Question

prepare financial reports

Prepare Financial Reports Revision Wow is a Trial Balance for SC T e ase complete the following a) A Worksheet b) A Classified Income Statement c) A Classified Balance Sheet SCB Trading Trial Balance as at 30th June 2018 DR 8090 16467 5193 980 50200 10000 70740 52624 6000 Account Cash At Bank Accounts Receivable Stock (1 July 2017) GST Paid Land Delivery Vehicle Plant Accumulated Dep - Plant Shares in ABC Pty Ltd Accounts Payable GST Collected Capital Sales Interest Received Purchases Sales Salaries Insurance Office Salaries General Office Expenses Bad Debts Advertising Delivery Vehicle Expenses Loan from NAB (payable in 10years) Drawings 3652 2260 102209 90717 800 Revenue 35748 18570 680 17927 4103 Pence Expence 53 7611 4500 9600 5000 261,862 2 61,862 Additional Information Stock at 30 June, 2018 was valued at $5781 Insurance Expense owing $1800 plus GST Make an Allowance for Doubtful Debts of $494 Interest Income Received in Advance $200 Depreciation on Plant 10% Reducing Balance method (Round to nearest $)

Answer 1

SCB TRADING
TRADING & PROFIT /LOSS ACCOUNT
(FOR THE HALF YEAR ENDED 30TH JUNE 2018
PARTICULAR			AMOUNT	PARTICULAR			AMOUNT
To Opening stock			5,193.00	By Sales			90,717.00
To Purchase			35,748.00	By Closing Stock			5,781.00
To Gross Profit			55,557.00
			96,498.00				96,498.00
To Sales Salaries			18,570.00	By Gross profit			55,557.00
To Office salaries			17,927.00	By Interest Received (net of advance)			600.00
To Insurance expense (inclusive of outstanding exp of Rs1800)			2,480.00
To Bad-debts			53.00
To Depreciation			905.80
To General office expenses			4,103.00
To Advertising Expense			7,611.00
To Provision for doubtful debts			494.00
To Net Profit			4,013.20
			56,157.00				56,157.00
CAPITAL A/C(for the Half year ended 30th June 2018)
PARTICULAR			AMOUNT	PARTICULAR			AMOUNT
To Drawing			5,000.00	By Balance b/d			1,02,209.00
				By Net Profit			4,013.20
To Balance c/d			1,01,222.20
Total			1,06,222.20	Total			1,06,222.20
SCB TRADING
Balance sheet as on 30th June 2018
BALANCE SHEET AS ON 31/03/2016
LIABILITIES		AMOUNT	ASSETS			AMOUNT
Capital		1,01,222.20	Fixed assets
			Land	50,200.00
			Delivery vehicle (inclusive of repairs of Rs 4500)	14,500.00	64,700.00	64,700.00
Secured Loans			Plant	70,740.00
Loans from NAB		9,600.00	Less Accumulated depreciation	52,624.00
			Less depreciation 1-4-2018 to 30-06-2018	905.80	17,210.20	17,210.20
			(18116*10%/12*6)
Current liabilities
Accounts payable	3,652.00		Investments
GST payable	1,280.00		Shares in ABC Pvt Ltd	6,000.00		6,000.00
Outstanding Insurance Expense	1,800.00
Interest income received in advance	200.00	6,932.00
			Current Assets
			Cash at bank	8,090.00
			Closing stock	5,781.00	13,871.00	13,871.00
			Acccounts Receivable	16,467.00		-
			Less Provision for Doubtful debts	494.00	15,973.00	15,973.00
Total		1,17,754.20		Totals		1,17,754.20