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g) At the end of the month Ahmed finds out that total food supplies left are worth Rs 250.
Liabilities + Capital
=
Assets
Bal.
(f)
Trade Creditors + Ahmed, Capital
350 20,300
Supplies Exp -400
Cash + Supplies + Equipment
2,600 650 17,400
-400
Bal.
350 19,900
2,600 250 17,400
h) Ahmed determined that the equipment has become older after using for one month and its useful life has reduced, thus there is need to reduce the value of the equipment with an expense called Depreciation.
Liabilities + Capital
=
Assets
Bal.
(h)
Trade Creditors + Ahmed, Capital
350 19,900
Dep Exp -200
Cash + Supplies + Equipment – Acc. Dep
2,600 250 17,400
-200
Bal.
350 19,700
2,600 250 17,400 -200
i) At the end of the month, Ahmed withdrew Rs 500 from the business.
Liabilities + Capital
=
Assets
Bal.
(i)
Trade Creditors + Ahmed, Capital
350 19,700
Drawings -500
Cash + Supplies + Equipment – Acc. Dep
2,600 250 17,400
-500 -200
Bal.
350 19,200
2,100 250 17,400 -200
Trial Balance (Basic)
Liabilities Accounts
Asset Accounts
Ahmed, Capital
19,000
Cash
2,100
Drawings
(500)
Supplies
250
Trade Creditors
350
Equipment
17,400
Sales
2,000
Accumulated Dep
-200
Dep Exp
(200)
Supplies Exp
(400)
Wages Exp
(550)
Rent Exp
(50)
Utilities Exp
(25)
Misc Exp
(75)
Total
19,550
Total
19,550
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