Real Estate Finance
ymo1
StartingPageClassExerciseV1a.xlsxLedger
| This is the standard format for a transaction ledger | ||||||
| The debit and credit entries share a common Transaction Number but will be on two separate rows | ||||||
| Transaction Number | Date | Acc # | Account | Debit | Credit | Comment |
Chart of Accounts
| Balance Sheet | <not adj for closing entries> | |
| a/o 12/31/2007 | ||
| Assets | ||
| Short Term | ||
| 1000 | Cash | |
| 1005 | A/R | |
| 1020 | Prepaid Expense | |
| Long Term | ||
| 1050 | RE Owned | |
| 1060 | RE: Land | |
| 1070 | RE:Building | |
| 1075 | Legal Fees | |
| 1077 | LT Asset Roof | |
| 1080 | T/A | |
| 1090 | Leasing Commission | |
| Total Assets | ||
| Liabilities | ||
| 2000 | A/P | |
| 2010 | Mortgage | |
| Total Liabilities | ||
| Owners Equity | ||
| 3010 | Partnership equity | |
| Total Equity | ||
| Income Statement | <adj for closing entries> | |
| Period ending 12/31/2007 | ||
| Revenues | ||
| 4010 | Rent | |
| 4020 | CAM Revenue | |
| 4030 | Late Fee | |
| 4040 | Termination Fee | |
| Expenses | ||
| 5010 | Maintainence Exp | |
| 5020 | Prop Tax Expense | |
| 5030 | CA Utility Exp | |
| 5040 | Accounting Expense | |
| 5050 | Legal Exp | |
| 5060 | Management Fee | |
| 5070 | Insurance Expense | |
| 6010 | NOI | |
| 5080 | Interest | |
| 5090 | Depreciation | |
| 6020 | EBTaxes | |
| 5095 | Income Taxes | |
| 6030 | Net Income |
Closing Entries
| c1 | 1095 | Accumulated Dep | ||
| c1 | 5090 | Depreciation Exp | ||
| c2 | 5010 | Maintainence Exp | ||
| c2 | 5020 | Prop Tax Expense | ||
| c2 | 5030 | CA Utility Exp | ||
| c2 | 5040 | Accounting Expense | ||
| c2 | 5050 | Legal Exp | ||
| c2 | 5060 | Management Fee | ||
| c2 | 5070 | Insurance Expense | ||
| c2 | 4010 | Rent | ||
| c2 | 4020 | CAM Revenue | ||
| c2 | 4030 | Late Fee | ||
| c2 | 4040 | Termination Fee | ||
| c2 | 6010 | NOI | ||
| c3 | 5080 | Interest | ||
| c3 | 2000 | A/P | ||
| c4 | 6010 | NOI | ||
| c4 | 5080 | Interest | ||
| c4 | 5090 | Depreciation Exp | ||
| c4 | 6020 | EBTaxes | ||
| c5 | 5095 | Income Taxes | ||
| c5 | 1000 | Cash | ||
| c6 | 6020 | EBTaxes | ||
| c6 | 5095 | Income Taxes | ||
| c6 | 6030 | Net Income | ||
| EBTaxes | ||||
| Tax Rate | 35% | |||
| Taxes |
