Lec-21 - Advanced Financial Accounting FIN-611 Mian Ahmad...

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Advanced Financial Accounting FIN-611 Mian Ahmad Farhan Lecture-21 Limited Companies
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Company Accounts
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Owner’s Equity Sole Proprietorship Opening capital xxx Add Net profit xxx Less Drawings xxx xxx Partnership Capital Account xxx Add/Less Current Account xxx xxx Company Capital xxx Reserves xxx xxx
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Sole proprietorship Owner Sole Proprietor Partnership Owner Partners Company Owner Share holders/ Members
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Journal Entries Capital Introduced Sole Proprietorship Cash A/c xxx Capital A/c xxx Partnership Cash A/c xxx Partner’s Capital A/c xxx Company Cash A/c xxx Shares Capital A/c xxx
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Issue of Share Capital Cash resources Cash A/c xxx Share capital A/c xxx Non-cash resources Fixed Assets A/c xxx Share capital A/c xxx
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Share Premium 1,700,000 1,000,000 700,000 Bank A/c 1,700,000 Share Capital A/c 1,000,000 Share Premium A/c 700,000
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Ledger Account Share capital Share premium Bank Balance 1,000,000 Bank 700,000 Share capital 1,000,000 Share premium 700,000
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Lec-21 - Advanced Financial Accounting FIN-611 Mian Ahmad...

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