Assumed that you are a general accountant in Summer company and preparing the company's financial statements: 1. Provide opening balances of relevant accounts used in the company. 2. ABC company has only one cash at bank account opened at ANZ bank and the Cash at bank account at the end of the period is as follow: CASH AT BANK OF ABC LTD. Account with ANZ Bank Unit: Particulars Debit Credit Balance Opening balance Payment to supplier X (Cheque No 12345) Cheque Deposited from Customer Y Cheque Deposited from Customer Z Payment to supplier T (Cheque No 45678) Payment to supplier T (Cheque No 45679) Cheque Deposited from Customer S (cheque No. 87695) Withdrawal for petty cash Closing balance Provide relevant information for cash at bank account and fulfill the cash book. 3. Provide relevant information for the following transactions: - 02 petty cash transactions (petty cash paid out and petty cash top-up, included providing the company's imprest system information); - 02 sale transactions (cash sale and credit sale); - 01 transaction related to credit note issued by ABC Itd. - 02 purchase transactions (cash purchase and credit purchase). Make journal entries (using T account) for the given transactions (including transactions for cash at bank). 4. Inventory counting at the end of the period shows the following information: Goods Quantity Unit cost () Cost to sell () Selling price () 300 4.0 6.0 0.5 A (kg) 58 13.5 13.0 1.0 B (unit) 46 24.0 22.0 2.0 C (unit) 89 D (unit) 7.0 12.0 1.0 Calculate closing balance of inventory and make journal entries for inventories. 5. Fulfill the bank statement at the end of the period as follows, then prepare the Bank reconciliation: BANK STATEMENT OF ABC LTD. Account with ANZ Bank Withdrawals Deposit Balance Particulars (Dr) (Cr) Opening balance Payment to supplier X (Cheque No 12345) Cheque Deposited from Customer Y Cheque Deposited from Customer Z Payment to supplier T (Cheque No 45678) Withdrawal for petty cash Bank Charges Closing balance Knowing that: cheque No. 45679 and cheque No. 87695 have not been presented to bank 6. Prepare the extended trial balance for the period. 7. Prepare the Statement of financial position and Statement of profit or loss for the period. Assumed that you are a general accountant in Summer company and preparing the company's financial statements: 1. Provide opening balances of relevant accounts used in the company. 2. ABC company has only one cash at bank account opened at ANZ bank and the Cash at bank account at the end of the period is as follow: CASH AT BANK OF ABC LTD. Account with ANZ Bank Unit: Particulars Debit Credit Balance Opening balance Payment to supplier X (Cheque No 12345) Cheque Deposited from Customer Y Cheque Deposited from Customer Z Payment to supplier T (Cheque No 45678) Payment to supplier T (Cheque No 45679) Cheque Deposited from Customer S (cheque No. 87695) Withdrawal for petty cash Closing balance Provide relevant information for cash at bank account and fulfill the cash book. 3. Provide relevant information for the following transactions: - 02 petty cash transactions (petty cash paid out and petty cash top-up, included providing the company's imprest system information); - 02 sale transactions (cash sale and credit sale); - 01 transaction related to credit note issued by ABC Itd. - 02 purchase transactions (cash purchase and credit purchase). Make journal entries (using T account) for the given transactions (including transactions for cash at bank). 4. Inventory counting at the end of the period shows the following information: Goods Quantity Unit cost () Cost to sell () Selling price () 300 4.0 6.0 0.5 A (kg) 58 13.5 13.0 1.0 B (unit) 46 24.0 22.0 2.0 C (unit) 89 D (unit) 7.0 12.0 1.0 Calculate closing balance of inventory and make journal entries for inventories. 5. Fulfill the bank statement at the end of the period as follows, then prepare the Bank reconciliation: BANK STATEMENT OF ABC LTD. Account with ANZ Bank Withdrawals Deposit Balance Particulars (Dr) (Cr) Opening balance Payment to supplier X (Cheque No 12345) Cheque Deposited from Customer Y Cheque Deposited from Customer Z Payment to supplier T (Cheque No 45678) Withdrawal for petty cash Bank Charges Closing balance Knowing that: cheque No. 45679 and cheque No. 87695 have not been presented to bank 6. Prepare the extended trial balance for the period. 7. Prepare the Statement of financial position and Statement of profit or loss for the period
