Tally ERP 9

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Comp Entries 1 Budget Project - Computer Applications in Accounting - Summer 2, 2021 PREPARE THE BALANCE SHEET, PROFIT AND LOSS ACCOUNT, CASH FLOW STATEMENT, DAY BOOK, STOCK SUMMARY AND BUDGET ANALYSIS (WITH BANK RECONCILIATION) Company Name The Mobile Shop UK PO BOX 98577 Address London United Kingdom Currency Name Great Britain Pounds Currency Symbol GBP Decimal Symbol Pence Business Type Mobile Phones Samsung Phones Nokia Phones HTC Phones Apple Phones 1)Galaxy Note 7 1)Lumia 1320 DHTC One M9 Diphone 6s 2)Galaxy on7 Pro 2)Lumia 920 2) HTC One E9 List of Products 2)Iphone 5S 3)Galaxy J Max 3) Lumia 925 3)HTC 10 3)Iphone 5 4)Galaxy S7 4) Lumia 930 4)HTC Butterfly 4)Iphone 4S 5)Galaxy A9 5)HTC Butterfly 5)Iphone 4 Accounting Type Accounts with Inventory Investors Rachel Halcrow, Lincoln Halcrow Bank Accounts HSBC, Barclays Bank 1 S 6 X 9 10 11 16 17 ACCOUNTING ENTRIES for The Phone Shop UK "Rachel Halcrow invested 40,750 GBP in Barclays Bank" 2 "Lincoln Halcrow" invested 30,750 GBP20,750 in HSBC, 10.000 in Barclays) 3 Paid 2.575 GBPs fees for Trade License for the year, from HSBC 4 Rented a building from "Hamptons" for 40.750 GBP for one year Boughts phone Display cabinets for the company for 2.575 GBP cach, from Wellington Furnitures Paid 50% advance from "Barclays bank" for the purchase of the Display cabinets 7 Withdrew 1.37 GBP from"Barclays Bank" for Cash Counter Purchased "Sutionary Items for 275 GBP'paying Cash Borrowed a bank loan of 30.750 GBP from HSBC payable in 5 years at 3% interes per year Purchased a "Computer from a department store for 675 GBP paying cash Purchased the following liems from "Nokia 1925 Lumia 1320 phones for 475 GBP each 2) 40 Lumia 920 phones for 320 GBP cach 3)35 "Lumia 925 phones for 375 GBP cach 12 Pasd 50% to "Nokia" from "Barclays Bank Purchased the following foems from "Samsung 1) SO "Galaxy Note 7 phones for 450 GBP each 2150 "Galary / Max"phones for 250 GBP each 3) 50 Galaxy S7 phones for 420 GBP each 4) 50 "Galary A9phones for 320 GBP each 14 Paid SO GBP for Internet expenses from Cash 15 "Rachel Halcrow withdrew an amount of 2575 GBP for personal use from "HSBC Withdrew cash or 5750 GBP from "Barclays Bank for cash counter Sold the following items to "ETA Trading 1) 15 "Lumia 1320 phones for 450 GBP cach 2) 25 Lumia 920 phones for 360 GBP cach 3) 30"Galary S7 phones for 470 GBP each 4) 30"Galary A9 phones for 365 GBP each Received full amount from "ETA Trading in Barclays Bank Paid Electricity expenses of 1.750 GBP from "HSBC 20 2 "Galaxy A9 phones were stolen from the store. Amount is expensed under "titory Loss 21 Purchased the following liems from "HTC 1)-40 "HTC One E9 phones for 275 GBP each 2)45 "HTC One M9 phones for 250 GBP each 3) 40 "HTC 10 phones for 420 GBP each 4) 40 HTC Butterfly homes for 180 GBP each 22 Sold the following items to "EROS Group 1) 3S "HTC One E9 phones for 250 GBP each 2) 30 "HTC 10 phones for 480 GBP cach 3) 40 Galaxy Note 7"phones for $05 GBP each 4)-40 Galary J Max"phones for 295 GBP each 23 Received full amount from "EROS Group" in "Barclays Hank 24 Paid full amount to "Samsung" for the phones purchase from "Barclays Bank Paid Balance 50% to "Nokia" from "Barclays Bank Received a Goverment Grant of 10,750 GBP for quality awards as Cash 27 Deposited 7,595 GBP in HSBC 28 Paid 250 GBP for plumbing repair works from Cash 29 Paid salary for 3 stall, SO GBP each from HSBC 30 Paid principle and interest for 1 month for the bank loan from "HSBC Paid Medical expenses of 250 GBP for staff from Cash Purchased the following liems from "Apple" 1) 50 "Iphone 6S phones for 350 GBP cach 2) 40 "Iphone phones for 515 GBP each 3) 40 "Iphone 4S phones for 420 GBP each 4) 25 Iphone 4 phones for 350 GBP each 33 Paid 25%. 10 Apple" from "Barclays Bank 18 19 26 31 32 m 33 34 35 36 32 38 39 40 41 42 45 44 45 46 47 48 49 2) 40 "Iphone 5S phones for SIS GP each 3) 40 "Iphone 4S phomes for 430 GBP each 4125 "Iphone 4 phones for 350 GBP each Paid 25% 10 Apple" from "Barclays Bank Paid 50% balance payment to "Wellington furniture for the purchase of display cabinets from HSBC "EROS Group returned 2 defective "HTC 10phones, Sales retum Paid "EROS Group" the amount due for the cured phones from "Barclays Bank Written off the 2 defective HTC phones as "Inventory Loss Expense Paid "Miscellaneous Expenses" of 150 GBP from Cash Sold the following sems from "Electro Inc 1) 35 "Iphone 6S phones for 615 GBP each 2) 33 "Iphone 5S phones for 550 GBP cach 3) 25 "Iphone 4S phones for 460 GBP each 4) 20 "Iphone 4"phones for 390 GBP each Received 75% of the amount from "Electro Inc" in HSBC Invested 5150 GBP in Shares belonging to FTSE Company from 8C Paid the shop rent for 1 month to "Hamptons" from "Barclays Bank Received the balance 25% from "Electro Inc" in Barclays Bank Opened a New Bank account at "Royal Bank of Scotland and transferred 5.150 GBP from HSBC Rented a car for 10 days for 15 GBP per day. paid cash Closed "Barclays Bank account and transferred the balance in the bank to "Rayal Bank of Scotland Paid another 25% payable to "Apple" from "Royal Bank of Scotland Booked a depreciation expense of 2.000 GBP Deposited the Balance cash-in-hand in "HSBC Sold the following Items from "Blue Bird 1) 40 HTC One M9 phones for 300 GBP each 2)35 "HTC Butterfly phones for 250 GBP cache 3) 12 "Lumia 925 phones for 360 GBP each Received full amount from "Blue Bird" in "Royal Bank of Scotland Received 2500 GBP for testing of Office space in HSBC Paid wwer expenses of 3 GBP from HSBC Sold the following sems to "British Council D) 15 "Iphone 4S phones for 500 GBP each 2) 10 "HTC 10"phones for 455 GBP each 3) 18"Galaxy A9% phones for 375 GBP cach 4) 18 Galaxy S7 phones for 482 GBP each $19"Galaxy J Max"phones for 300 GBP each 6) 10 "Galaxy Note 7"phones for 500 GBP each 7) 13 "Lumia 920 phones for 380 GBP each Received 75% mot from British Council in "Royal Bank of Scotland Transferred 10000 GBP from "Royal Bank of Scotland" to "HSBC Paid an Overdraft Expense of 275 GBP from "HSBC Bought a Lexus Car from Lexus Company for 7000 GBP Paid a downpayment of 1000 GBP for the purchase of Lexus Car from HSBC Panda Salary of 300 GBP each for staff from "Royal Bank of Scotland Received 3 month Salary of 1 staff(salary of 300 GBP month) as compensation for resignation without not Received balance 23% from Banish Council HSBC Declared Dividends Payable of 2500 GBP cach to "Rachel Halcrosod Lincoln Halco Paid another 3 months Advance rent to "Hamptons from HSBC Booked a depreciation expense of 550 GBP Paid the Dividends payable from HSBC Received a Dividend of 1000 GHP from the investment in "FTSE Company as Cash Received another Government Grant of 15000 GBP in HSEKC Paid Radar Fine of S5 GBP from Cash Deposited Balance Cash in Hand in "Royal Bank of Scotland Received a Sponsorship Income of 1000 GBP "Royal Bank of Scotland Paid tax 15% of "Net Income Before Tux" from "HSBC 51 52 $3 54 55 56 $7 58 59 60 61 62 63 64 65 06 67 68 69 20 21 72 Comp Entries 1 Budget BUDGET ANALYSIS THE MOBILE SHOT UK Ist Jan 2019 to 31st Dec 2019 Category Actual Variation Variation % Budget Item REVENUE Sale of Phones Dividend Income Government Grant Income From Renting of Office Space Other Income Sponsorship Income EXPENSES Sales Accounts Indirect Income Indirect Income Indirect Income Indirect Income Indirect Income Budgeted 268.300 207000 1.000 15.000 3.000 1.300 16.000 258_586 Purchase of Phones 204.450 Purchase Accounts Closing Stock Direct Expenses Direct Expenses Direct Expenses Indirect Expenses Indirect Expenses Indirect Expenses Indirect Expenses Indirect Expenses Indirect expenses Indirect Expenses Indirect Expenses Indirect Expenses Indirect Expenses Indirect Expenses Indirect Expenses Indirect Expenses Indirect Expenses 1.200 2.500 2.950 2.500 1.650 47 90 300 Inventory Loss Expense License Expenses Salary Expenses Depreciation Expenses Electricity Expenses Internet Expenses Water Expenses Medical Expenses Miscellaneous Expenses Printing and Stationery Radar Fines Rent A Car ExpS Rent Expenses Repairs and Maintenance Tax Expenses interest Expenses Overdrall Expenses NET GAIN LOSS 165 280 50 150 40.000 2:40 1.714 100 200 9.714 1) Draw a graph comparing Actual Gain/Loss with Budgeted Gain Loss 2) Draw a graph comparing Budgeted and Actual values of Revenues and Expenses 3) Draw a gruph comparing Budgetod and Actual values of Sales Account Items 4) Draw a gruph comparing Budgetod and Actual values of Indirect Income Items 5) Draw a graph comparing Budgeted and Actual values of Purchase Account Items 6) Draw a graph comparing Budgeted and Actual values of Direct Expenses Items 2) Draw a graph comparing Budgeted and Actual values of Indirect Expertisies lietus 8) Draw a graph indicating the percentage variation for all Revenue heads 9) Draw a graph indicating the percentage variation for all Expenses heads 10) Draw a graph indicating the Actual contributions percentage from all Revenue heads 11) Draw a graph indicating the Actul contributions percentage from all Expenses heads Comp Entries 1 Budget Project - Computer Applications in Accounting - Summer 2, 2021 PREPARE THE BALANCE SHEET, PROFIT AND LOSS ACCOUNT, CASH FLOW STATEMENT, DAY BOOK, STOCK SUMMARY AND BUDGET ANALYSIS (WITH BANK RECONCILIATION) Company Name The Mobile Shop UK PO BOX 98577 Address London United Kingdom Currency Name Great Britain Pounds Currency Symbol GBP Decimal Symbol Pence Business Type Mobile Phones Samsung Phones Nokia Phones HTC Phones Apple Phones 1)Galaxy Note 7 1)Lumia 1320 DHTC One M9 Diphone 6s 2)Galaxy on7 Pro 2)Lumia 920 2) HTC One E9 List of Products 2)Iphone 5S 3)Galaxy J Max 3) Lumia 925 3)HTC 10 3)Iphone 5 4)Galaxy S7 4) Lumia 930 4)HTC Butterfly 4)Iphone 4S 5)Galaxy A9 5)HTC Butterfly 5)Iphone 4 Accounting Type Accounts with Inventory Investors Rachel Halcrow, Lincoln Halcrow Bank Accounts HSBC, Barclays Bank 1 S 6 X 9 10 11 16 17 ACCOUNTING ENTRIES for The Phone Shop UK "Rachel Halcrow invested 40,750 GBP in Barclays Bank" 2 "Lincoln Halcrow" invested 30,750 GBP20,750 in HSBC, 10.000 in Barclays) 3 Paid 2.575 GBPs fees for Trade License for the year, from HSBC 4 Rented a building from "Hamptons" for 40.750 GBP for one year Boughts phone Display cabinets for the company for 2.575 GBP cach, from Wellington Furnitures Paid 50% advance from "Barclays bank" for the purchase of the Display cabinets 7 Withdrew 1.37 GBP from"Barclays Bank" for Cash Counter Purchased "Sutionary Items for 275 GBP'paying Cash Borrowed a bank loan of 30.750 GBP from HSBC payable in 5 years at 3% interes per year Purchased a "Computer from a department store for 675 GBP paying cash Purchased the following liems from "Nokia 1925 Lumia 1320 phones for 475 GBP each 2) 40 Lumia 920 phones for 320 GBP cach 3)35 "Lumia 925 phones for 375 GBP cach 12 Pasd 50% to "Nokia" from "Barclays Bank Purchased the following foems from "Samsung 1) SO "Galaxy Note 7 phones for 450 GBP each 2150 "Galary / Max"phones for 250 GBP each 3) 50 Galaxy S7 phones for 420 GBP each 4) 50 "Galary A9phones for 320 GBP each 14 Paid SO GBP for Internet expenses from Cash 15 "Rachel Halcrow withdrew an amount of 2575 GBP for personal use from "HSBC Withdrew cash or 5750 GBP from "Barclays Bank for cash counter Sold the following items to "ETA Trading 1) 15 "Lumia 1320 phones for 450 GBP cach 2) 25 Lumia 920 phones for 360 GBP cach 3) 30"Galary S7 phones for 470 GBP each 4) 30"Galary A9 phones for 365 GBP each Received full amount from "ETA Trading in Barclays Bank Paid Electricity expenses of 1.750 GBP from "HSBC 20 2 "Galaxy A9 phones were stolen from the store. Amount is expensed under "titory Loss 21 Purchased the following liems from "HTC 1)-40 "HTC One E9 phones for 275 GBP each 2)45 "HTC One M9 phones for 250 GBP each 3) 40 "HTC 10 phones for 420 GBP each 4) 40 HTC Butterfly homes for 180 GBP each 22 Sold the following items to "EROS Group 1) 3S "HTC One E9 phones for 250 GBP each 2) 30 "HTC 10 phones for 480 GBP cach 3) 40 Galaxy Note 7"phones for $05 GBP each 4)-40 Galary J Max"phones for 295 GBP each 23 Received full amount from "EROS Group" in "Barclays Hank 24 Paid full amount to "Samsung" for the phones purchase from "Barclays Bank Paid Balance 50% to "Nokia" from "Barclays Bank Received a Goverment Grant of 10,750 GBP for quality awards as Cash 27 Deposited 7,595 GBP in HSBC 28 Paid 250 GBP for plumbing repair works from Cash 29 Paid salary for 3 stall, SO GBP each from HSBC 30 Paid principle and interest for 1 month for the bank loan from "HSBC Paid Medical expenses of 250 GBP for staff from Cash Purchased the following liems from "Apple" 1) 50 "Iphone 6S phones for 350 GBP cach 2) 40 "Iphone phones for 515 GBP each 3) 40 "Iphone 4S phones for 420 GBP each 4) 25 Iphone 4 phones for 350 GBP each 33 Paid 25%. 10 Apple" from "Barclays Bank 18 19 26 31 32 m 33 34 35 36 32 38 39 40 41 42 45 44 45 46 47 48 49 2) 40 "Iphone 5S phones for SIS GP each 3) 40 "Iphone 4S phomes for 430 GBP each 4125 "Iphone 4 phones for 350 GBP each Paid 25% 10 Apple" from "Barclays Bank Paid 50% balance payment to "Wellington furniture for the purchase of display cabinets from HSBC "EROS Group returned 2 defective "HTC 10phones, Sales retum Paid "EROS Group" the amount due for the cured phones from "Barclays Bank Written off the 2 defective HTC phones as "Inventory Loss Expense Paid "Miscellaneous Expenses" of 150 GBP from Cash Sold the following sems from "Electro Inc 1) 35 "Iphone 6S phones for 615 GBP each 2) 33 "Iphone 5S phones for 550 GBP cach 3) 25 "Iphone 4S phones for 460 GBP each 4) 20 "Iphone 4"phones for 390 GBP each Received 75% of the amount from "Electro Inc" in HSBC Invested 5150 GBP in Shares belonging to FTSE Company from 8C Paid the shop rent for 1 month to "Hamptons" from "Barclays Bank Received the balance 25% from "Electro Inc" in Barclays Bank Opened a New Bank account at "Royal Bank of Scotland and transferred 5.150 GBP from HSBC Rented a car for 10 days for 15 GBP per day. paid cash Closed "Barclays Bank account and transferred the balance in the bank to "Rayal Bank of Scotland Paid another 25% payable to "Apple" from "Royal Bank of Scotland Booked a depreciation expense of 2.000 GBP Deposited the Balance cash-in-hand in "HSBC Sold the following Items from "Blue Bird 1) 40 HTC One M9 phones for 300 GBP each 2)35 "HTC Butterfly phones for 250 GBP cache 3) 12 "Lumia 925 phones for 360 GBP each Received full amount from "Blue Bird" in "Royal Bank of Scotland Received 2500 GBP for testing of Office space in HSBC Paid wwer expenses of 3 GBP from HSBC Sold the following sems to "British Council D) 15 "Iphone 4S phones for 500 GBP each 2) 10 "HTC 10"phones for 455 GBP each 3) 18"Galaxy A9% phones for 375 GBP cach 4) 18 Galaxy S7 phones for 482 GBP each $19"Galaxy J Max"phones for 300 GBP each 6) 10 "Galaxy Note 7"phones for 500 GBP each 7) 13 "Lumia 920 phones for 380 GBP each Received 75% mot from British Council in "Royal Bank of Scotland Transferred 10000 GBP from "Royal Bank of Scotland" to "HSBC Paid an Overdraft Expense of 275 GBP from "HSBC Bought a Lexus Car from Lexus Company for 7000 GBP Paid a downpayment of 1000 GBP for the purchase of Lexus Car from HSBC Panda Salary of 300 GBP each for staff from "Royal Bank of Scotland Received 3 month Salary of 1 staff(salary of 300 GBP month) as compensation for resignation without not Received balance 23% from Banish Council HSBC Declared Dividends Payable of 2500 GBP cach to "Rachel Halcrosod Lincoln Halco Paid another 3 months Advance rent to "Hamptons from HSBC Booked a depreciation expense of 550 GBP Paid the Dividends payable from HSBC Received a Dividend of 1000 GHP from the investment in "FTSE Company as Cash Received another Government Grant of 15000 GBP in HSEKC Paid Radar Fine of S5 GBP from Cash Deposited Balance Cash in Hand in "Royal Bank of Scotland Received a Sponsorship Income of 1000 GBP "Royal Bank of Scotland Paid tax 15% of "Net Income Before Tux" from "HSBC 51 52 $3 54 55 56 $7 58 59 60 61 62 63 64 65 06 67 68 69 20 21 72 Comp Entries 1 Budget BUDGET ANALYSIS THE MOBILE SHOT UK Ist Jan 2019 to 31st Dec 2019 Category Actual Variation Variation % Budget Item REVENUE Sale of Phones Dividend Income Government Grant Income From Renting of Office Space Other Income Sponsorship Income EXPENSES Sales Accounts Indirect Income Indirect Income Indirect Income Indirect Income Indirect Income Budgeted 268.300 207000 1.000 15.000 3.000 1.300 16.000 258_586 Purchase of Phones 204.450 Purchase Accounts Closing Stock Direct Expenses Direct Expenses Direct Expenses Indirect Expenses Indirect Expenses Indirect Expenses Indirect Expenses Indirect Expenses Indirect expenses Indirect Expenses Indirect Expenses Indirect Expenses Indirect Expenses Indirect Expenses Indirect Expenses Indirect Expenses Indirect Expenses 1.200 2.500 2.950 2.500 1.650 47 90 300 Inventory Loss Expense License Expenses Salary Expenses Depreciation Expenses Electricity Expenses Internet Expenses Water Expenses Medical Expenses Miscellaneous Expenses Printing and Stationery Radar Fines Rent A Car ExpS Rent Expenses Repairs and Maintenance Tax Expenses interest Expenses Overdrall Expenses NET GAIN LOSS 165 280 50 150 40.000 2:40 1.714 100 200 9.714 1) Draw a graph comparing Actual Gain/Loss with Budgeted Gain Loss 2) Draw a graph comparing Budgeted and Actual values of Revenues and Expenses 3) Draw a gruph comparing Budgetod and Actual values of Sales Account Items 4) Draw a gruph comparing Budgetod and Actual values of Indirect Income Items 5) Draw a graph comparing Budgeted and Actual values of Purchase Account Items 6) Draw a graph comparing Budgeted and Actual values of Direct Expenses Items 2) Draw a graph comparing Budgeted and Actual values of Indirect Expertisies lietus 8) Draw a graph indicating the percentage variation for all Revenue heads 9) Draw a graph indicating the percentage variation for all Expenses heads 10) Draw a graph indicating the Actual contributions percentage from all Revenue heads 11) Draw a graph indicating the Actul contributions percentage from all Expenses heads