Question

Prepare the Balance Day Adjustment Journals for the ‘Shore Read’ where required. The journals must be correctly formatted and include a narration (explanation) for each journal entry.    

Debit ($) Credit ($) Shore Read Unadjusted Trial Balance 30 June 2020 18 000 2 387 3001 85 104 27 400 140 000 1536 85 000 848 7 360 1 336 5 920 211 580 520 62 840 7 200 Shop Cleaning Expense Gas Expense Water Expense Motor Vehicle Cash at Bank Term Deposit Prepaid Insurance Shop Furniture & Fittings Sales Returns & Allowances Interest expense Discount Received Electricity Expense Sam, Capital Accounts Receivable Loan Accumulated Depreciation - Shop Furniture & Fittings Inventory (1 July 2019) Rent Expense Bookkeepers Wages Expense Coffee Shop Staff Wages Expense Bookshop Staff Wages Expense Purchases Advertising Expense Office Cleaning Expense Accounts Payable Office Supplies Expense Fred Jones, Drawings Repairs and Maintenance Payable Sales - Coffee Shop Sales - Book Shop Accumulated Depreciation - Motor Vehicle Accrued Rent Discount Allowed Insurance Expense Totals 47 160 24 204 33 163 58 272 50 000 161 400 19 760 16 000 8 185 2 026 42 452 8 560 362 824 145 200 26 100 1 800 1 040 3072 835 625 835 625

Answer 1

0 KB/s 38% % 10:52 PM Sign in to edit and save changes to this file. fx 16000 A B с D E F 36 37 38 39 40 41 Particular Capital Account Sam Profit & Loss Account Non Current Liablity Long term Loan 42 43 44 45 Balance Sheet as on 30 June 2020 Amount Particualr Amount Fixed Assets 211,580 motor behicle 85,104 (23,367)| accouluted depreciatio (40,284) 44,820 shop furniture & fitting 85,000 44,840 accouluted depreciatio (21,700) 63,300 Non Current Assets Term Deposit 140,000 8185 8560 Current Assets 1800 cash at bank 27,400 18,000 prepaid insurance 512 4,106 accounts receivable 520 3,000 Provision for D.Deb (80) 440 Fred Account 232 276,704 276,704 46 47 48 49 Current Liability accouts payable repairs and maintenance pay accrued Rent Short Term Loan Staff Wages Payable coffee shof staff Exp pay 50 51 52 53 54 55 56 57 58 59 Notes: - 1. Depreciation charge on Furniture & fittings and Motor vehicle as per respected use full life given. 2. fred recordes balance end of the life which is less from initial expense booked and shown in balance sheet in Current account in name of Fred 3. Insurance expense on march 1 2020 made of 6 month of amount 1536, out of which 1024 insured till 30 june 2020 and remaing 512 is related to next upcoming year. 4. 30 june fred estimated amount 80 of accounts receivable will not be collected so me make provision for doubtfull debts year end. 5. staff wages of amount 4106 and 3000 insured but yet not paid and also not booked in books of account so we shown in profit and loss account and as well as outstanding liability year end. 6. Bank approval for amount 5500, there is no impact on books. 7. $ 18000 loan amount which is paid within 12 month so we shown in short term loan and rest amount shown in Long term loan. 60 61 62 63 64 65 EL ? GO .00 .00 →.0

0 KB/s 38% % 10:52 PM Sign in to edit and save changes to this file. fx 16000 A B с D E F 36 37 38 39 40 41 Particular Capital Account Sam Profit & Loss Account Non Current Liablity Long term Loan 42 43 44 45 Balance Sheet as on 30 June 2020 Amount Particualr Amount Fixed Assets 211,580 motor behicle 85,104 (23,367)| accouluted depreciatio (40,284) 44,820 shop furniture & fitting 85,000 44,840 accouluted depreciatio (21,700) 63,300 Non Current Assets Term Deposit 140,000 8185 8560 Current Assets 1800 cash at bank 27,400 18,000 prepaid insurance 512 4,106 accounts receivable 520 3,000 Provision for D.Deb (80) 440 Fred Account 232 276,704 276,704 46 47 48 49 Current Liability accouts payable repairs and maintenance pay accrued Rent Short Term Loan Staff Wages Payable coffee shof staff Exp pay 50 51 52 53 54 55 56 57 58 59 Notes: - 1. Depreciation charge on Furniture & fittings and Motor vehicle as per respected use full life given. 2. fred recordes balance end of the life which is less from initial expense booked and shown in balance sheet in Current account in name of Fred 3. Insurance expense on march 1 2020 made of 6 month of amount 1536, out of which 1024 insured till 30 june 2020 and remaing 512 is related to next upcoming year. 4. 30 june fred estimated amount 80 of accounts receivable will not be collected so me make provision for doubtfull debts year end. 5. staff wages of amount 4106 and 3000 insured but yet not paid and also not booked in books of account so we shown in profit and loss account and as well as outstanding liability year end. 6. Bank approval for amount 5500, there is no impact on books. 7. $ 18000 loan amount which is paid within 12 month so we shown in short term loan and rest amount shown in Long term loan. 60 61 62 63 64 65 EL ? GO .00 .00 →.0

OM ? ... KB/s * 38% 3 10:51 PM rajendra kumar - Read-only ☆ o A D Sign in to edit and save changes to this file. fx 16000 A B с D E F STATEMENT OF Profit and loss account 1 2 as on 30 June 2020 Amount 3 4 Particular Opening Inventry Purchase 5 Amount Particualr 47,160 Sales 161,400 Coffee Shop Book Shop 298,616 Sales Returns & Alloan 6 362,824 145,200 (848) 7 Gross Profit 507,176 8 9 507,176 507,176 18,000 Gross Profit 10 298,616 1,336 11 12 13 2,387 Discount Receeived 3,001 7,360 5,920 24,204 33,163 14 15 16 17 18 19 Shop Cleaning Expesne Gas Exnpese Water Expense Interest Expense Electricity Expense Rent Expense Bookkeepers Wages Expense Coffee Shop Staff Wages Expe Book Shop Staff Wages Exper Advertising Expense Office Cleaning Expense Office Supplies Expense Discount Allowed Insurance Expense Fred Jones Expense Depreciation Motor Vehicle Furniture & Fitting Provision for D. Debts To Net Profit 20 61,272 54,106 19,760 16,007 2,02 1,040 4,096 42,220 21 22 23 24 25 26 27 28 14,184 14,500 80 (23,367) 299,952 29 30 299,952 31 32 33. EL Y GO .00 od .00 →.0