1)Gino Wurihiz buys and sells plants, trading under the name Garden Slug Co. Gino is in the first year of business, so is not registered for GST, and uses a perpetual inventory accounting system. Assume transactions are on credit, unless stated as 'paid', 'received' or 'for cash'. Transactions for March 20X1 were as follows:

Part D 1) Gino Wurihiz buys and sells plants, trading under the name Garden Slug Co. Gino is in the first year of business, so is not registered for GST, and uses a perpetual inventory accounting system. Assume transactions are on credit, unless stated as 'paid', 'received' or 'for cash'. Transactions for March 20X1 were as follows: $ Gino commenced business by depositing cash into the business account Gino also invested : inventory valued at : a vehicle valued at Land and buildings costing $200,000 were purchased with a deposit of The balance was raised by a mortgage with the TSB Bank 50,000 7,000 22,000 80,000 120,000 Purchased plants (inventory) on credit from Neva Fare Ltd 40,000 Paid for a patent on a plant design 14,000 Delivery expenses on the plants purchased by Gino were 2,300 Sold plants for cash (cost price was 25,000) 75,000 Received rent on lease of part of his property 5,000 Sold plants to Will Knotpay (cost price 1,100) 3,300 Paid business insurance 1,900 Paid personal insurance 700 Paid Neva Fare Ltd in cash and received discount; cash paid was Advertising invoice was received from Dominion Post newspaper 38,300 2,900 Purchased plants for cash 19,000 Sold plants on credit to Svima Shaw (cost price was 19,000) 57,000 Delivery expenses of the plants sold to Svima Shaw were 3,900 Paid office expenses (including envelopes, pens etc.) of Bad debt to write off (Will Knotpay fled to South America without paying) Gino withdrew money for personal use Svima Shaw paid her account, less discount; cash received was Gino took a pair of plants home for personal use; cost price was 4,300 3,300 4,800 55,600 350 Interest was charged on the bank loan 220 Bank fees for the month were paid 50 Purchased shares in Watties Ltd for cash Received an invoice from Vodafone for phone use in June 950 Received an invoice for power used in June from Burnout Ltd 770 Wages paid were 8,000 Gino borrowed money from his brother Idunno Wurihiz 12,000 Purchased debentures in Persil Ltd for cash 6,000 Sold plants on credit to Soled Azarok (cost 4,300) 12,900 Stocktake (count of inventory still on hand) at month end was 16,000 Office stores count (of envelopes, pens, paper etc. still on hand) was 12,000 1,100 Additional information: The mortgage is repayable in instalments of $10,000 in December each year. Wages are 35% sales and 65% administration. Idunno's loan is repayable in full in 3 years' time; no interest will apply. a) Record these transactions on an accounting equation sheet, including column totals at the end of the month. b) Prepare a fully classified Income Statement for the month. c) Prepare a Statement of Changes in Equity. d) Prepare a fully classified Balance Sheet as at the end of the month. 2) Teena Spagetti buys and sells shoes in bulk lots. Her business trading name is Footsies Co. Teena is in her first year of business, so is not yet registered for GST, and uses a perpetual inventory accounting system. Assume transactions are on credit, unless stated as 'paid', 'received' or 'for cash'. Teena's transactions for November 20X1 were as follows: $ Teena commenced business by depositing cash into her business account Teena also invested: inventory valued at 14,000 : equipment valued at 30,000 27,000 Land and buildings costing $240,000 were purchased with a deposit of 110,000 The balance was raised by a mortgage with the BNZ Bank 130,000 Purchased shoes (inventory) on credit from Don Givup Ltd 40,000 Paid for a patent on a shoe design 6,000 Delivery expenses on the shoes purchased by Teena were 2,000 Wages paid were 9,000 Sold shoes for cash (cost price was 26,000) 91,000 Paid business insurance 500 Paid personal insurance 700 Sold goods on behalf of Glassons and received commission of Paid Don Givup Ltd in cash and received discount; cash paid was Advertising invoice was received from Dominion newspaper Post 4,000 38,000 3,000 Purchased shoes for cash 35,000 Returned shoes over-ordered and received cash refund 3,400 Sold shoes on credit to Freda Wales (cost price was 22,000) 77,000 Delivery expenses of the shoes sold to Freda Wales were 2,500 Paid office expenses of 8,500 Sold shoes on credit to Elsi Ulatar (cost 16,000) 56,000 Bad debt to write off (Elsi Ulatar disputed part of her account) 2,100 Goods returned by customer (cost $400) who was given a cash refund of Teena withdrew money for personal use Freda Wales paid her account, less discount; cash received was Teena took a pair of shoes home for personal use; cost price was 1,400 7,000 73,500 200 Interest was charged on the bank loan 400 Bank fees for the month were paid 60 Purchased shares in Telecom for Received an invoice from Telecom for phone use in November Received an invoice for power used in November from Genius Energy Wages paid were Teena borrowed money from her sister Cana, repayable in 2 months Purchased debentures in Ajax Ltd for cash Teena won money at Lotto (lottery), and invested it in the business Stocktake (= stock count) at the end of the month was 5,000 600 850 9,000 6,000 12,000 25,000 20,500 Additional information: The mortgage is repayable in instalments of $10,000 in December each year. Wages are 35% sales and 65% administration. a) Record these transactions on an accounting equation sheet, totalling your columns at the end of the month. b) Prepare a fully classified Income Statement for the month. c) Prepare a Statement of Changes in Equity. d) Prepare a fully classified Balance Sheet as at the end of the month