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Firstly Theoretical Part: Compare between different types of financial statements according to: Name of statement Purpose of statement and Elements of statement. Secondly Practical Part:
Firstly Theoretical Part: Compare between different types of financial statements according to: Name of statement Purpose of statement and Elements of statement. Secondly Practical Part: The following are business transactions for a Koky company during its month of operation. Transaction (1): On January 1, 2020 Koky Company invests 200,000 cash in the business. Transaction (2): On Jan 5, Koky purchases for 80,000 equipment from Silver Company on credit (on account). Transaction (3): On Jan 8, Koky got a Loan for 60,000 cash. Transaction (4): On Jan 14, Koky Purchase furniture for 20,000 cash. Transaction (5): On Jan 17, Koky receives 40,000 cash from customers for Provide services. Transaction (5): On Jan 17, Koky receives 40,000 cash from customers for Provide services. Transaction (6): On Jan 20, Koky Sold part of the furniture for 16,000, received 8,000 in cash and the rest on the account. Transaction (7): On Jan 22, Koky pays 10,000 wages in cash. Transaction (8): On Jan 25, Koky pays 30,000 to silver company cash. Transaction (9): On Jan 28, Koky receives 4,000 in cash from customers the remaining part of the furniture of the sale price. Transaction (10): On Jan 30, the owner of Koky Company withdraws 12,000 in cash from the business (The Company) for his personal use. Required: 1-Prepare a Tabular summary of the transactions. 2-Prepare Income Statement. 3-Prepare Balance Sheet
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