Create a general ledger (account)

Balance sheet and Profit & loss statement.

Transaction Sources Cash registers - for cash sales Invoices for credit sales Cheque book for cash payments Deposit books - for cash receipts Bank statements - for direct charges and direct deposits Supplier invoices for goods and services Working papers - for adjusting and miscellaneous entries Customers 1. Students are required to devise their own unique customer names and addresses. 2. Both cash and credit sales are recorded via the sales modules. 3. Information provided for customers and their balance as at 1* July are as follows: GST Please note that GST free items are bank fees, salaries and wages, interest expense, superannuation and fines - you can check with your lecturer for others. Transaction Period New financial year starting 1 July 2020, and the processing period is July 2020, the current financial year is 2021, conversion month being July and there are 12 periods. Opening Balances as at 1 July 2020 General Ledger Account Balances Cash at Bank Accounts Receivable Inventory Prepaid Insurance Prepaid Rent Store Fittings Accumulated Depreciation - Store Fittings Motor Vehicles Accumulated Depreciation - Motor Vehicles Accounts Payable GST Collected (payable) GST Paid (receivable) Sales Commission Payable Loans Current PAYG Withholding Payable Loan-Non-current Share Capital Retained Earnings Debits Credit $ $45,000 $ $61,000 $150,190 $9,000 $4,400 $80,000 $45,000 $55,000 $30,000 $75,970 $16,000 $7,200 $6,500 $20,000 $8.500 $80,000 $80,000 $49.820 $411,790 $411,790 Accounts Receivable Control Balance Days Customer Code Outstanding $ Outstanding CUSO1 $9,000 60 CUSO2 $7,500 30 CUSO3 $6,800 90 CUSO4 $8,700 30 CUSOS $2,400 30 CUSO6 $8,600 60 CUSO7 $7,200 30 CUSOS $4,800 30 CUSO9 $2,800 90 CUS10 $3,200 30 Total $61,000 Suppliers 1. Students are required to devise their own unique supplier names and addresses. 2. Accounts Payable ledger has suppliers entered for trading stock as well as other goods and services acquired on credit. 3. All suppliers extend the normal 30-day terms, with no discount for prompt payment. Information provided for suppliers and their balance as at 1 July are as follows: Accounts Payable Control Balance Invoice Supplier Code Outstanding $ Date SUPO1 $23,000 7-Jun-20 SUPO2 $16,500 | 12-Jun-20 SUPO3 $18,400 15-Jun-20 SUPO4 $9,800 22-Jun-20 SUPOS - Telephone $770 4-Jun-20 SUP06 - Stationery $660 9-Jun-20 SUPO7 - MV Maintenance $440 24-Jun-20 SUP08 - Real Estate (rent) $0 18-Jun-20 SUP09 - Advertising $5,300 3-Jun-20 SUP10 - Postage $1,100 20-Jun-20 Total $75,970 Note: SUPOS - SUP10 are all suppliers of services (use Service for the invoice layout). 28 July Received invoice from SUP11 (new) $330.00 for cleaning for the month. 29 July Received Invoice from SUP10 for postage services $440.00 30 July Received invoice from SUP12 (new) $2,310.00 for legal fees. Purchase Returns Date Transaction Details 16 July There was a short delivery of 20 units of POO8 from the order received from SUPO2 on 14 July. The original order was for 400 units of PO08 but only 380 units were received by the Warehouse. The Accounts department informed the supplier and a credit note was received from SUPO2 for the difference. Inventory 1. Students are required to devise their own unique product names. 2. Inventory unit measure is per gift item (unit). There are 10 different products. 3. The firm uses the perpetual inventory method of accounting for inventory, (that is when inventory is purchased it is added to "Inventory and when it is sold, the cost is debited against 'Cost of sales' and credited against "Inventory 4. Information provided for the inventory opening balance as at 1 July is as follows: Inventory Control Quantity Unit cost Value of Unit Sell Price Product Code on Hand 15 Inventory Excluding GST P001 1,100 $16 $17,600 $40.00 POO2 750 $14 $10,500 $35.00 POO3 860 $12 $10,320 $30.00 P004 940 $18 $16,920 $40.00 POOS 1,150 $15 $17,250 $37.50 PO06 1,480 $10 $14,800 $25.00 POO7 1,600 $13 $20,800 $32.50 PO08 900 $17 $15,300 $42.50 P009 1,200 $14 $16,800 $35.00 P010 900 $11 $9.900 $ $27.50 Total $150,190 Transactions for July 2020 Date source: Supplier Invoice dates and amounts include GST. Date Transaction Details 5th July Received invoice from SUP01, for 800 units of PO01, received into the Warehouse. The invoice was for $14,080. gh July Received invoice from SUPO4 for 250 units of P002, $3,850. . gh July Received invoice from SUP03 for 300 units of P009, $4,620 and 200 units of PO10, $2,420. 10 July Received invoice from SUPO5 for telephone for the month, $880. 11 July Purchased stationery on account from SUPO6, for $330 (stationery is expensed at the time is purchased). 12 July Received advertising invoice from SUPO9 for $5,500. 14 July Received invoice for $7,480 with shipment from SUPO2 of 400 units of P008. 19 July Received invoice from SUPO7 for maintenance of company vehides $770.00. 23 July Invoice from SUP06 for more office stationery purchased $264.00 24 July Received invoice from SUP03, for 360 units of P004 $7,128 and 440 units of P003 $5,808. 24 July Received invoice from SUPO4, $14,025 for 850 units of POOS. Date source: Sales Invoices and Cash register. All sales include GST. Date Transaction Details 14 July Sold 300 units of P001 for cash 2nd July Sold 160 units P002, 180 units P004, and 80 units P009 for cash 3 July Sold 70 units POO7 on account to CUS06 30 July Sold 120 units P006 on account to CUSOS 34 July Invoice to CUS01 for 130 units of POO7 4 July Invoice to CUSOS for 90 units of POO2 4 July Sold 70 units P006, 80 units P009 and 30 units P10 for cash 4 July Invoice to CUS09 for 140 units P006 and 80 units of POOB 5 July Sold 30 units POOS, 40 units Poos and 50 units Poo3 for cash 5 July Invoice to CUS10 for 100 units P005 and 70 units of P009 5 July Invoice to CUSOS for 110 units of P006 and 160 units of P010 5 July Sold 80 units of POO5 and 40 units Poo9 to CUSOS on account 6 July Sold 30 units PO02, 20 units PO03, 25 units P008 and 30 units P009 for cash 6 July Invoice to CUS06 for 120 units of POOS 6 July Invoice to CUSOS for 80 units of P006 6 July Sold 40 units P010 to CuSO1 on account 7 July Sold 30 units P004 for cash 8 July Sold 30 units PO03, 25 units P004, 40 units P006 and 20 units P10 for cash 8 July Invoice to CUS09 for 180 units of POOS and 250 units of P006 go July Invoice to CUS10 for 220 units of P004, 300 units of P008 and 80 units P009 14 July Invoice to CuSO1 for 90 units of P009 15 July Invoice to CUSO2 for 100 units of POO2 and 120 units of POO7 16 July Invoice to CUS06 for 130 units of PO03 20 July Invoice to CUSO7 for 230 units of Poos and 400 units of POOS 20 July Invoice to CUSO8 for 160 units of P08 and 280 units of P009 22nd July Sold 80 units P10 for cash 30 July Invoice to CuSO1 for 100 units of PoO3 and 150 units of POOS 30 July Sold 70 units of P004 and 150 units of POO7 for cash Sales Returns - Credit Notes Issued Transaction Details goh July CUSOS has returned 20 units of P006, as damaged and requested a credit note for the amount - (REFER to the sale on 6 July listed above). Date Data source - Deposit book (Cash Receipts) Date Transaction Details 5th July Customer CUS01 paid $9,000, the balance of their account as at 12 July. 6 July Customer CUSO3 paid $6,800, the balance of their account as at 1" July. 7h July Customer CUSO4, paid $8,700 the balance of their account as at 1 July. 8th July Customer CUS10 paid $3,200, the balance of their account as at 19 July. 10 July Customer CUS06 paid $8,600 the balance of their account as at 19 July. 15 July CUSOS, paid the balance of their account as at 19 July, plus all the purchases of goods made up to and including the 6 July 25 July CUSOS paid $18,000 of the outstanding balance of their account. 27 July Received $15,000 from CUS09. 30 July Received a cheque from CUSO2 for full settlement of their account, leaving a nil balance. 315 July On 31st July, after depreciation was recorded, the business sold an old motor vehicle that had a written down value of $6,500.00 at the end of the month, for $7,700.00 cash (the $7,700 is inclusive of GST). The motor vehicle originally cost $20,000.00. This amount was not banked as at 31st July. 25 July Paid balances as at 1 July owing to SUPO3 (Cheque No: 1009). SUPOS (Cheque No: 1010). SUP06 (Cheque No: 1011). SUPO7 (Cheque No: 1012), SUP09 (Cheque No: 1013), SUP10 (Cheque No: 1014). 30 July Net wages paid to employees for the month amounted to $38,000 (Cheque No: 1015). The PAYG withholding tax amounted to $12,000.00 and this amount will be remitted to the Australian Taxation Office on the 23 August 31 July Paid $4,500.00 (Cheque No: 1016) for employee superannuation on wages earned during July 31 July Drew a cheque (Cheque No: 1017) for $810.00 to reimburse petty cash fund for the following cash expenses: (all amounts are GST Inclusive) Subscriptions $210.00 Printing $320.00 Travelling Expenses $180.00 Sundry Office Expense $100.00 Data source - Bank Statement (see next page) Date Transaction Details 18 July Periodic payment for lease of POS equipment $1,100.00 for July (incl. GST). ). 30 July Bank charges of $80.00 were charged to the account. Data source -Cheque book (Cash Payments) Date Transaction Details 1 July Drew a cheque for $1,500.00 to start a Petty cash float. (Cheque No: 1001) 30 July Reimbursed $132.00 to an employee for travel expenses incurred. (Cheque No: 1002) 6 July Paid June's sales commission to retail assistants of $6,500.00 previously accrued. (Cheque No: 1003) 149 July Paid June's PAYG withholding tax of $8,500.00 (Cheque No: 1004) 16 July Paid net GST obligation for June, as per the trial balance. (Cheque No: 1005) 20 July Paid SUPO1 $23,000, the balance owing as at 1* July (Cheque No: 1006) 214 July Paid SUPO2 $16,500, the balance owing as at 19 July (Cheque No: 1007) 23 July Paid SUPO4, $9,800.00 being the previous month's balance, plus $3,850.00 toward current month purchases. (Cheque No: 1008) Data source - Notes and Working papers (Month-end Adjustments) Date Transaction Details 31 July Store Fittings are depreciated at 20% per annum, calculated and recorded using the number of days in the month. 31st July Motor Vehicles are depreciated at the rate of 25% of carrying amount per annum (using the reducing balance method of depreciation). Depreciation is calculated as follows - (Carrying Amount 25% 31+365) 31 July Sales commission earned but not paid as at 31 July, amounted to $4,200. 31 July Prepaid insurance as at 1 July ($9,000.00) represented the balance of the premium paid on the annual policy, which started on 1 May (with 2 months insurance expired as at 30 June). This prepaid insurance is expensed monthly (irrespective of the number of days in the month). 31 July The prepaid rent at the start of the month was charged to Rent expense during the month. 31 July The company's short term and long-term loans are charged interest at the rate of 12% per annum and interest needs to be accrued for July (31 days). 31 July Estimated electricity cost for July is $2,600 which must be accrued. The Bank Statement received from the bank at the end of July is as follows: NABBY Bank Australia Business Trading Account Account Name: Case Study Account No. 012 199 088789 The Manager, Your Name Gifts Pty Ltd Address From: To: 1-July-2020 31-July-2020 Debit Credit $13,200.00 $17,160.00 $1,500.00 $132.00 $5,912.50 $9,000.00 54,757.50 $6,800.00 $4,138.75 $6,500.00 $1,320.00 $8,700.00 $3,795.00 $3,200.00 $8,600.00 Date Particulars 1-Jul-20 Opening Balance 2-11-20 Deposit Cash & Cheques 3-4-20 Depost - Cash & Cheques 3-2-20 Chq.. 1001 S--20 Cha.. 1002 5-Jul-20 Deposit Cash & Cheques 6-Jul-20 Deposit-Cash & Cheques 6-12-20 Deposit Cash & Cheques 7-12-20 Depost. Cash & Cheques 7-4-20 Deposit - Cash & Cheques 8-24-20 cha. 1003 8-12-20 Deposit-Cash & Cheques 8-1-20 Deposit - Cash & Cheques 9-Jul-20 Deposit Cash & Cheques 9-1-20 Deposit - Cash & Cheques Deposit - Cash & Cheques 15-14-20 Che.. 1004 18--20 Periodic Payment POS Equip Lease 16-J-20 Deposit - Cash & Cheques 20-Jul-20 Chq 1005 22-20 Chq.. 1006 23-1-20 Deposit - Cash & Cheques 23-1-20 Chq.1007 25-11-20 Chq.# 1008 26-12-20 Depost - Cash & Cheques 27-4-20 Chq.1010 27-1-20 thg 1009 28-Jul-20 Chq.# 1014 28--20 Ch. 1012 28-1-20 ch.1013 28-11-20 thg 4 1011 28-01-20 Deposit - Cash & Cheques 30-M-20 Bank Charges July 31-10-20 chq.. 1015 30-Jul-20 Deposit-Cash & Cheques $8.500.00 $1,100.00 Balance $45,000.00 $58,200.00 $75,360.00 $73,860.00 $73,728.00 $79,640.50 $88,640.50 $93.398.00 $100,198.00 $ $104,336,75 $97,836.75 $99,156.75 $107,856.78 $111,651.75 $114,851.75 $123,451.75 $114,951.7 $113,851.75 $129,066.75 $120,266.75 $97.266.75 $99,686.75 $83,186.78 $69,536.75 $87.536.75 $86,766.75 $68,366.75 $67,266.75 $66,826.75 $61,526.75 $60,866.75 $75,866.75 $75,786.75 $37,786.75 $53426.75 $15,215.00 $ $8,800.00 $23,000.00 $2.420.00 $ $16,500.00 $13.650.00 $18,000.00 $770.00 $18,400.00 $1,100.00 $440.00 $5,300.00 $660.00 $ $15,000.00 $80.00 $38,000.00 $15 640.00 Transaction not shown on the Bank Statement are either UNPRESENTED CHEQUES or OUTSTANDING DEPOSITS. Transaction Sources Cash registers - for cash sales Invoices for credit sales Cheque book for cash payments Deposit books - for cash receipts Bank statements - for direct charges and direct deposits Supplier invoices for goods and services Working papers - for adjusting and miscellaneous entries Customers 1. Students are required to devise their own unique customer names and addresses. 2. Both cash and credit sales are recorded via the sales modules. 3. Information provided for customers and their balance as at 1* July are as follows: GST Please note that GST free items are bank fees, salaries and wages, interest expense, superannuation and fines - you can check with your lecturer for others. Transaction Period New financial year starting 1 July 2020, and the processing period is July 2020, the current financial year is 2021, conversion month being July and there are 12 periods. Opening Balances as at 1 July 2020 General Ledger Account Balances Cash at Bank Accounts Receivable Inventory Prepaid Insurance Prepaid Rent Store Fittings Accumulated Depreciation - Store Fittings Motor Vehicles Accumulated Depreciation - Motor Vehicles Accounts Payable GST Collected (payable) GST Paid (receivable) Sales Commission Payable Loans Current PAYG Withholding Payable Loan-Non-current Share Capital Retained Earnings Debits Credit $ $45,000 $ $61,000 $150,190 $9,000 $4,400 $80,000 $45,000 $55,000 $30,000 $75,970 $16,000 $7,200 $6,500 $20,000 $8.500 $80,000 $80,000 $49.820 $411,790 $411,790 Accounts Receivable Control Balance Days Customer Code Outstanding $ Outstanding CUSO1 $9,000 60 CUSO2 $7,500 30 CUSO3 $6,800 90 CUSO4 $8,700 30 CUSOS $2,400 30 CUSO6 $8,600 60 CUSO7 $7,200 30 CUSOS $4,800 30 CUSO9 $2,800 90 CUS10 $3,200 30 Total $61,000 Suppliers 1. Students are required to devise their own unique supplier names and addresses. 2. Accounts Payable ledger has suppliers entered for trading stock as well as other goods and services acquired on credit. 3. All suppliers extend the normal 30-day terms, with no discount for prompt payment. Information provided for suppliers and their balance as at 1 July are as follows: Accounts Payable Control Balance Invoice Supplier Code Outstanding $ Date SUPO1 $23,000 7-Jun-20 SUPO2 $16,500 | 12-Jun-20 SUPO3 $18,400 15-Jun-20 SUPO4 $9,800 22-Jun-20 SUPOS - Telephone $770 4-Jun-20 SUP06 - Stationery $660 9-Jun-20 SUPO7 - MV Maintenance $440 24-Jun-20 SUP08 - Real Estate (rent) $0 18-Jun-20 SUP09 - Advertising $5,300 3-Jun-20 SUP10 - Postage $1,100 20-Jun-20 Total $75,970 Note: SUPOS - SUP10 are all suppliers of services (use Service for the invoice layout). 28 July Received invoice from SUP11 (new) $330.00 for cleaning for the month. 29 July Received Invoice from SUP10 for postage services $440.00 30 July Received invoice from SUP12 (new) $2,310.00 for legal fees. Purchase Returns Date Transaction Details 16 July There was a short delivery of 20 units of POO8 from the order received from SUPO2 on 14 July. The original order was for 400 units of PO08 but only 380 units were received by the Warehouse. The Accounts department informed the supplier and a credit note was received from SUPO2 for the difference. Inventory 1. Students are required to devise their own unique product names. 2. Inventory unit measure is per gift item (unit). There are 10 different products. 3. The firm uses the perpetual inventory method of accounting for inventory, (that is when inventory is purchased it is added to "Inventory and when it is sold, the cost is debited against 'Cost of sales' and credited against "Inventory 4. Information provided for the inventory opening balance as at 1 July is as follows: Inventory Control Quantity Unit cost Value of Unit Sell Price Product Code on Hand 15 Inventory Excluding GST P001 1,100 $16 $17,600 $40.00 POO2 750 $14 $10,500 $35.00 POO3 860 $12 $10,320 $30.00 P004 940 $18 $16,920 $40.00 POOS 1,150 $15 $17,250 $37.50 PO06 1,480 $10 $14,800 $25.00 POO7 1,600 $13 $20,800 $32.50 PO08 900 $17 $15,300 $42.50 P009 1,200 $14 $16,800 $35.00 P010 900 $11 $9.900 $ $27.50 Total $150,190 Transactions for July 2020 Date source: Supplier Invoice dates and amounts include GST. Date Transaction Details 5th July Received invoice from SUP01, for 800 units of PO01, received into the Warehouse. The invoice was for $14,080. gh July Received invoice from SUPO4 for 250 units of P002, $3,850. . gh July Received invoice from SUP03 for 300 units of P009, $4,620 and 200 units of PO10, $2,420. 10 July Received invoice from SUPO5 for telephone for the month, $880. 11 July Purchased stationery on account from SUPO6, for $330 (stationery is expensed at the time is purchased). 12 July Received advertising invoice from SUPO9 for $5,500. 14 July Received invoice for $7,480 with shipment from SUPO2 of 400 units of P008. 19 July Received invoice from SUPO7 for maintenance of company vehides $770.00. 23 July Invoice from SUP06 for more office stationery purchased $264.00 24 July Received invoice from SUP03, for 360 units of P004 $7,128 and 440 units of P003 $5,808. 24 July Received invoice from SUPO4, $14,025 for 850 units of POOS. Date source: Sales Invoices and Cash register. All sales include GST. Date Transaction Details 14 July Sold 300 units of P001 for cash 2nd July Sold 160 units P002, 180 units P004, and 80 units P009 for cash 3 July Sold 70 units POO7 on account to CUS06 30 July Sold 120 units P006 on account to CUSOS 34 July Invoice to CUS01 for 130 units of POO7 4 July Invoice to CUSOS for 90 units of POO2 4 July Sold 70 units P006, 80 units P009 and 30 units P10 for cash 4 July Invoice to CUS09 for 140 units P006 and 80 units of POOB 5 July Sold 30 units POOS, 40 units Poos and 50 units Poo3 for cash 5 July Invoice to CUS10 for 100 units P005 and 70 units of P009 5 July Invoice to CUSOS for 110 units of P006 and 160 units of P010 5 July Sold 80 units of POO5 and 40 units Poo9 to CUSOS on account 6 July Sold 30 units PO02, 20 units PO03, 25 units P008 and 30 units P009 for cash 6 July Invoice to CUS06 for 120 units of POOS 6 July Invoice to CUSOS for 80 units of P006 6 July Sold 40 units P010 to CuSO1 on account 7 July Sold 30 units P004 for cash 8 July Sold 30 units PO03, 25 units P004, 40 units P006 and 20 units P10 for cash 8 July Invoice to CUS09 for 180 units of POOS and 250 units of P006 go July Invoice to CUS10 for 220 units of P004, 300 units of P008 and 80 units P009 14 July Invoice to CuSO1 for 90 units of P009 15 July Invoice to CUSO2 for 100 units of POO2 and 120 units of POO7 16 July Invoice to CUS06 for 130 units of PO03 20 July Invoice to CUSO7 for 230 units of Poos and 400 units of POOS 20 July Invoice to CUSO8 for 160 units of P08 and 280 units of P009 22nd July Sold 80 units P10 for cash 30 July Invoice to CuSO1 for 100 units of PoO3 and 150 units of POOS 30 July Sold 70 units of P004 and 150 units of POO7 for cash Sales Returns - Credit Notes Issued Transaction Details goh July CUSOS has returned 20 units of P006, as damaged and requested a credit note for the amount - (REFER to the sale on 6 July listed above). Date Data source - Deposit book (Cash Receipts) Date Transaction Details 5th July Customer CUS01 paid $9,000, the balance of their account as at 12 July. 6 July Customer CUSO3 paid $6,800, the balance of their account as at 1" July. 7h July Customer CUSO4, paid $8,700 the balance of their account as at 1 July. 8th July Customer CUS10 paid $3,200, the balance of their account as at 19 July. 10 July Customer CUS06 paid $8,600 the balance of their account as at 19 July. 15 July CUSOS, paid the balance of their account as at 19 July, plus all the purchases of goods made up to and including the 6 July 25 July CUSOS paid $18,000 of the outstanding balance of their account. 27 July Received $15,000 from CUS09. 30 July Received a cheque from CUSO2 for full settlement of their account, leaving a nil balance. 315 July On 31st July, after depreciation was recorded, the business sold an old motor vehicle that had a written down value of $6,500.00 at the end of the month, for $7,700.00 cash (the $7,700 is inclusive of GST). The motor vehicle originally cost $20,000.00. This amount was not banked as at 31st July. 25 July Paid balances as at 1 July owing to SUPO3 (Cheque No: 1009). SUPOS (Cheque No: 1010). SUP06 (Cheque No: 1011). SUPO7 (Cheque No: 1012), SUP09 (Cheque No: 1013), SUP10 (Cheque No: 1014). 30 July Net wages paid to employees for the month amounted to $38,000 (Cheque No: 1015). The PAYG withholding tax amounted to $12,000.00 and this amount will be remitted to the Australian Taxation Office on the 23 August 31 July Paid $4,500.00 (Cheque No: 1016) for employee superannuation on wages earned during July 31 July Drew a cheque (Cheque No: 1017) for $810.00 to reimburse petty cash fund for the following cash expenses: (all amounts are GST Inclusive) Subscriptions $210.00 Printing $320.00 Travelling Expenses $180.00 Sundry Office Expense $100.00 Data source - Bank Statement (see next page) Date Transaction Details 18 July Periodic payment for lease of POS equipment $1,100.00 for July (incl. GST). ). 30 July Bank charges of $80.00 were charged to the account. Data source -Cheque book (Cash Payments) Date Transaction Details 1 July Drew a cheque for $1,500.00 to start a Petty cash float. (Cheque No: 1001) 30 July Reimbursed $132.00 to an employee for travel expenses incurred. (Cheque No: 1002) 6 July Paid June's sales commission to retail assistants of $6,500.00 previously accrued. (Cheque No: 1003) 149 July Paid June's PAYG withholding tax of $8,500.00 (Cheque No: 1004) 16 July Paid net GST obligation for June, as per the trial balance. (Cheque No: 1005) 20 July Paid SUPO1 $23,000, the balance owing as at 1* July (Cheque No: 1006) 214 July Paid SUPO2 $16,500, the balance owing as at 19 July (Cheque No: 1007) 23 July Paid SUPO4, $9,800.00 being the previous month's balance, plus $3,850.00 toward current month purchases. (Cheque No: 1008) Data source - Notes and Working papers (Month-end Adjustments) Date Transaction Details 31 July Store Fittings are depreciated at 20% per annum, calculated and recorded using the number of days in the month. 31st July Motor Vehicles are depreciated at the rate of 25% of carrying amount per annum (using the reducing balance method of depreciation). Depreciation is calculated as follows - (Carrying Amount 25% 31+365) 31 July Sales commission earned but not paid as at 31 July, amounted to $4,200. 31 July Prepaid insurance as at 1 July ($9,000.00) represented the balance of the premium paid on the annual policy, which started on 1 May (with 2 months insurance expired as at 30 June). This prepaid insurance is expensed monthly (irrespective of the number of days in the month). 31 July The prepaid rent at the start of the month was charged to Rent expense during the month. 31 July The company's short term and long-term loans are charged interest at the rate of 12% per annum and interest needs to be accrued for July (31 days). 31 July Estimated electricity cost for July is $2,600 which must be accrued. The Bank Statement received from the bank at the end of July is as follows: NABBY Bank Australia Business Trading Account Account Name: Case Study Account No. 012 199 088789 The Manager, Your Name Gifts Pty Ltd Address From: To: 1-July-2020 31-July-2020 Debit Credit $13,200.00 $17,160.00 $1,500.00 $132.00 $5,912.50 $9,000.00 54,757.50 $6,800.00 $4,138.75 $6,500.00 $1,320.00 $8,700.00 $3,795.00 $3,200.00 $8,600.00 Date Particulars 1-Jul-20 Opening Balance 2-11-20 Deposit Cash & Cheques 3-4-20 Depost - Cash & Cheques 3-2-20 Chq.. 1001 S--20 Cha.. 1002 5-Jul-20 Deposit Cash & Cheques 6-Jul-20 Deposit-Cash & Cheques 6-12-20 Deposit Cash & Cheques 7-12-20 Depost. Cash & Cheques 7-4-20 Deposit - Cash & Cheques 8-24-20 cha. 1003 8-12-20 Deposit-Cash & Cheques 8-1-20 Deposit - Cash & Cheques 9-Jul-20 Deposit Cash & Cheques 9-1-20 Deposit - Cash & Cheques Deposit - Cash & Cheques 15-14-20 Che.. 1004 18--20 Periodic Payment POS Equip Lease 16-J-20 Deposit - Cash & Cheques 20-Jul-20 Chq 1005 22-20 Chq.. 1006 23-1-20 Deposit - Cash & Cheques 23-1-20 Chq.1007 25-11-20 Chq.# 1008 26-12-20 Depost - Cash & Cheques 27-4-20 Chq.1010 27-1-20 thg 1009 28-Jul-20 Chq.# 1014 28--20 Ch. 1012 28-1-20 ch.1013 28-11-20 thg 4 1011 28-01-20 Deposit - Cash & Cheques 30-M-20 Bank Charges July 31-10-20 chq.. 1015 30-Jul-20 Deposit-Cash & Cheques $8.500.00 $1,100.00 Balance $45,000.00 $58,200.00 $75,360.00 $73,860.00 $73,728.00 $79,640.50 $88,640.50 $93.398.00 $100,198.00 $ $104,336,75 $97,836.75 $99,156.75 $107,856.78 $111,651.75 $114,851.75 $123,451.75 $114,951.7 $113,851.75 $129,066.75 $120,266.75 $97.266.75 $99,686.75 $83,186.78 $69,536.75 $87.536.75 $86,766.75 $68,366.75 $67,266.75 $66,826.75 $61,526.75 $60,866.75 $75,866.75 $75,786.75 $37,786.75 $53426.75 $15,215.00 $ $8,800.00 $23,000.00 $2.420.00 $ $16,500.00 $13.650.00 $18,000.00 $770.00 $18,400.00 $1,100.00 $440.00 $5,300.00 $660.00 $ $15,000.00 $80.00 $38,000.00 $15 640.00 Transaction not shown on the Bank Statement are either UNPRESENTED CHEQUES or OUTSTANDING DEPOSITS