Ending inventory $320 000

Suntory Ltd's end of financial year adjustments: Provide for annual depreciation charges at 5% p.a. on cost of buildings for the whole year. Motor vehicles were purchased on March 1, 2020. Provide for the partial year depreciation charge using the following information; 1. Cost $100 000 2. Residual value $10 000 3. Useful life 5 years 4. Sum of the years digits depreciation method is to be used. Record the estimated Bad debts expense of 0.5% for the year ending 30 June, 2020 based on the percentage of net credit sales method. (NB; All Suntory Ltd. sales are on a credit basis) PART A - Adjusting entries Note: No adjusting entry is made for beginning and ending inventory. Under the periodic inventory system, these items would be amended as part of closing entries. GENERAL JOURNAL SUNTORY LTD 2020 DR CR June 30 PART B Your next task is to prepare a detailed Classified Income Statement for the period ending 30 June, 2020 with reference to the General Journal adjustments in Part A. SUNTORY LTD Income Statement for the year ended 30 June 2020