Maurice Tutor

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Teaching Since: May 2017
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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Jul 2017 My Price 12.00

Fred Mcith, a Sole trader

The following Trial Balance has been extracted from the accounts of Fred Mcith, a Sole trader, for the year ending 30 June 2010.

 

You are required to:

  • Post the required Balance Day Adjusting entries in the General journal
  • Closing entries in the General Journal
  • Prepare adjustment Trial Balance
  • Prepare Income statement and Balance sheet.

Account Balances of Fred Mcith as at 30/6/2010

Particulars

Debit$

Credit$

Bank

1894

  

Petty cash

100

  

Accounts Receivable Control

2574

  

Inventory

6518

  

GST Receivable

845

  

Freehold Premises

47500

  

Motor vehicles

10000

  

Accum Dep—Motor vehicles

  

7200

Plant & Machinery

27000

  

Accum Dep—P & M

  

17000

Investment in Shares

2000

  

Accounts Payable Control

  

4488

GST Payable

  

1980

Mortgage from Bank

  

10000

Capital

  

49593

Drawings

1740

  

Sales

  

79246

Discount recd

  

246

COGS

25795

  

Freight Onwards

972

  

Advertising

2744

  

Salaries-Sales

21490

  

Salaries-Office

12580

  

Rates

470

  

Stationery

1600

  

Electricity

250

  

Insurance

2400

  

Discount allowed

156

  

Interest on Mortgage

1125

  

Total

169753

169753

Balance day adjustments not already incorporated in above trial balance as on 30/6/2010;

 

  • Inventory is overstated by $250; $275($250+$25)
  • Salaries accrued for sales $560
  • Office salaries accrued $370
  • Insurance prepaid $500
  • Depreciate motor vehicles at 15% p.a.
  • Depreciation plant & machinery at 10% p.a.
  • Write off bad debts $198 ($180 + $18GST)
  • Provide for doubtful debts at 4% of accounts receivable
  • Accrue two months mortgage interest at 13.5%p.a.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Jul 2017 03:07 PM My Price 12.00

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