Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A start - up company, Pace Inc., received funding from two sharks * jointly in the Shark Tank. A new accountant at the company has
A startup company, Pace Inc., received funding from two sharks jointly in the Shark Tank. A new accountant at the company has prepared a Trial Balance using the information for the last two years.
The Shark Tank is a reality television show that involves aspiring entrepreneurs, inventors, and small business owners, who pitch their business ideas or products to a panel of wealthy investors, known as the "sharks," in the hope of securing investment deals.
Trial balance for the year ended Mar
Account Title
Head of Account
Debit Amount $
Credit Amount $
Share Capital
Owners equity
Bank Loan
NonCurrent liability
Share capital Peyush Bansal
NonCurrent liability
Trade payable
Current liability
Outstanding Rent
Current liability
Other current liabilities
Current liability
Equipment
Noncurrent tangible asset
Furniture
Noncurrent tangible asset
Patents
Noncurrent intangible asset
Trade receivables
Current asset
Cash balance
Current asset
Bank balance
Current asset
Revenue
Indirect Income
Purchases
Direct Expense
Salaries
Indirect Expense
Rent of building
Indirect Expense
Accumulated Depreciation on tangible assets
Current liabilities
Dividend expense during the year
Indirect Expense
Note:
a There is no opening stock for the company
b Closing Stock as on is
c Dep for the year is:
Equipment on cost
Furniture on cost
d Patents are not to be amortised
e During the year, new equipment was purchased for Dep to be given for the full year
f At the start of the year, Furniture costing Carrying value was sold at a loss of No Dep for current year to be given
You are provided with the following financial statements:
Income Statement
Balance Sheet
Cash flow Statement
Complete the financial statements by computing and filling in the missing numbers.
Using the information in the Trial Balance and note, complete the financial statements by computing and filling in the missing numbers.
Statement of Income for the year ended Mar
Particulars
Amount in $
Amount in $
Revenue
Less: Cost of goods sold
Purchases
Less: Closing Stock
Gross profit for the year
Less: Indirect expenses
Salaries
Rent of building
Loss on sale of furniture
Depreciation on tangible asset
Dividend expense during the year
Net profit for the year
Balance Sheet as on March
Particulars
Amount $
Amount $
Noncurrent assets
aFixed assets
iTangible assets
Equipment
Furniture
iIntangible assets
Patents
Current assets
Inventories
Trade receivables
Cash balance
Bank balance
Equity and liabilities
Shareholders Funds
aShare Capital
Own capital
Peyush Bansal
aReserves and Surplus
Balance is Statement of Profit and Loss
Noncurrent liabilities
aBank Loan
Current liabilities
aTrade payables
aOutstanding rent
aOther current liabilities
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started