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ACC100 Accounting

Question

Answered

 

The following trial balance was prepared from the ledger accounts of Fantastic Surprise Ltd, a service business.

Trial Balance as at 30 June 2015

 

       Debit

          $

Credit

            $

Bank overdraft

 

5,100

Prepaid rent

4,500

 

Office equipment and fittings

187,000

 

Accumulated depreciation, office equipment

 

30,000

Accounts payable

 

19,600

GST collections

 

3,700

GST outlays

2,800

 

Accounts receivable

33,000

 

Income earned

 

245,000

Salaries

95,000

 

Internet service provider

500

 

Utilities expenses

18,000

 

Administrative expenses

15,000

 

Interest expense

12,000

 

Capital – Kam 1 July 2014

 

94,400

Drawings – Kam

30,000

 

 

$397,800

$397,800

Adjustments:

 

1.    Rent expired for the year was $2,500.

 

2.    Depreciation of office equipment is at 15% per annum using the straight line method.

 

3.    Salaries owing at 30 June 2015 were $3,000.

 

(IGNORE GST)

 

REQUIRED:

1.    Prepare general journal entries for the balance day adjustments.

 

2.    Prepare a 10 column worksheet for year ended 30 June 2015

 

3.    Prepare an Income Statement for the year ended 30 June 2015

 

4.    Prepare a classified Balance Sheet as at 30 June 2015

 

 

ACC100 Accounting

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