Waltham Case

Topics: Balance sheet, Generally Accepted Accounting Principles, Asset Pages: 4 (431 words) Published: October 17, 2011
Books of Account of “M/s. Waltham Oil and Lube Center”

1) Journal Entries for the period May 01 to July 31
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Frank Knight Capital A/c$50000
($ 40000 + $ 10000)
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National Oil & Lube Center security Deposit A/c. Dr. $ 40000
To Bank A/c Cr.$40000
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Insurance Charges A/c. Dr. $1200
Bank A/c.Cr. $1200
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Oil & Grease Inventory A/cDr. $ 6320
Uniforms & Operating SupplierDr. $ 4130
Lease Rental (May) A/c. Dr. $ 1500
National oil & Lube Security Deposit A/cCr. $ 11950
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Equipments A/cDr. $ 75000
National oil & Lube Center (Asset Supply) A/c.Cr. $ 75000
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National oil & Lube Center (Asset Supply) A/c.Dr. $ 25200
National oil & Lube Center Security Deposit A/c.Cr. $ 25200
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National oil & Lube Center (Asset Supply) A/c.Dr. $ 49800
National oil & Lube Center (Asset Supply) Loan A/c.Cr. $ 49800
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Depreciation A/cDr. $ 3750
Equipments A/cCr. $3750
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Profit & Loss A/cDr. $3300
Parking Rent Income Cr. $3300
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Profit & Loss A/cDr. $105300
Oil and Lubrication ServicesCr. $105300
(108660 -3300=105300)...
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