Accounting Self Study Guide for Staff of Micro Finance Institutions Accounting Case Study ANSWERS
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1 Accounting Self Study Guide for Staff of Micro Finance Institutions Accounting Case Study ANSWERS Calmeadow 1
2 General Journal Date Account Title and Explanation Ref Debit Credit 1 Jan 6 Travel Cash credit officer travel 4 8 Cash ,000 5 Loan Fund Capital ,000 6 received Loan Fund Capital donation 7 Jan 10 Equipment 116 5,000 8 Cash 101 2,500 9 Short-term Borrowings 201 2, purchased a computer with cash and credit Long-term Debt (comm.) 203 7, Cash 101 7, paid off long-term debt (comm.) Postage/Courier Cash paid courier bill Loans Outstanding - Current 103 9, Cash 101 9, disbursed loans Cash Loan Fees collected fee on Jan. 30 loans disbursed Cash 101 6, Loans Outstanding - Current 103 6, Interest on Current Loans collected loan payments Long-term Investments 114 5, Cash 101 5, purchased a two year term deposit Bank Charges Cash paid bank charges 33 Feb 1 Cash Interest on Investments collected interest income Calmeadow 2
3 General Journal Date Account Title and Explanation Ref Debit Credit 1 Feb 1 Cash ,000 2 Long-term Debt (comm.) ,000 3 negotiated a two year bank loan 4 6 Equipment 116 5,000 5 Cash 101 5,000 6 purchased motorcycles for staff 7 12 Printing Cash printed promotional materials Cash 101 2, Loans Outstanding - Past Due 104 2, collected a Past Due loan Cash 101 3, Interest on Investments Interest Bearing Deposits 102 3, short-term deposit matures Postage & Courier Cash paid postage expense Bank Charges Cash paid bank charges Loans Outstanding - Current 103 7, Cash 101 7, disbursed loans Cash Loan Fees collected fee on Feb. 29 loan disbursements Cash 101 7, Loans Outstanding - Current 103 6, Interest on Current Loans collected loan payments 33 Mar 1 Long-term debt (comm.) Interest on Long-term debt Cash monthly payment on long-term debt Calmeadow 3
4 General Journal Date Account Title and Explanation Ref Debit Credit 1 Mar 1 Interest Bearing Deposits 102 2,000 2 Cash 101 2,000 3 invested in short-term deposit 4 5 Advertising and Promotion Cash produced a promotional video 7 10 Travel Cash staff attended training course Cash , Donations - Unrestricted , received donation Cash 101 1, Loans Outstanding - Past Due 104 1, Interest on Past Due Loans collected a Past Due loan Postage & Courier Cash paid courier expense Loans Outstanding - Current 103 3, Cash 101 3, disbursed loans Cash Loan Fees collected fees on March 30 disbursements Cash 101 8, Loans Outstanding - Current 103 7,5 28 Interest on Current Loans 1 1, collected loan payments Bank Charges Cash paid bank charges Calmeadow 4
5 General Journal Date Account Title and Explanation Ref Debit Credit 1 Apr 1 Long-term Debt (comm.) Interest on Long-term Debt Cash payment on bank loan 5 4 Fees/Dues Cash paid membership fee 8 8 Maintenance Cash paid cleaning expense Computer Software Cash purchase software upgrade Insurance Cash paid insurance expense Short-term borrowings 201 6, Interest on Short-term Borrowings Cash 101 6, paid short-term loan Postage & Courier Cash paid postage expense Bank Charges Cash paid bank charge Loans Outstanding - Current , Cash , disbursed loans Cash Loan Fees collected fees on April 30 disbursements Calmeadow 5
6 General Journal Date Account Title and Explanation Ref Debit Credit 1 Apr 30 Cash 101 8,7 2 Loans Outstanding - Current 103 7,625 3 Interest on Current Loans 1 1,110 4 collected payments on loans 5 May 1 Long-term Debt (comm.) Interest on Long-term Debt Cash made payment on bank loan 9 2 Cash 101 5, Interest on Investments Long-term Investments 114 5, long-term investment matures Advertising & Promotion Cash promotional breakfast Postage/Courier Cash paid postage expense Bank Charges Cash paid bank charges Loans Outstanding - Current , Cash , disbursed loans Cash Loan Fees collected fees on May 30 disbursements Cash 101 9, Loans Outstanding - Current 103 8, Interest on Current Loans 1 1,0 31 collected loan payments Short-term Borrowings 201 4, Interest Paid on Short-term Borrowings Cash 101 4,070 Calmeadow 6
7 General Journal Date Account Title and Explanation Ref Debit Credit 1 Jun 1 Long-term Debt (comm.) Interest Paid on Long-term Debt Cash payment on long-term debt 5 1 Loans Outstanding - Past Due 104 3,000 6 Loans Outstanding - Current 103 3,000 7 a current loan outstanding becomes past due 8 2 Interest Paid on Long-term Debt Cash paid interest on long-term debt 11 3 Short-term Borrowings 201 8, Interest Paid on Short-term Borrowings Cash 101 8, repaid short-term loan 15 7 Printing Cash printing of information brochure Cash 101 5, Donations - Unrestricted 410 5, received donation Postage/Courier Cash paid postage expense Bank Charges Cash paid bank charges Loans Outstanding - Current , Cash , disbursed loans Cash Loan Fees collected fees on June 30 disbursements Calmeadow 7
8 General Journal Date Account Title and Explanation Ref Debit Credit 1 Jun 30 Cash ,215 2 Loans Outstanding - Current 103 9,625 3 Interest on Current Loans 1 1,590 4 collected loan payments 5 30 Salaries & Benefits 510 9,000 6 Rent 514 3,000 7 Utilities Communications Cash , to record monthly expenses (Jan. to June) Adjusting Entries Jun 30 Depreciation Expense 518 1,0 15 Accumulated Depreciation 117 1,0 16 to record accumulated depreciation Accrued Interest Revenue (Other Current Assets) Interest on Investments to accrue interest revenue Loan Loss Provision 505 1, Loan Loss Reserve 106 1, make a loan loss provision Calmeadow 8
9 General Ledger Date Account Title and Explanation Ref Debit Credit Balance 1 1,100 2 Jan 6 Cash Cash , Cash 101 2, Cash 101 7, Cash Cash 101 9, Cash Cash 101 6, Cash 101 5, Cash Feb 1 Cash Cash , Cash 101 5, Cash Cash 101 2, Cash 101 3, Cash Cash Cash 101 7, Cash Cash 101 7, Mar 1 Cash Cash 101 2, Cash Cash Cash , Cash 101 1, Cash Cash 101 3, Cash Cash 101 8, Cash Apr 1 Cash Calmeadow 9
10 General Ledger Date Account Title and Explanation Ref Debit Credit Balance 1 Apr 4 Cash Cash Cash Cash Cash 101 6, Cash Cash Cash , Cash Cash 101 8,7 11 May 1 Cash Cash 101 5, Cash Cash Cash Cash , Cash Cash 101 9, Cash 101 4, Jun 1 Cash Cash Cash 101 8, Cash Cash 101 5, Cash Cash Cash , Cash Cash , Cash , Interest Bearing Deposits 102 3, Feb 19 Interest Bearing Deposits 102 3, Mar 1 Interest Bearing Deposits 102 2,000 2, Calmeadow 10
11 General Ledger Date Account Title and Explanation Ref Debit Credit Balance 1 Loans Outstanding - Current 103,700 2 Jan 30 Loans Outstanding - Current 103 9, Loans Outstanding - Current 103 6,000 4 Feb 29 Loans Outstanding - Current 103 7, Loans Outstanding - Current 103 6,750 6 Mar 30 Loans Outstanding - Current 103 3, Loans Outstanding - Current 103 7,5 8 Apr 30 Loans Outstanding - Current , Loans Outstanding - Current 103 7, May 30 Loans Outstanding - Current , Loans Outstanding - Current 103 8, Jun 1 Loans Outstanding - Current 103 3, Loans Outstanding - Current , Loans Outstanding - Current 103 9,625 47, Loans Outstanding - Past Due , Feb 15 Loans Outstanding - Past Due 104 2, Mar 22 Loans Outstanding - Past Due 104 1, Jun 1 Loans Outstanding - Past Due 104 3,000 10, Jun 30 Loans Outstanding - Restructured Loan Loss Reserve 106 (3,950) 21 Jun 30 Loan Loss Reserve 106 1,850 (5,800) 22 Other Current Assets Jun 30 Other Current Assets Long-term Investments 114 5, Jan 31 Long-term Investments 114 5, May 2 Long-term Investments 114 5,000 5, Equipment 116 8, Jan 10 Equipment 116 5, Feb 6 Equipment 116 5,000 18, Accumulated Depreciation 117 (0) 31 Jun 30 Accumulated Depreciation 117 1,0 (1,750) Calmeadow 11
12 General Ledger Date Account Title and Explanation Ref Debit Credit Balance 1 Short-term Borrowing ,000 2 Jan 10 Short-term Borrowing 201 2,500 3 Apr 22 Short-term Borrowing 201 6,500 4 May 30 Short-term Borrowing 201 4,000 5 Jun 3 Short-term Borrowing 201 8, Long-term Debt (comm.) 203 7,000 7 Jan 10 Long-term Debt (comm.) 203 7,000 8 Feb 1 Long-term Debt (comm.) ,000 9 Mar 1 Long-term Debt (comm.) Apr 1 Long-term Debt (comm.) May 1 Long-term Debt (comm.) Jun 1 Long-term Debt (comm.) , Jun 30 Long-term Debt (conn.) , Loan Fund Capital , Jan 8 Loan Fund Capital ,000 46, Jun 30 Retained Net Surplus/(Deficit) Jan 30 Interest on Current & Past Due Loans Feb 29 Interest on Current & Past Due Loans Mar 22 Interest on Current & Past Due Loans Interest on Current & Past Due Loans 1 1, Apr 30 Interest on Current & Past Due Loans 1 1, May 30 Interest on Current & Past Due Loans 1 1,0 23 Jun 30 Interest on Current & Past Due Loans 1 1,590 6, Feb 1 Interest on Investments Interest on Investments May 2 Interest on Investments Jun 30 Interest on Investments Jan 30 Loan Fees Feb 29 Loan Fees Mar 30 Loan Fees Apr 30 Loan Fees May 30 Loan Fees Jun 30 Loan Fees 4 0 1, Calmeadow 12
13 General Ledger Date Account Title and Explanation Ref Debit Credit Balance 1 Mar 17 Donations - Unrestricted ,000 2 Jun 17 Donations - Unrestricted 410 5,000 15,000 3 Apr 22 Interest Paid on Short-term Borrowing May 30 Interest Paid on Short-term Borrowing Jun 3 Interest Paid on Short-term Borrowing Mar 1 Interest Paid on Long-term Debt Apr 1 Interest Paid on Long-term Debt May 1 Interest Paid on Long-term Debt Jun 1 Interest Paid on Long-term Debt Jun 1 Interest Paid on Long-term Debt Jun 30 Provision for Loan Losses 505 1,850 1, Jun 30 Salaries & Benefits 510 9,000 9, Jun 30 Communications Jan 21 Postage/Courier Feb 22 Postage/Courier Mar 29 Postage/Courier Apr 26 Postage/Courier May 26 Postage/Courier Jun 22 Postage/Courier Jun 30 Rent 514 3,000 3, Jun 30 Utilities Jun 30 Depreciation 518 1,0 1,0 23 Jan 31 Bank Charges Feb 28 Bank Charges Mar 31 Bank Charges Apr 29 Bank Charges May 29 Bank Charges Jun 28 Bank Charges Mar 5 Advertising & Promotion May 11 Advertising & Promotion Apr 19 Insurance Apr 8 Maintenance Jan 6 Travel Mar 10 Travel ,000 Apr 12 Computer Software Feb 12 Printing Jun 7 Printing Apr 4 Fees/Dues Calmeadow 13
14 Trial Balance June 30, 1995 Ref ACCOUNT TITLE DEBIT CREDIT Cash Interest Bearing Deposits 2, Loans Outstanding - Current 47, Loans Outstanding - Past Due 10, Loans Outstanding - Restructured Loan Loss Reserve (5,800) Other Current Assets Long-term Investments 5, Equipment 18, Accumulated Depreciation (1,750) Long-term Debt (comm.) 10, Long-term Debt (conn.) 15, Loan Fund Capital 46, Retained Net Surplus/(Deficit) Interest on Current & Past Due Loans 6, Interest on Investments Loan Fees 1, Donations - Unrestricted 15, Interest Paid on Short-term Borrowing Interest Paid on Long-term Debt Provision for Loan Losses 1, Salaries & Benefits 9, Communications Postage/Courier Rent 3, Utilities Depreciation Expense 1, Bank Charges Advertising & Promotion Insurance Maintenance Travel 1, Computer Software Printing Fees/Dues 150 TOTALS 96,5 96,5 Calmeadow 14
15 ASSETS BALANCE SHEET As at 30th June, 1995 LIABILITY AND EQUITY LIABILITIES Cash & Bank Current 420 Accounts Interest Bearing Deposits 2,000 Short-term Borrowings 0 Client Savings 0 Loans Outstanding: Current 47,200 Total Current Liabilities 0 Past-Due 10,300 Restructured 500 Loans Outstanding (Gross) 58,000 Long-term Debt (commercial rate) 10,000 (Loan Loss Reserve) (5,800) Long-term Debt (concessional rate) 15,000 Net Loans Outstanding 52,200 Restricted/Deferred Revenue 0 Other Current Assets 345 Total Current Assets 54,965 TOTAL LIABILITIES 25,000 Long-term Investments 5,000 Property and Equipment: EQUITY Cost (Accumulated Depreciation) 18,000 (1,750) Loan Fund Capital Retained Net Surplus/(Deficit) prior 46, Net Property and Equipment 16,250 Net Surplus/(Deficit) current year 3,765 Total Long-term Assets 21,250 TOTAL EQUITY 51,215 TOTAL ASSETS 76,215 TOTAL LIABILITIES & EQUITY 76,215 Calmeadow 15
16 BALANCE SHEET as at 30th June, 1995 Jun. 30, 1995 Dec. 31, 1994 % Change ASSETS Cash & Bank Current Accounts 420 1,100-62% Interest-bearing Deposits 2,000 3,000-33% Loans Outstanding: Current 47,200, % Past-Due 10,300 10,300 0% Restructured % Loans Outstanding (Gross) 58,000 47, % (Loan Loss Reserve) (5,800) (3,950) +47% Net Loans Outstanding 52,200 43, % Other Current Assets % TOTAL CURRENT ASSETS 54,965 47, % Long-term Investments 5,000 5,000 0% Property and Equipment: Cost 18,000 8, % (Accumulated Depreciation) (1,785) (0) +346% Net Property and Equipment 16,250 7, % TOTAL LONG-TERM ASSETS 21,250 12, % TOTAL ASSETS 76,215 60, % LIABILITIES Short-term Borrowings (commercial rate) 0 16, % Client Savings 0 0 0% TOTAL CURRENT LIABILITIES 0 16, % Long-term Debt (commercial rate) 10,000 7, % Long-term Debt (concessional rate) 15,000 15,000 0% Restricted/Deferred Revenue 0 0 0% TOTAL LIABILITIES 25,000,000-34% EQUITY Loan Fund Capital 46,630 21, % Retained Net Surplus/(Deficit) prior % Net Surplus/(Deficit) current year 3, % TOTAL EQUITY 51,215 22, % TOTAL LIABILITIES AND EQUITY 76,215 60, % Calmeadow 16
17 STATEMENT OF INCOME AND EXPENDITURE For the period ended 30th June, 1995 FINANCIAL INCOME: Interest on Current & Past Due Loans 6,770 Interest on Restructured Loans 0 Interest on Investments 0 Loan Fees/Service Charges 1,785 Late fees on Loans 0 Total Financial Income 8,9 FINANCIAL COSTS: Interest on Debt 1,1 Interest paid on Deposits 0 Total Financial Costs 1,1 GROSS FINANCIAL MARGIN 7,795 Provision for Loan Losses 1,850 NET FINANCIAL MARGIN 5,945 Operating Expenses Salaries and benefits 9,000 Rent & Utilities 3,300 Communications 180 Postage/Courier 205 Advertising & Promotion 575 Bank Charges 100 Travel 1,000 Equipment 295 Depreciation 1,0 Fees/Dues 150 Computer Software 450 Insurance 500 Other 75 Total Operating Expenses 17,180 NET INCOME FROM OPERATIONS (11,2) Income from Grants for Credit Services 15,000 Excess Of Income Over Expenses 3,765 Calmeadow 17
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