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Thank you very much!!!
estend Book Shop lotal 20 marRS Toni West is the proprietor of Westend Book Shop. The following balances are from her statement of financial position at 31 March 2014. Bank $77,000, debtors $23,400, stock $95,000, van S4.000 and ereditors $45,000. The following transactions took place in April 2014. Assume that Westend Book Shop uses a perpetual inventory system. (a) Purchased stock for $26,000 on credit (b) Paid rent $2,000 and electricity $300 (c) Obtained a bank loan for $75,000 which was credited to the business cheque account (d) Purchased new premises for $125,000 cash (e) Banked $4,800 being cash portion of week's sales (S6,600). Cost of goods sold was $3,000 () Paid for stock 15,000 (g) Paid students to help shift into new premises $1.230 (h) Paid part-time assistant $350 i) Builder installed new shop fittings for a total cost of $7,400 G) Paid for carpets to be cleaned $220 (k Security firm installed alarm fittings, total cost $4,750 (I) Hired a new assistant (m) Paid for shop fittings $7,400 and stock $10,700 Banked $36,570 being $10,570 from debtors and the balance from cash sales. Cost of goods sold was $13,000 (n) (o) Took $2,000 for personal expenses Required: Complete an accounting equation worksheet that includes all the transactions (ignore individual GST calculations). (a) (b) (c) (d) (14 marks) Define the following accounting elements: Assets, Expenses, Liabilities, Owners Equity, Revenue. (5 marks) (2 marks) What are the roles of accountants? Calculate the GST component of the following items. GST is included in the price. (1.5 marks) S GST value Item Computer Fees from client Telecommunications 6,000 3,698 471

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