100 | Cash at bank | |
110 | Accounts receivable | |
120 | Inventory | |
130 | Prepaid insurance | |
171 | Shop equipment (cost) | |
172 | Accumulated depreciation - shop equipment | |
200 | Accounts payable | |
210 | PAYG withholding payable | |
220 | Superannuation payable | |
230 | Bank loan | |
300 | Capital | |
310 | Drawings | |
320 | Profit or loss summary | |
400 | Sales revenue | |
410 | Sales returns and allowances | |
420 | Discount received | |
500 | Cost of sales | |
600 | Advertising expense | |
610 | Depreciation expense | |
620 | Discount allowed | |
630 | Electricity expense | |
640 | Insurance expense | |
650 | Interest expense | |
660 | Postage and stationery expense | |
670 | Superannuation expense | |
680 | Telephone expense | |
690 | Wages expense |
Transactions | |||
June | 1 | The owner opened a bank account for the business with a deposit of $23,000. This is capital provided by him. | |
1 | Purchased display stands, shelving etc. (shop equipment) from Shop Displays Pty Ltd for $26,400 and computer equipment for the shop from Computer Wizards for $5,000. These were paid for with a loan of $26,000 from the bank and cheque for $5,400 from the business bank account. The bank loan is repayable over 4 years. | ||
1 | Paid $3,000 for a 1-year insurance policy covering fire, theft, and public liability. | ||
2 | Purchased inventory (skateboards and protective gear) from Excitement Plus for $20,600 on terms on net 30. | ||
5 | Cash purchase of postage stamps and stationery from Australia Post for $350. | ||
7 | Purchased surfboards and wetsuits from Surf Imports for $18,260 on terms of 10/10, n/30. | ||
8 | Paid $1,430 to Local Newspapers for advertising for the shop for the month. | ||
8 | Paid Surf Imports the amount owing to them less the prompt payment discount. | ||
11 | Credit sale to Surfing World of various inventory items for $7,150 (cost of sales $3,680). Terms net 30. | ||
12 | Credit sale to Academy Diving School of 16 wetsuits at a discounted price of $230 each on terms of net 15. Cost of sales $2,300. | ||
13 | Credit sale to Serious Fun of skateboards and protective gear for $4,800 (cost of sales $2,500). This customer was given terms of 5/10, n/30. | ||
14 | Cash sale of a skateboard and protective gear for $480 (cost of sales $210). | ||
18 | Received a cheque from Serious Fun for the amount owing by them after deducting the prompt payment discount. | ||
23 | Cash sale of inventory to the value of $910 (cost of sales $420). | ||
24 | Issued an adjustment note (credit note) to Academy Diving School for 2 wetsuits at $230 each that was not the size they required. The cost of the wetsuits to us was $390 and they were put back into inventory. | ||
25 | Paid Excitement Plus $5,300 of the amount owing to them. | ||
26 | Credit sale to Serious Fun of skateboards for $6,600 (cost of sales $2,600). Terms 5/10, n/30. | ||
27 | Purchased wetsuits from Surf Imports for $7,100 on terms of 10/10, n/30. | ||
27 | Received and banked a cheque from Academy Diving School for the amount owing by them. | ||
30 | Paid Energy Australia $230 for electricity expenses. | ||
30 | The owner cashed a cheque for $1,820 to pay wages to Scott Walker the sales assistant of $840 less PAYG Withholding of $50, and $1,030 drawings for himself. |
The end of month adjustments are below.
a. | Depreciation on shop equipment for the month is 20% p.a. prime cost (straight line). |
b. | One-twelfth of the insurance expired. |
c. | Superannuation payable for the month is 8% of the gross wages paid. |
d. |
Interest charged on the bank loan for the month was $108. |
Prepare an adjusted trial balance.
Skate 'n' Surf | |||
Adjusted trial balance | |||
as at 30 June 20XX | |||
Account No | Account | Debit | Credit |
100 | Cash at bank | 1,794 | |
110 | Accounts receivable | 13,750 | |
120 | Inventory | 34,640 | |
130 | Prepaid insurance | 2,750 | |
171 | Shop equipment | 31,400 | |
172 | Accumulated depreciation - shop equipment | 523 | |
200 | Accounts payable | 22,400 | |
210 | PAYG withholding payable | 50 | |
220 | Superannuation payable | 67 | |
230 | Bank loan | 26,108 | |
300 | Capital | 23,000 | |
310 | Drawings | 1,030 | |
400 | Sales revenue | 23,620 | |
410 | Sales retuns and allowances | 460 | |
420 | Discount received | 1,826 | |
500 | Cost of sales | 11,320 | |
600 | Advertising expense | 1,430 | |
610 | Depreciation expense | 523 | |
620 | Discount allowed | 240 | |
630 | Electricity expense | 230 | |
640 | Insurance expense | 250 | |
650 | Interest expense | 108 | |
660 | Postage and stationery expense | 350 | |
670 | Superannuation expense | 67 | |
680 | Wages expense | 840 | |
Total | 99,388 | 99,388 |
100 Cash at bank 110 Accounts receivable 120 Inventory 130 Prepaid insurance 171 Shop equipment (cost)...
Skate 'n' Surf Statement of profit or loss for the period 1 June to 30 June 20XX Revenue Sales revenue Sales revenue 26,820 Less: Sales returns and allowances 320 Net sales revenue 26,500 Less: Cost of sales 14,980 Gross profit 11,520 Other revenue: Discount received 2,300 13,820 Expenses Advertising expense 1,170 Depreciation expense 450 Discount allowed 280 Insurance expense 320 Interest expense 160 Postage and stationery expense 150 Superannuation exepnse 95 Wages expense 1,000 Total expenses 3,625 Net profit/(loss)...
Transactions June 1 The owner opened a bank account for the business with a deposit of $20,000. This is capital provided by him. 1 Purchased display stands, shelving etc. (shop equipment) from Shop Displays Pty Ltd for $26,100 and computer equipment for the shop from Computer Wizards for $4,800. These were paid for with a loan of $26,000 from the bank and cheque for $4,900 from the business bank account. The bank loan is repayable over 4 years. 1 Paid...
172 50 90 230 Adjusted trial balance as at 30 June 20XX Account no. Account Debit Credit 100 Cash at bank 10,965 110 Accounts receivable 12,740 120 Inventory 40,470 130 Prepaid insurance 3,245 171 Shop equipment (cost) 32,600 Accumulated depreciation - shop equipment 408 200 Accounts payable 30,480 210 PAYG withholding payable 220 Superannuation payable Bank loan 29,221 300 Capital 30,900 400 Sales revenue 23,900 410 Sales returns and allowances 560 420 Discount received 2,010 500 Cost of sales 12,410...
The transactions above have been journalised and posted. The adjusted trial balance is below. Skate 'n' Surf Adjusted trial balance as at 30 June 20XX Account no. Account Debit Credit 100 Cash at bank 10,965 110 Accounts receivable 12,740 120 Inventory 40,470 130 Prepaid insurance 3,245 171 Shop equipment (cost) 32,600 172 Accumulated depreciation - shop equipment 408 200 Accounts payable 30,480 210 PAYG withholding payable 50 220 Superannuation payable 90 230 Bank loan 29,221 300 Capital 30,900 400 Sales...
The June transactions above have been journalised and posted. Skate ‘n’ Surf Trial balance as at 30 June 20XX Account no. Account Debit Credit 100 Cash at bank 13,840 110 Accounts receivable 15,570 120 Inventory 37,010 130 Prepaid insurance 4,560 171 Shop equipment (cost) 45,000 200 Accounts payable 25,970 210 PAYG withholding payable 60 230 Bank loan 41,100 300 Capital 38,000 400 Sales revenue 24,860 410 Sales returns and allowances 270 420 Discount received 2,100 500 Cost of sales 13,460...
The June transactions above have been journalised and posted. Skate ‘n’ Surf Trial balance as at 30 June 20XX Account no. Account Debit Credit 100 Cash at bank 14,860 110 Accounts receivable 16,430 120 Inventory 40,510 130 Prepaid insurance 4,080 171 Shop equipment (cost) 45,000 200 Accounts payable 30,280 210 PAYG withholding payable 40 230 Bank loan 41,900 300 Capital 37,000 400 Sales revenue 26,150 410 Sales returns and allowances 260 420 Discount received 2,000 500 Cost of sales 13,970...
Question 1 The trial balance for Mario's Pizza Palace at 30 June 20XX is presented below: Mario's Pizza Palace Trial balance as at 30 June 20XX Credit Debit 40,813 450 688 1,357 969 656 2,160 19,160 12,425 35,360 Account number 100 110 120 130 140 150 160 170 171 180 181 200 210 280 300 310 400 410 420 430 500 510 520 Account Cash Cash float Accounts receivable Inventory - food Inventory - packaging Prepaid advertising Prepaid insurance Motor...
Skate 'n' Surf Adjusted trial balance as at 30 June 20XX Account no. Account Debit Credit 100 Cash at bank 6,110 110 Accounts receivable 12,925 120 Inventory 40,370 130 Prepaid insurance 4,235 171 Shop equipment (cost) 33,300 172 Accumulated depreciation - shop equipment 694 200 Accounts payable 30,980 210 PAYG withholding payable 50 220 Superannuation payable 90 230 Bank loan 29,523 300 Capital 29,000 400 Sales revenue 23,925 410 Sales returns and allowances 1,100 420 Discount received 2,090 500 Cost...
The trial balance for Mario's Pizza Palace at 30 June 20XX is presented below: Mario's Pizza Palace Trial balance as at 30 June 20xx Credit Account number 100 110 120 130 Debit 42,350 450 679 1,366 995 586 2,127 19,290 140 150 160 170 171 180 181 200 210 12,137 32,750 11,360 14,767 1,356 17,735 60,275 280 41,127 300 310 400 410 420 183,203 48 522 430 Account Cash Cash float Accounts receivable Inventory - food Inventory - packaging Prepaid...
Mario's Pizza Palace Adjusted trial balance as at 30 June 20XX Credit Account number 100 110 120 130 140 150 Debit 40,290 460 668 1,205 921 288 1,212 16,350 160 14,474 36,880 170 171 180 181 200 210 220 230 280 300 310 400 410 420 430 500 510 15,578 13,781 1,176 273 1,384 18,885 59,676 41,712 183,561 49 Account Cash Cash float Accounts receivable Inventory - food Inventory - packaging Prepaid advertising Prepaid insurance Motor vehicles (cost) Accumulated depreciation...