Week $2-$ Homework

Recording Financial Movements & Identifying Assets

Name:

Submission Deadline: $25$ Sep $2024$

While preparing for his new business in Geneva, Larry thought he hasn't enough funds to run the

activity he wants. He therefore started a small local business as a photographer to make the

money he needs. Larry is a former student of the course Fundamentals of Accounting but does

not remember how record financial movements. Help him to do so by:

Identifying for each transaction if the account impacted is an assets account

Recording the below transactions in the right account and under the right $T$ account side

Preparing the simplified income statement based on the template below

Preparing the simplified statement of cash flow based on the template below

Preparing the simplified statement of financial position $/$ balance sheet based on the

template below

Period $1($August $2024)$:

To start his business:

A$.$ Larry brought to his photographer activity his cash savings of CHF $150.$

B$.$ He bought a camera and memory for CHF $100.$

C$.$ He ran a Google Ads campaign to get his first client for a cost of CHF $20.$

D$.$ His first client hired him for a graduation ceremony for a lump sum payment of CHF $200.$

E$.$ To get to the graduation ceremony location, Larry spent CHF $14$ for a train ticket and this

was the only cost he incurred for this event.

Period $2($September $2024)$:

Larry worked so well at the graduation ceremony that several students and parents called him for

their events to be their photographer. Larry's agenda showed the following for period $2$:

F$.$ Semester's launch dinner $-$ September $3^{rd}-$ single down payment of CHF $350$

G$.$ Sergio Ramotti's birthday $-$ September ${12}^{th}-$ initial installment of CHF $100$ on September

${10}^{th}$ and CHF $300$ subsequent payment on September ${12}^{th}$

H$.$ Karin Swifter's ladies party $-$ September ${16}^{th}-$ payment by picture at CHF $0,50$ per picture

and a maximum of $500$ pictures. Assume that all $500$ pictures were done.

I. To get to the three events at optimal cost, Larry limited his availability to Geneva and

subscribed a monthly TPG package at CHF $70.$ No other costs were incurred by larry.

Period $3($October $2024)$:

As Lary's semester was quickly progressing and his activities started taking him too much time,

he decided to stop his photography business. The following transactions were done:

J$.$ Larry sold his camera and its memory for CHF $100$

K$.$ Larry didn't renew his TPG subscription