Asignment ACC.I
Asignment ACC.I
Asignment ACC.I
Assignment # 2
Name : HARIS BIN TARIQ Roll no :232222
Instructions :
HITESH
ACCOUNTING EQUATION
FOR THE YEAR ENDED: 2020
-1000 - 1000
-3000
240,500 + 28,000 + 1500 + 3000 = 24,000 + 249,000
+ 1000 + 1000
241,500 + 28,000 + 1500 + 3000 = 24,000 + 250,000
-4000 -4000
-2000
235,500 + 28,000 + 1500 + 3000 + 2000 + 1700 = 20,000 + 250,000
- 1700
= 270,000 = 270,000
Question#2: (A) What is Balance Sheet, Income Statement, Statement of Owner’s equity and Statement of Cash Flows?
BALANCE SHEET:
A statement of assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.
INCOME STATEMENT:
An income statement shows a company`s revenues, expenses and profitability over a period of time.
OWNER`S EQUITY:
The share of a company`s net assets that the owner – or owners – can claim as their own.
LIQUIDITY:
It means how quickly you can get your hands on your cash.
Question#2: (B) Draft a format for Balance Sheet and Income Statement
paypsi
Income Statement
Year ended December, 2022
Sales -------
Costs and Expenses: ---------
Materials and production ---------
Marketing and admin ------------
R&D ------------
Other ------------
-----------
THE END