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COULD U TEACH ME THE WHOLE SOLUTIOMS OF THIS QUESTION???PLZ The following unadjusted trial balance is for the year ended 30 June 2019: RED LTD

image text in transcribedimage text in transcribedCOULD U TEACH ME THE WHOLE SOLUTIOMS OF THIS QUESTION???PLZimage text in transcribed

The following unadjusted trial balance is for the year ended 30 June 2019: RED LTD Unadjusted Trial Balance as at 30 June 2019 Debit Credit 178,050 $ $ Bank overdraft Vehicle rental expenses Cash at bank Investment in government bonds Goodwill 72,000 1,500 150,000 24,000 4,800 2,000 2,000 Interest revenue Income Tax Expense Current Tax Liability Insurance expense Land Buildings Office furniture and equipment Retained earnings (1/7/18) Revaluation surplus Depreciation Expense Buildings Depreciation Expense Furniture & Equipment 3,000 230,000 1,000,000 127,000 83,000 15,000 50,000 12,700 Accumulated depreciation - office furniture and 35,700 equipment Accumulated depreciation - buildings 150,000 Allowance for doubtful debts 14,700 Cost of sales 197,400 Advertising expense 12,300 Sales returns and allowances 8,700 Sales 487,720 Mortgage payable 90,000 Inventory 106,000 Share capital ($1 per share) 1,138,000 General reserve 18,000 Interest expense on overdraft 11,300 Discount received 11,250 Discount allowed 12,000 Fees revenue 17,900 Gain on sale of furniture 8,000 Accounts payable 133,900 Accounts receivable 235,000 Salaries of sales staff 60,000 Administrative wages 68,620 Interest expense on mortgage 4,500 $ 2,389,020 $ 2,389,020 Additional information (a) The rented vehicles are used mainly for delivery. (b) The following adjustments are required before preparation of Red Ltd's financial statements for the year: i. The Allowance for Doubtful Debts account needs to be increased by $1500. ii. Accrued wages to staff: administrative $3500. iii. Land is to be revalued downwards to its fair value of $225 000 (first time revaluation). iv. Transfer $15 000 from retained earnings to the general reserve. Required A. Prepare the journal entries (in general journal form) required by items in additional information (b) above. B. Prepare the statement of profit or loss and other comprehensive income with expenses classified by function for Red Ltd for the year ended 30 June 2019. C. Calculate the balance of Retained Earnings account at 30 June 2019. Show your working

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