* Always record debit 1 st you spend coah & credit -to 2336 GOSPEL HIGH SCHOOL YEAR 11 ACCOUNTING WORKSHEET WEEKS AMMENDED The following balances have been extracted from the books of Great Value Company Ltd, as at 31st October 2018 #ring time we receive casitif is a debit Ledger Account Balances Dr ($) Cr($) Cash at Bank 52 763 Sales 152 760 debit Credit Capital 170 750 Purchases 76 350 wages 1 266 Discount Allowed 300 162 180 Mortgage 12 256 Accounts Payable 1 800 Advertising Expense Coebit Bad Debts 467 Goodwill 8 000 Accounts Receivable 10 000 255 Provision for Doubtful Debts Building at cost 135 000 Land 150 000 4 000 Accumulated Depreciation on Building Rent Expense 12 00 (Debit Adjustments 1. Provision for doubtful debts to decrease by$80. 2. 3 Building to be depreciated at a rate of 6% per annum using straight line method, Interest on Mortgage unpaid $8 000 Advertising expenses unexpired $400 4. 5. Rent due $500 6 Inventories on 31/10/18 is valued at $34600 Required (5 marks) a. Prepare General Journal Entries for Balance Day Adjustment 1-5 (10 marks) b. Prepare fully classified Statement of Financial Performance a General Journal Entries Bank Cupra b. Statement of Financial Performance of Great Value Company for the Year ended 315 October 2018 S S Sales Less Cost of Goods Sold: Opening Inventory Add Net purchases Goods Made Available for Sale Less Closing Inventory Cost of Goods sold Gross Profit Add other income Less Expenses: Selling & Distribution Exp Administrative Expense Financial Expense Less Other Expense Total Expenses Net Profit (10 marks)