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CLOSE THIS BOOKAccounting for the Microbusiness - A Teaching Manual (Peace Corps, 1975, 105 p.)
VIEW THE DOCUMENTInformation
VIEW THE DOCUMENTAcknowledgement
VIEW THE DOCUMENTIntroduction
The system
VIEW THE DOCUMENTThe financial statements
VIEW THE DOCUMENTAdditional controls
VIEW THE DOCUMENTOdd entries
Aids

The financial statements

To Accompany the System's Entries

1. Beginning Balance Statement
2. Trial Balance
3. Income Statement
4. Ending Balance Statement

BALANCE STATEMENT

Company: Colombian Industries


Date: June 30


Assets




Current




Cash on hand

250



Banks

2,500



Loans to Employees

180



Receivables

5,600



Inventory

10, 000



Short- term investments

- 0 -



Total Current Assets


18, 530 (a)


Fixed Assets




Investments

- 0 -



Machinery, equipment, tools, etc.

30,000



TOTAL ASSETS



48, 530 (1)

Liabilities




Current




Accounts Payable

5, 400



Current Obligations

12,000



Total Current Liabilities


17,400(b)


Long Term




Accumulated Social Benefits

3,100



Bank Obligations

- 0 -



Finance Obligations

20,000



Others

- 0 -



TOTAL LIABILITIES



40, 500 (2)

Capital




Beginning Capital

8,030



Profit/Loss previous years




Profit/Loss this year (P&L)




TOTAL CAPITAL



8,030 (3)

Working Capital


1,130 (c)



1 - 2 = 3 = CAPITAL




a - b = c = WORKING CAPITAL



TRIAL BALANCE

Company: Colombian Industries


Date: July 31



COLUMN I


COLUMN II

Cash on hand

290



Banks

833



Loans to Employees

110



Receivables

19, 600



Inventory (previous month)

10,000



Investments

- 0 -



Fixed Assets

30,000



Depreciation



- 0 -

Accounts payable



15,783

Current Obligations



12,000

Accumulated Social Benefits



3,100

Bank Obligations



- 0 -

Finance Obligations



19,000

Other Obligations



- 0 -

Beginning Capital



8,030

Profit/Loss previous years

(Lose)


(Profit)

Profit/Loss this year

(Lose)


(Profit)

Sales



30,000

Coat of Sales

- 0 -



Purchases of Raw materials

16,000



Labor

3,800



Social Benefits

447



Personal Expenses

4,700



Other Expenses

1,800



Interest

333



Other Revenue or Expenses

- 0 -



TOTALS (Must be equal)

87,913


87,913

PROFIT AND LOSS STATEMENT

Company: Colombian Industries


Period: 1 - 31 of July


SALES



30 000

Less Coat of Sales



- - 0 -

NET SALES



30, 000 (1)

Coat of Goods Sold




Initial Inventory

10, 000



Plus: Purchases of Raw materials

+ 16,000



Subtotal

26, 000



Less: Final Inventory

- 6,000



Cost of Goods Sold

20,000


- 20,000(2)

+Marginal Utility [(1)-(2)]



10, 000(3)

Other Revenues & Expenses




Labor

3, 8 00



Social Benefits

447



Personal Expenses

4. 700



Other Expenses

1, 800



Interest

333



Other Revenue or expenses

- 0 -



Total Costs

11,080


- 11,080 (4)

++Profit



= = = = =

+++Loss



(1,080)

+ Net Sales less Coat of Goods Sold




(1) - (2) = Marginal Utility (3)




++ If marginal utility is greater than expenses




(3)- (4) = Profit




+++ If marginal utility is less than expenses




(4) - (3) = Loss




BALANCE SHEET

Company: Colombian Industries


Date: July 31


Assets




Current




Cash on hand

290



Banks

833



Loans to employees

110



Receivables

19, 600



Inventory

6,000



Short-term investments

- 0 -



Total Current Assets


26,833 (a)


Fixed Assets




Investments

- 0 -



Machinery, equipment, tools, etc.

30,000



TOTAL ASSETS



56,833(1)

Liabilities




Current




Accounts Payable

15,783



Current Obligations

12,000



Total Current Liabilities


27,783(b)


Long Term




Accumulated Social Benefits

3,100



Bank Obligations

- 0 -



Finance Obligations

19,000



Others

- 0 -



TOTAL LIABILITIES



49,883 (2)

Capital




Beginning Capital

8,030



Profit/Loss previous years




Profit/Loss this year (P&L).

(1,080)



TOTAL CAPITAL



6,950(3)

Working Capital


(950) (c)



1 - 2 = 3 = CAPITAL




a - b = c = WORKING CAPITAL



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