Wedding Contract by hat10029

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									                                                    John Smith Productions
                                                        Balance Sheet
                                                       February 28, 2004


                                           ASSETS                               LIABILITIES and OWNER"S EQUITY

              Current Assets                                           Current Liabilities
                   Bank Account                      $ 5,798.00             GST Payable                       $   105.00
                   GST- ITC Receivable                     7.00
                   Total Current Assets              $ 5,805.00             Total Current Liabilities         $   105.00

              Fixed Assets                                             Owner's Equity
                   Video Camera                      $ 3,000.00            Investment                         $ 10,000.00
                   Computer                            2,200.00            Retained Earnings                     1,700.00
                   Software                              800.00            Total Owner's Equity               $ 11,700.00
                   Total Fixed Assets                $ 6,000.00

              Total Assets                           $ 11,805.00       Total Liabilities and Owner's Equity   $ 11,805.00




985d88fd-6faf-4ec0-952b-d816fc1339fc.xls                     Page 1 of 7                                                    Balance Sheet
                              John Smith Productions
                                Income Statement
                      For Two Months Ending February 28, 2004


Revenues

    Production Contracts                                    $ 1,500.00
    Production Services                                         300.00
    Total Revenues                                                       $ 1,800.00


Expenses
    DVD Stock                                               $   20.00
    DV Tape Stock                                               80.00
    Total Expenses                                                          100.00

    Net Income                                                           $ 1,700.00




985d88fd-6faf-4ec0-952b-d816fc1339fc.xls   Page 2 of 7              Income Statement
        Sample Video Production Compay's Transactions Synoptic
        For the Period of January 1 to February 28, 2004


           Date      Source / Payee               Description              Number       Bank Accout                Current Assets
                                                                                    Deposits    Payments       Accounts     GST - ITC
                                                                                              (Cheques)       Receivables Receivable
                                                                                     Debit +     Credit -       Debit +      Debit +

        Jan 2/04    John Smith         Owners investment                   CR 1     10,000.00
        Jan 5/04    ProVision          Sony PD 150 Camera                  Ck 101                (3,210.00)                    210.00
        Jan 5/04    Sony of Canada     Computer & Editing software         Ck 102                (3,210.00)                    210.00
        Jan 20/04   Shawn Lam Video    Second camera operator job          CR 2        321.00
        Jan 31/04   Totals                                     $3,901.00            10,321.00    (6,420.00)          -         420.00

        Feb 15/04   Gov't of Canada    Net GST refund                      CR 3        399.00                                 (420.00)
        Feb 16/04   Ms. Emma Doe       Non-refundable deposit - wedding    CR 4        750.00
        Feb 16/04   Western Imperial   Purchased DV tapes & DVD-R's        Ck 103                  (107.00)                      7.00
        Feb 28/04   Ms. Emma Doe       Balance of wedding contract         CR 5        855.00
        Feb 28/04   Totals                                     $5,798.00            12,325.00    (6,527.00)          -           7.00




985d88fd-6faf-4ec0-952b-d816fc1339fc.xls                           Page 3 of 7                                                           Journal
Sample Video Production Compay's Transactions Synoptic
For the Period of January 1 to February 28, 2004


  Date       Source / Payee               Description              Number             Fixed Assets              Current Liabilities       Owner's Equity
                                                                             Camera    Computer Software      Payables       GST        Capital   Retained
                                                                            Equipment Equipment                          Charged                  Earnings
                                                                              Debit +    Debit +   Debit +     Credit -    Credit -     Credit -   Credit -

Jan 2/04    John Smith         Owners investment                   CR 1                                                                (10,000.00)
Jan 5/04    ProVision          Sony PD 150 Camera                  Ck 101     3,000.00
Jan 5/04    Sony of Canada     Computer & Editing software         Ck 102                 2,200.00   800.00
Jan 20/04   Shawn Lam Video    Second camera operator job          CR 2                                                       (21.00)
Jan 31/04   Totals                                     $3,901.00              3,000.00    2,200.00   800.00         -         (21.00) (10,000.00)        -

Feb 15/04   Gov't of Canada    Net GST refund                      CR 3                                                        21.00
Feb 16/04   Ms. Emma Doe       Non-refundable deposit - wedding    CR 4
Feb 16/04   Western Imperial   Purchased DV tapes & DVD-R's        Ck 103
Feb 28/04   Ms. Emma Doe       Balance of wedding contract         CR 5                                                      (105.00)
Feb 28/04   Totals                                     $5,798.00              3,000.00    2,200.00   800.00                  (105.00) (10,000.00)        -




         985d88fd-6faf-4ec0-952b-d816fc1339fc.xls                           Page 4 of 7                                                        Journal
   Sample Video Production Compay's Transactions Synoptic
   For the Period of January 1 to February 28, 2004


      Date      Source / Payee               Description              Number           Revenues                 Expenses         Cross
                                                                                Production Production       DVD         Tape     Check
                                                                                 Contracts   Services       Stock      Stock


   Jan 2/04    John Smith         Owners investment                   CR 1                                                          -
   Jan 5/04    ProVision          Sony PD 150 Camera                  Ck 101                                                        -
   Jan 5/04    Sony of Canada     Computer & Editing software         Ck 102                                                        -
   Jan 20/04   Shawn Lam Video    Second camera operator job          CR 2                       (300.00)                           -
   Jan 31/04   Totals                                     $3,901.00                              (300.00)       -          -        -

   Feb 15/04   Gov't of Canada    Net GST refund                      CR 3                                                          -
   Feb 16/04   Ms. Emma Doe       Non-refundable deposit - wedding    CR 4           (750.00)                                       -
   Feb 16/04   Western Imperial   Purchased DV tapes & DVD-R's        Ck 103                                  20.00      80.00      -
   Feb 28/04   Ms. Emma Doe       Balance of wedding contract         CR 5            (750.00)                                      -
   Feb 28/04   Totals                                     $5,798.00                 (1,500.00)   (300.00)     20.00      80.00      -

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985d88fd-6faf-4ec0-952b-d816fc1339fc.xls                              Page 5 of 7                                                   Journal
                                    Cash Receipt Journal Entries

                                                                                          Dr           Cr
CR 1

Jan 2/04   Dr         Bank account                                                  $10,000.00
           Cr         Owner's investment                                                           $10,000.00

           John Smith business start up investment


CR 2                                                                                      Dr           Cr

Jan 20,04 Dr          Bank account                                                        321.00
          Cr          Production services revenue                                                     300.00
          Cr          GST charged (payable)                                                            21.00

           Collected invoice # 4001 for second camera services on the Archibald Reunion


CR 3                                                                                      Dr           Cr

Feb 15/04 Dr          Bank account                                                        399.00
          Dr          GST charged (payable)                                                21.00
          Cr          GST - ITC receivable                                                            420.00

           Government of Canada net GST refund received for January 2004


CR 4                                                                                      Dr           Cr

Feb 16/04 Dr          Bank account                                                        750.00
          Cr          Production contract revenues                                                    750.00

           Received 50% non-refundable deposit on the Emma Doe wedding - invoice # 4002



CR 5                                                                                      Dr           Cr

Feb 28/04 Dr          Bank account                                                        855.00
          Cr          Production contract revenues                                                    750.00
          Cr          GST charged (payable)                                                           105.00

           Balance of Emma Doe wedding contract - invoice # 4003


           balance verification                                                     $12,346.00 $12,346.00




985d88fd-6faf-4ec0-952b-d816fc1339fc.xls        Page 6 of 7                                    Journal Entries
                              Cash Disbursements Journal Entries

                                                                                     Dr            Cr
Ck 101

Jan 5/04   Dr        Camera equipment                                              3,000.00
           Dr        GST - ITC receivable                                            210.00
           Cr        Bank account                                                                3,210.00

           Purchased used Sony PD 150 DV camera serial # 10705588 from ProVision


Ck 102     Dr        Computer equipment                                            2,200.00
           Dr        Software                                                        800.00
           Dr        GST - ITC receivable                                            210.00
           Cr        Bank account                                                                3,210.00

           Purchased Sony computer serial # 200887722 and Sony Vegas editing software from
           Sony Canada


Ck 103     Dr        DVD stock                                                      20.00
           Dr        Tape stock                                                     80.00
           Dr        GST - ITC receivable                                            7.00
           Cr        Bank account                                                                  107.00
           Purchased blank DVD-R's and MiniDV camera tapes for Emma Doe wedding from
           Western Imperial Magnetics Inc




985d88fd-6faf-4ec0-952b-d816fc1339fc.xls       Page 7 of 7                                   Journal Entries

								
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