Question

Account number Account Income statement Balance sheet Unadjusted trial Adjusted trial balance Adjustments balance Debit Credit Debit Credit Debit Credit 42,350 42,350 Debit Credit Debit Credit 100 Cash 42350 110 Cash float 450 450 450 120 Accounts receivable 679 679 679 130 Inventory - food 1,366 1,366 1366 140 Inventory - packaging 995 995 995 150 Prepaid advertising 586 293 293 709 293 1,418 160 Prepaid insurance 2,127 1418 170 Motor vehicles (cost) 19,290 19,290 19290 171 Accumulated depreciation - motor vehicles 12,137 3,858 15,995 15995 180 Store equipment (cost) 32,750 32,750 32750 181 Accumulated depreciation - store equipment 3,275 14,635 14635 Accounts payable 11,360 14,767 1,356 14,767 200 210 14767 PAYG withholding payable 1,356 1356 220 Superannuation payable 243 243 243 230 Wages payable 1,238 1238 1,238 87 280 Bank loan 17,735 17,822 17822 300 Owner's capital 60,275 60,275 60275 310 Owner's drawings 41,127 41,127 41127 400 Sales income 183,203 183,203 183203 410 Sales returns and allowances 48 48 420 Discounts received 522 522 430 Delivery income 31

Answer 1

136 for the period 1 July 20XX to 30 June 20XX 137 183203 139 140 48 288 Revenue Sales income Sales returns and allowances Discount given Net Sales Cost of Sales Opening Inventory Inventory - food Inventory - packaging 336 182867 141 142 143 144 1366 995 145 146 147 2361 55560 148 149 70563 14926 522 379 Add:Food purchases Freight inwards Packaging costs Less:Discounts received Purchase returns and allowances Cost of Goods available for Sale Closing Inventory Inventory - food Inventory - packaging Cost of Sales Gross Profit 151 152 153 154 155 156 901 72023 1775 3825 5600 66423 116444 157

158 Other Income Delivery income 31 116475 160 161 162 163 165 166 167 168 169 170 171 Expenses Accountancy fees Advertising expense Bank charges Depreciation Electricity and gas expense Insurance expense Interest expense Motor vehicles expense Printing, postage and stationery expense Rent expense Repairs and maintenance expense Sundry expenses Superannuation expense Telephone expense Wages expense Total Expenses Net profit 1138 4023 871 7133 2970 2536 1019 4927 495 26480 690 304 3657 3773 38833 172 173 174 175 176 177 98849 178 17626