Student Name:
				Joyous Jet Skis
				ASSETS										LIABILTIES					OWNERS’ EQUITY				INCOME			EXPENSES
STUDENT	MAX			Cash	Accounts receivable	Prepaid Rent	Prepaid Insurance	Inventory	Fixtures & Fittings	Acc Dep Fixtures & Fittings	Motor Vehicles	Acc Dep Motor Vehicles		Accounts Payable	Accrued expenses	Unearned revenue	Bank Loan		Asad, Drawings	Daiyu, Drawings	Daiyu, Capital	Asad, Capital		Sale	Profit on disposal of PPE		Loss on disposal of PPE	COGS	Wages	Interest expense	Advertisement exp	Cleaning services	Loss on inventory	Rent expense	Insurance expense	Electricity expense	Bad debts	Depreciation
MARK	MARK	JULY
		Opening		20,300	12,400	3,300		30,900	25,000	–       20,000	30,000	–       12,000		9,300	4,800		25,000				25,400	25,400
		1		-4,500					1,000	4,000															500																500
		2		-3,000			3,000																																		0
		3			11,000			-5,000																11,000				5,000													0		Spark Model Jet skis	Trixx Model Jet skis	Superjet Skis
		5						10,400						10,400																											0		6	1800	10800	6	2100	12600	3	2500	7500		15	30900
		7		-5,200											-2,600														2,600												0		-1	1800	-1800	-1	2100	-2100	-2	2500	-5000
		8		7,900				-3,900																7,900				3,900													0		3	2000	6000				4	2600	10400
		10						6,000						6,000																											0		-1						-2
		11			11,000			-5,100																11,000				5,100													0								-2
		12						-2,000												-2,000																					0		7			5			1
		14		-10,000										-10,000																											0		5			4			3
		16		9,000	-9,000																																				0
		17		-1,000															-1,000																						0
		18		-4,000																-4,000																					0
		20		5,000												5,000																									0
		21		-5,200																									5,200												0
		22		-4,000													-1,000													3,000											0
		24		-1,500																											1,500										0
		26		25,000																		25,000																			0
		27		6,500	6,500			-5,200																13,000				5,200													0
		28						-100																									100								0
Part a		30		-1,000																												1,000									0
0	60
		MONTH-END ADJUSTMENTS
		31				-1,000																												1,000							0
		31					-250																												250						0
		31													3,640														3,640												0
		31													1,200																					1,200					0
		31			-1,500																																1,500				0
		31			6,800			-3,600																6,800				3,600													0
		31								-550		-333																										883			0
Part b
0	20	TOTALS		34,300	37,200	2,300	2,750	22,400	26,000	-16,550	30,000	-12,333		15,700	7,040	5,000	24,000		-1,000	-6,000	25,400	50,400		49,700	500		0	22,800	11,440	3,000	1,500	1,000	100	1,000	250	1,200	1,500	883
				ASSETS			1,26,067			Hints and Tips:
				LIABILITIES	51,740					Enter reductions, contra assets, and drawings with a minus (-) symbol.
			+	EQUITY	68,800					Enter expenses as positive numbers (formula to the left subtracts expenses from equity).
			+	INCOME	50,200					Insert extra ROWS as required so that EACH transaction is on a separate row (date your rows!).
			–	EXPENSES	44,673		1,26,067	0		Insert extra COLUMNS for EACH new account you require in the appropriate place (title your columns!).
										Ensure all your cell formulas are working correctly after inserting new rows and columns.
STUDENT	MAX
MARK	MARK
				Create your income statement here
				Insert more rows as required
				Particulars		Amount
				Sale		49,700
Part c				Profit on disposal of PPE	500
0	10					50,200
				Expenses
				COGS	22,800
				Wages	11,440
				Interest expense	3,000
				Advertisement exp	1,500
				Cleaning services	1,000
				Loss on inventory	100
				Rent expense	1,000
				Insurance expense	250
				Electricity expense	1,200
				Bad debts	1,500
				Depreciation	883	44,673
STUDENT	MAX
				Net Profit		5,527
				Profit distribution
				– Daiyu		2,211
MARK	MARK			– Asad		3,316
				Create your balance sheet here
				Insert more rows as required
				ASSETS
				Current assets
				Cash		34,300
				Accounts receivable	37,200
Part d				Prepaid Rent	2,300
0	10			Prepaid Insurance	2,750
				Inventory		22,400
						98,950
				Non-current assets
				Fixtures & Fittings	26,000
				Acc Dep Fixtures & Fittings	-16,550	9,450
				Motor Vehicles	30,000
				Acc Dep Motor Vehicles	-12,333	17,667
						27,117
				Total assets	1,26,067
				EQUITY & LIABILITIES
				Current Liabilities
				Accounts Payable	15,700
				Accrued expenses	7,040
				Unearned revenue	5,000
						27,740
				Bank Loan		24,000
						24,000
				Total liabilities	51,740
				Equity
				Daiyu, Capital	25,400
				Daiyu, Drawings	-6,000
				Daiyu, share in profit	2,211	21,611
				Asad, Capital	50,400
				Asad, Drawings	-1,000
				Asad, share in profit	3,316	52,716
						74,327
				Total liabilities & owner’s equity	1,26,067
STUDENT	MAX	Total Mark (Instructor Use Only)
MARK	MARK
0	60
0	20
0	10			Part (a)
0	10			Part (b)
0	0			Part (c)
0	0			Part (d)
0	100			Presentation deduction
				Late penalty deduction