31-Dec Acc Dep Equipment 33000
Dep Exp 33000

ee Receivable Salaries expense

31-Dec Balanc B/F 168000
31-Dec Salaries Payable 2100

Rent Expense
31-Dec Balance B/F 96000

Advertising expense
31-Dec Balance B/F 5000

Utilities expense
31-Dec Balance B/F 14000
penses 366600 Dr. Liabilities
Creditor A/C
31-Dec

pplies Expense

Unearned Fee Revenue

31-Dec Enrollment Fee Earned 12000 31-Dec

nce Expense

Professional Library

Expense Equipment

es expense Salaries Payable

31-Dec

t Expense
sing expense

es expense
ties 22700 Cr. Equity
A/C
Bal B/F 8600
Siddiqui’s capital
31-Dec

Siddiqui’s drawings
e Revenue 31-Dec By Balance B/F 150000
Balance B/F 24000

ayable
Salaries Expense 2100
quity 409500 Cr. Revenue
Enrollment Fee Earned A/C

qui’s capital
Balance B/F 559500

ui’s drawings Extesion Fee Earned

 Revenue 461000 Cr.
Enrollment Fee Earned A/C
31-Dec Balance B/F 434000

Extesion Fee Earned

44196 Extesion Fee Receiable 27000
 RAWALPINDI TECHNICAL SCHOOL
Trial Balance Unadjusted Adjustments
31-Dec-97 Dr Cr Dr
Bank 72,000
Office supplies 43,000
Prepaid insurance 81,000
Professional library 198,000
Accumulated depreciation, professional library 84,900
Equipment 433,000
Accumulated depreciation, equipment 149,000
Creditors 8,600
Unearned fee revenue 24,000 12000
Siddiqui’s capital 559,500
Siddiqui’s drawings 150,000
Enrolment fees earned 434,000
Salaries expense 168,000 2100
Rent expense 96,000
Advertising expense 5,000
Utilities expense 14,000
Totals 1,260,000 1,260,000
Insurance Expanse 9000
Office supplies Expense 26300
Depreciation Expense Equipment 33000
Depreciation Expense Professional Liabrary 13200
Extension Fee Receivable 27000
Extension Fee Earned
Salaries Payable
Totals 122600
Net Profit
Final Total
Adjustments Adjusted Trial Bal P&L Balance Sheet
Cr Dr Cr Dr Cr Dr Cr
72,000 72,000
26300 16,700 16,700
9000 72,000 72,000
198,000 198,000
13200 98,100 98,100
433,000 433,000
33000 182,000 182,000
8,600 8,600
12,000 12,000
559,500 559,500
150,000 150,000
12000 446,000 446,000
170,100 170,100
96,000 96,000
5,000 5,000
14,000 14,000

9000 9000
26300 26300
33000 33000
13200 13200
27000 27000
27000 27000 27000
2100 2100 2100
122600 1335300 1335300 366600 473000
106400 106400
473000 473000 968,700 968,700
 Rawalpindi Technical School
Income Statement
For the year ended, 31st Dec 1997
Enrollment Fee Earned Rs 446,000
Extension Fee Earned 27,000
Total Revenue 473,000
Less Opperationg Expenses
Salaries expense (170,100)
Rent expense (96,000)
Advertising expense (5,000)
Utilities expense (14,000)
Insurance Expanse (9,000)
Office supplies Expense (26,300)
Depreciation Expense Equipment (33,000)
Depreciation Expense Professional Liabrary (13,200)
Total Opperationg Expenses (366,600)
Net Income Rs 106,400

Rawalpindi Technical School

Statement of Changes in Equity
For the year ended, 31st Dec 1997
Siddiqui’s capital, Beginning Balance Rs 559,500
Add: Net Income 106,400
Change in capital due to operations 665,900
Less: Siddiqui’s drawings (150,000)
Siddiqui’s capital, Ending Balance Rs 515,900

Rawalpindi Technical School

Balance Sheet Statement
as on 31st Dec 1997
Assets Rs
Current Assets
Bank 72,000
Office supplies 16,700
Prepaid insurance 72,000
Extension Fee Receivable 27,000
Total Current Assets 187,700
Non-Current Assets
Professional library Rs 198,000
Accumulated depreciation, professional library -Rs 98,100
Professional library, Net: Rs 99,900
Equipment Rs 433,000
Accumulated depreciation, equipment -Rs 182,000
Equipment, Net: Rs 251,000
Total Non-Current Assets 350,900
Total Assets 538,600
Liabilities and Equity Rs
Current Liabilities
Creditors 8,600
Unearned fee revenue 12,000
Salaries Payable 2,100
Total Current Liabilities 22,700
Long Term Liabilities -
Total Liabilities 22,700
Equity
Siddiqui’s capital 515,900
Total Liabilities Plus Equity 538,600