Debit Credit Balance 31 May Balance 30 Jun Accumulated Depreciation 161 1890

Debit credit balance 31 may balance 30 jun

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Debit Credit Balance 31-May Balance 30-Jun Accumulated Depreciation - 161 1,890 1,890 Supplies Expense 604 Date Explanation Post.Ref . Debit Credit Balance 31-May Balance 30-Jun Store Supplies 102 7,910
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35 7,910
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Rent Expense 605 Date Explanation Post.Ref . Debit Credit Balance 31-May Balance 30-Jun Prepaid Store Rent (paid 1 104 27393 27,393 Insurance Expense 606 Date Explanation Post.Ref . Debit Credit Balance 31-May Balance 30-Jun Prepaid Insurance (paid 105 840 840 Advertising Expense 607 Date Explanation Post.Ref . Debit Credit Bala nce 31-May Balance 4,872 Interest Expense 608 Date Explanation Post.Ref . Debit Credit Balance 31-May Balance 30-Jun Interest Payable 201 4,720 4,720 Utilities Expense 609 Date Explanation Post.Ref . Debit Credit Balance 31-May Balance 6,496 30-Jun Utilities Payable 202 714 7,210
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Tax Expense 610 Date Explanation Post.Ref . Debit Credit Balance 31-May Balance 30-Jun Tax Payable 205 19,600 19,600 Sundry Expenses 611 Date Explanation Post.Ref . Debit Credit Balance 31-May Balance 336 21-June-2017 Cash at Bank 100 $ 1,400 $ 1,736 Salaries Expense – Office Staf 612 Date Explanation Post.Ref . Debit Credit Balance 31-May Balance 84,518 15-June-2017 Cash at Bank 100 $ 8,162 $ 92,680 Bad Debts Expense 613 Date Explanation Post.Ref . Debit Credit Balance 31-May Balance 30-Jun Vaucluse Lighting 101-4 3,290 3,290
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34 WORKSHEET – 30 JUNE 2017 Unadjusted Trial Bal. Adjustments Adjusted Trail Bal. Income Statement Balance Sheet Account Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash at Bank $82,941 $82,941 $0 $82,941 Accounts receivable control $10,934 $3,290 $7,644 $0 $7,644 Store Supplies $17,395 $7,910 $9,485 $0 $9,485 Inventory-Opening $86,800 $86,800 $0 $86,800 $0 Prepaid store rent (Paid 1 Mar. 2017) $82,180 $27,393 $54,787 $0 $54,787 Prepaid insurance (Paid 1 Nov. 2016) $1,260 $840 $420 $0 $420 Store Shelving & Fittings $56,700 $56,700 $0 $56,700 Accumulated depreciation – Store Shelving & fittings $0 $6,300 $0 $6,300 $6,300 Equipment $19,250 $19,250 $0 $19,250 Accumulated Depreciation – Equipment $9,450 $1,890 $0 $11,340 $11,340 Accounts payable control $12,656 $0 $12,656 $12,656 Interest Payable $0 $4,721 $0 $4,721 $4,721 Utilities Payable $0 $714 $0 $714 $714 Wages Payable $0 $0 $0 $0 Salaries Payable $0 $8,624 $0 $8,624 $8,624 Tax Payable $0 $19,600 $0 $19,600 $19,600 Dividend Payable $0 $0 $0 $0 Bank Loan (Due 1 June 2022) $67,438 $0 $67,438 $67,438 Share Capital $140,000 $0 $140,000 $140,000 Retained Profits (1 July 2016) $87,458 $0 $87,458 $87,458 Dividends Declared $19,600 $0 $19,600 $19,600 Profit And Loss Summary $0 $0 $0 $10,164 $10,164
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35 Sales Revenue $493,395 $0 $493,395 $493,395 Sales Discounts $4,038 $4,038 $0 $4,038 Sales Returns And Allowances $3,591 $3,591 $0 $3,591 Purchases $241,745 $241,745 $0 $241,745 Purchases Discounts $3,035 $0 $3,035 $3,035 Purchase Returns And Allowances $3,227 $0 $3,227 $3,227 Freight-Out $2,212 $2,212 $0 $2,212 Wages Expense- Sales Staff $121,429 $462 $121,891 $0 $121,891 Depreciation Expense – Store Shelving & Fittings $0 $6,300 $6,300 $0 $6,300 Depreciation Expense – Equipment $0 $1,890 $1,890 $0 $1,890 Supplies Expense $0 $7,910 $7,910 $0 $7,910 Rent Expense $0 $27,393 $27,393 $0 $27,393 Insurance Expense $0 $840 $840 $0 $840 Advertising Expense $4,872 $4,872 $0 $4,872 Interest Expense $0 $4,721 $4,721 $0 $4,721 Utilities Expense $6,496 $714 $7,210 $0 $7,210 Tax Expense $0 $19,600 $19,600 $0 $19,600 Sundry Expense $1,736 $1,736 $0 $1,736 Salaries Expense – Office Staff $92,680 $8,162 $100,842 $0 $100,842 Bad Debts Expense $0 $3,290 $3,290 $0 $3,290 Inventory-Closing $157,388 $157,388 TOTALS $836,259 $836,259 $81,282 $81,282 $878,108 $878,108 $657,045 $657,045 $388,614 $388,614 PROFIT/ Loss $10,164
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Income Statement for the year ending 30 June 2017 Gross Sales $493,395 $493,395 Less: Sales Returns ($3,591) $3,591 Less: Discount Allowed ($4,038) $4,038 Net Sales 485,766 Opening Inventory $86,800 Add: Purchases $241,745 Add: Freight Out $2,212 Less: Purchases Return ($3,227) $3,227 Less: Purchases Discount ($3,035) Less: Closing Inventory ($157,388) $167,107 Cost of Goods Sold $167,107 Gross Profit $318,659 Other Revenue
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