Journal Ledger
| Year | Transaction detail | GL Ref |
D | C |
| Month | ||||
| 1ST Feb | Cash | 100 | $15000 | |
| Share capital | 101 | $15000 | ||
| Establishment of Rosemond Ent. | ||||
| 2 Feb | Loan | 102 | $20000 | |
| Wachovia | 103 | $20000 | ||
| Acquired loan from Wachovia | ||||
| 3 Feb | supplies | 104 | 2000 | |
| 4th Feb | office building rent | 105 | 1000 | |
| 28 Feb | payroll | 106 | 2000 | |
| 28 Feb | Other expenses | 107 | 3000 | |
| Accounts payable | 8000 | |||
| 28 Feb | Consulting service | 108 | 5000 | |
| Revenue | 109 | 5000 |
Balance sheet
Balance sheet for the year ended 31st Dec 2010
| Assets | Liabilities |
| Cash $15,000 | Expenses $8,000 |
| Accounts receivable $5,000 | Accounts payable |
| Bank loan $20,000 | Total Liabilities $8000 |
| Owners’ equity | |
| Capital stock $30,000 | |
| Retained earnings $2000 | |
| Total owners’ equity $32,000 | |
| Total $40,000 | Total $40,000 |
Rosemont Ent Income statement
For the year ended 31st Dec 2010
Debit Credit
Revenue $5,000
Gross revenues $40,000
Expenses
Payroll $2000
Office building rent $1000
Bank loan interest $1100
Supplies $2000
Other expenses $3000
Total expenses $(9100)
Net income $30,900
| Cash flow statement for the period ended 31st Dec 2010 | |
| Cash flow from operations | $20,000 |
| Cash flow from Investing | $(5,000) |
| Cash flow from expenses | $(9,100) |
| Net cash flow | $5,900 |
Monthly Cash budget
For the three months ending Feb 28th 2010
December January February
Beginning cash balance 15000 30900 $40800
Expected cash receipts:
Cash sales 10000 15000 20000
Collection of accounts receivable 15000 20000 25000
Other income 0 0 1000
Total cash $40,000 $65900 86,800
Expected cash expenses:
Supplies 2000 9000 20000
Payroll 2000 6000 10000
Other expenses 3000 7000 10000
Office building rent 1000 2000 7000
Bank loan interest 1100 1100 1100
Ending cash balance $30900 $40800 $38700
Growth rate for the first year
(Final income-initial income) * 100
Initial income
38700 – 30000 *100
30000
The growth is 29%
Reference
Ramesh, R. (2000). Financial analysts’ Indispensable pocket guide. USA: McGraw Hill publishers
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