2872 3300 30200 84000 Bank 3300 Drawings Rainy Day Crafts sell a range of craft items for creative people. 1. Adjust the Trial Balance to include the additional information. Complete the adjustments in order and enter the updated information in the yellow cells. Note that some yellow boxes already have figures, this is the current balance for that account prior to the balance day adjustment. 2. Prepare a fully classified Income Statement and Statement of Financial Position for Rainy Day Crafts for the year ended 30 September 2023. If you are correct the yellow boxes will turn green. Rainy Day Crafts Rainy Day Crafts Rainy Day Crafts Trial Balance as at 30 September 2023 Income Statement for the year ended 30 September 2023 Statement of Financial Position as at 30 September 2023 Advertising 940 GST payable Revenue Current Assets Bank Capital Sales 26600 Interest received 360 Sales Returns 900 Term Deposit Electricity 640 Loan 35000 83100 Prepayments Freight in 168 Purchase Returns 680 Less: Cost of Goods Sold Capital General expenses 554 Rent received 1050 Inventory (1 October 2022] 4500 Sales 84000 Purchases 28/50 Interest on loan Accrued expenses 900 Freight Inwards Investments Inventory (1 October 2022] Income in advance Purchase Returns Office salaries 11800 Closing Inventory (30 September 2023) 3900 Property, Plant and Equipment (1 Purchases 28750 Total Assets Sales returns 900 Cost of Goods Sold 28838 Less: Liabilities Shop fittings 24000 Gross Profit 54262 Current Liabilities Shop rent Add: Other Income Shop wages 30700 Telephone Term deposit 12000 Prepayments 100 Less: Expenses Non-current liabilities Accrued income 110 Distribution Costs Insurance 500 Non-current Assets 160X) 168 4500 150 680 7200 250 Total Liabilities 155212 155212 Net Assets Equity Additional Information 32610 Administrative Expenses Inventory (30 September 2023$3,900 $100 insurance has been paid for next year $900 is owing in shop wages $150 rent has been received fo next year $110 interest on term deposit is due Note 1 Property, Plant and Equipment Shop fitting! Total Cost Finance Costs Less: Accumulated Depreciation 0 0 1600 Carrying Amount Interest on Loan Total Expenses Profit for the year 2872 3300 30200 84000 Bank 3300 Drawings Rainy Day Crafts sell a range of craft items for creative people. 1. Adjust the Trial Balance to include the additional information. Complete the adjustments in order and enter the updated information in the yellow cells. Note that some yellow boxes already have figures, this is the current balance for that account prior to the balance day adjustment. 2. Prepare a fully classified Income Statement and Statement of Financial Position for Rainy Day Crafts for the year ended 30 September 2023. If you are correct the yellow boxes will turn green. Rainy Day Crafts Rainy Day Crafts Rainy Day Crafts Trial Balance as at 30 September 2023 Income Statement for the year ended 30 September 2023 Statement of Financial Position as at 30 September 2023 Advertising 940 GST payable Revenue Current Assets Bank Capital Sales 26600 Interest received 360 Sales Returns 900 Term Deposit Electricity 640 Loan 35000 83100 Prepayments Freight in 168 Purchase Returns 680 Less: Cost of Goods Sold Capital General expenses 554 Rent received 1050 Inventory (1 October 2022] 4500 Sales 84000 Purchases 28/50 Interest on loan Accrued expenses 900 Freight Inwards Investments Inventory (1 October 2022] Income in advance Purchase Returns Office salaries 11800 Closing Inventory (30 September 2023) 3900 Property, Plant and Equipment (1 Purchases 28750 Total Assets Sales returns 900 Cost of Goods Sold 28838 Less: Liabilities Shop fittings 24000 Gross Profit 54262 Current Liabilities Shop rent Add: Other Income Shop wages 30700 Telephone Term deposit 12000 Prepayments 100 Less: Expenses Non-current liabilities Accrued income 110 Distribution Costs Insurance 500 Non-current Assets 160X) 168 4500 150 680 7200 250 Total Liabilities 155212 155212 Net Assets Equity Additional Information 32610 Administrative Expenses Inventory (30 September 2023$3,900 $100 insurance has been paid for next year $900 is owing in shop wages $150 rent has been received fo next year $110 interest on term deposit is due Note 1 Property, Plant and Equipment Shop fitting! Total Cost Finance Costs Less: Accumulated Depreciation 0 0 1600 Carrying Amount Interest on Loan Total Expenses Profit for the year
