Question
Assessment Task Description Oz bank (Oz) has diverse business streams including asset management, retail, business banking and insurance. In financial year ended June 2020, the
Assessment Task Description
Oz bank (Oz) has diverse business streams including asset management, retail, business banking and insurance. In financial year ended June 2020, the bank experienced downturn due to COVID Pandemic. Many customers couldnt afford paying off mortgages due to the lockdown situation. In addition, many businesses also lodged the insurance claim to recover from the once off damage caused by COVID. Along the ease off of Pandemic, Oz also plan marketing activities to recover from the Pandemic. You are the CFO, you are requested to prepare following accounting information to update to the board.
- Prepare the general purpose financial statements for the month ended 30 June 2019 for Cheese Inc. See detailed Trial Balance in Appendices.
question1
Prepare the general purpose financial statements for the month ended 30 June 2019 (10 marks).
In June 2019, the executives of Cheese Inc. were planning summary of current financial year result (1 July 2018 30 June 2019). Cheese Inc. sell organic cheese to healthy food stores. This year is a very good year, because organic cheeses are in a range of healthy fresh goods, more sales made as Australian people become more health conscious. You are the CFO; you are requested to prepare following accounting reports for the boards meeting in July 2019.
Cheese Inc.
Trial Balance as at 30 June 2019
| ACCOUNTS | TRIAL BALANCE (DR$) | TRIAL BALANCE (CR$) |
| Cash | 12000 |
|
| Accounts receivable | 6500 |
|
| Supplies | 1500 |
|
| Prepaid rent | 5000 |
|
| Furniture | 45000 |
|
| Building | 120000 |
|
| Accumulated depreciation - furniture |
| 750 |
| Accumulated depreciation - building |
| 500 |
| Accounts payable |
| 45500 |
| Salary payable |
| 2250 |
| Interest payable |
| 250 |
| Unearned service revenue |
| 1000 |
| Loans payable |
| 50000 |
| Capital |
| 80500 |
| Revenue |
| 19000 |
| Rent expense | 2500 |
|
| Salary expense | 4500 |
|
| Supplies expense | 250 |
|
| Depreciation expense (furniture) | 750 |
|
| Depreciation expense (building) | 500 |
|
| Interest expense | 250 |
|
| Electricity and gas expense | 1000 |
|
| Total | 199750 | 199750 |
Marking criteria:
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