Question

Please check the image thoroughly and answer the question.

CASH, 3,000 Tae1lery 튀 2,000 , Mortgaje 80,000 . earned mogthy Alary of 워 5,050 Paid 4 1,200 cash por uiihes 촤 Rrehased a auro mobite orth 410,000 on account. Paf600 Cash for food expenses s. Paid 400 Cakh for Jas ReQord:- ④ complet. The ash T-account to deter nlnc Tthe ending balana at coh Increase Decreas -Cap oper Rana イリComplere-the persomパnome garment to dcremfe the Surplus os depict Perzoral iaiome statemment For the month ended may 31201

Answer 1

a)

Increase +	CASH		Decrease -
Opening Balance	$3000	Utilities	$1200
Monthly salary	$5050	Food Expenses	$600
		Gas Expenses	$400
		Closing Balance	$5850
TOTAL	$8050	TOTAL	$8050

b)

Personal income statement for the month ended May 31, 2016

Particulars	Amount ($)	Amount ($)
Monthly salary		$5050
Less:
Utilities	$1200
Food Expenses	$600
Gas Expenses	$400
Surplus		$2850

c)

Calculation of Juliet Lahm’s net worth on May 31:

Particulars	Amount ($)
Opening Net worth	$115000
Add:
Surplus	$2850
Fixed asset - Automobile	$10000
Less:
Accounts Payable	$10000
Closing Net worth as on May 31	$117850