Question

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 Advertising expense 1,550 610 Depreciation expense 408 620 Discount allowed 205 640 Insurance expense 295 650 Interest expense 121 660 Postage and stationery expense 330 670 Superannuation expense 90 680 Telephone expense 170 690 Wages expense 900 $117,059 $117,059 000

Answer 1

Amount ($) 10,965 Particulars CURRENT ASSETS Cash at Bank Accounts Receivable Inventory Prepaid Insurance 12,740 40,470 3,245 TOTAL CURRENT ASSETS 67,420 NON-CURRENT ASSETS: SHOP EQUIPMENT 32,192 TOTAL ASSETS 99612 CURRENT LIABILITIES: PAYABLES 30620 Bank Loan 29,221 59, NET ASSETS 39,771 FUITY + NET PROFIT 39900 8171 39,771