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ALBA LTD Unadjusted Trial Balance as at 30 June 2018 Account Debit Credit Cash at bank...

ALBA LTD

Unadjusted Trial Balance as at 30 June 2018
Account Debit Credit
Cash at bank

Accounts receivable

GST receivable

Prepaid insurance

Party equipment

Accumulated depreciation –          party equipment

Furniture

Accumulated depreciation – furniture

Accounts payable

GST payable

E. Johns, Capital

E. Johns, Drawings

Hire fees revenue

Salaries expense

Rent expense

Maintenance expense

Electricity expense

 $ 5 200

2 400

3 300

1 200

31 400

47 300

18 310

26 500

5 700

3 100

1 400

$

17 600

23 000

6 800

5 000

18 710

74 700

          
$ 145 810 $ 145 810

Additional information

  1. Expired insurance amounts to $850.
  2. June electricity costs of $300 have not been paid or recorded. No tax invoice has been received.
  3. Depreciation on the party equipment is $7850, and depreciation on the furniture is $9420.
  4. Hire fees of $1150 (plus GST of $115) were received in advance and were not considered to be revenue at balance date.
  5. The Rent Expense account contains $1320 paid for July 2018 rent.
  6. A hire fee of $264 received in cash (including $24 GST) was recorded by debiting Accounts Receivable.
  7. Salaries earned amounting to $810 will be paid in July and have not been recorded.

Required

A. Set up T accounts for the accounts listed in the trial balance.

  1. Enter the account balances from the trial balance to the T accounts.
  2. Post the adjusting information directly to the T accounts.

B. Prepare an adjusted trial balance.

C. Prepare an income statement and a statement of changes in equity for the year ended 30 June 2018.

D. Prepare a balance sheet as at 30 June 2018.

business   accounting   
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Answer #1

Alba Ltd T Accounts Date Debit Date CreditDate Debit Date Accounts Receivable Credit Date Debit Date CreditDate Debit Date Credit Cash GST Receiavble 3,300 Prepaid Insurance Op ba 5,200 S 1,265 $ 264 Op ba 2,400 f S 264 Op ba Op ba 1,200 a $ 850 S 6,729 $ 2,136 Accum. Depr. Party Equip $ 350 Accum. Depr.-Furniture Bal Bal Bal 3,300 Bal Party Equipmnet Furniture Op ba $31,400 Op ba $17,600 Op ba$47,300 Op ba $23,000 9,420 $ 7,850 $31,400 Accounts Payable Bal Bal $25,450 Bal $47,300 Bal $32,420 GST Payable E. Johns, Capital E. Johns, Drawings $18,310 Op bal 6,800 300 Op ba 5,000 Op ba $18,710 Op ba $ 115 $ 5,115 $ 810 $ 810 Bal $ 7,100 Bal Bal $18,710 Bal 18,310 Prepaid Rent 1,320 Salary Payable Bal 1,320 Bal Hire Fees Revenue Salary expense Rent expense $5,700|e Maintenance expense Op bal 74,700 Op ba $26,500 Op bal 1,320 Op ba 3,100 $ 1,150 g $ 810 $27,310 $7,850 $4,380 Insurance expense $ 850 Bal $75,850Bal Bal Bal $ 3,100 Electricit expense Depreciation expense Op ba 1,400 300 $ 9,420 Bal $ 1,700 Bal $17,270 Bal 850 BalAdjusted TB Debit Credit Alba Ltod Account Cash Accounts Receivable GST Receivable Prepaid Insurance Prepaid Rent Partty Equipment Accumulated Dep-Party Equip Furniture Accumulated Dep-Furniture Accounts Payable GST Payable Salaries Payable E. Johns, Capital E. Johns, Drawings Hire Fees Revenue Salaries expense Rent expense Maintenanace expense Electricity expense Depreciation expense Income tax expense Totals Unadjusted TB Debit Credit 5,200 2,400 3,300 1,200 6,729 2,136 3,300 350 1,320 31,400 31,400 17,600 25,450 47,300 47,300 23,000 6,800 5,000 32,420 7,100 5,115 810 18,710 18,710 18,310 18,310 74,700 75,850 26,500 5,700 3,100 1,400 27,310 4,380 3,100 1,700 17,270 850 145,810 145,810 165,455165,455Alba Ltd Income Statement Hire Fees Revenue Expenses Salaries expense Rent expense Maintenanace expense Electricity expense Depreciation expense Income tax expense Total Expenses 75,850 27,310 4,380 3,100 1,700 17,270 850 54,610 Net profit 21,240Alba Ltd Statement of changes in equity Equity Beginning balance Less Drawings Profit for the year Ending Balance 18,710 (18,310) 21,240 21,640Alba Ltod Balance Sheet Assets Current Assets Cash Accounts Receivable GST Receivable Prepaid Insurance Prepaid Rent Total Current Assets 6,729 2,136 3,300 350 1,320 13,835 Fixed Assets Partty Equipment Accumulated Dep-Party Equip Partty Equipment, Net Furniture Accumulated Dep-Furniture Furniture, Net Total Fixed Assets Total Assets 31,400 25,450 5,950 47,300 32,420 14,880 20,830 34,665 Liabilities Current Liabilities Accounts Payable GST Payable Salaries Payable Total Current Liabilities 7,100 5,115 810 13,025 Equity Capital Total Liabilities & Equity 21,640 34,665

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