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GENERAL JOURNAL Date Description Post Ref. Debit Credit PURCHASES JOURNAL Inv. Date No. Post. Account Terms Ref. Page: 11 GST Paid Freight Inventory (Outlays) Paid Accounts Payable SALES JOURNAL Date Inv. No. Account Terms Post Ref. Cost of Goods Sold Sales Freight GST Accounts Lessons Collected Collected Receivable CASH PAYMENTS JOUR JOURNAL Debits Date Account Cheque Post Accounts GST Paid No. Ref. Payable (Outlays) Wages Vehicle Credits Other Cash at Discount GST Paid Bank Received (Outlays) - CASH RECEIPTS JOURNAL Debits Date Account Credits Post GST Cash at Cost of Cash Ref. Coll Bank Goods Sold Sales Lessons Accounts GST Receivable Collected Other GENERAL LEDGER Name: BANK Date Acct No.: 1-1110 Explanation Post. Ref. Name: ACCOUNTS RECEIVABLE Date Explanation Name: PREPAID RENT Credit Balance Acct No.: 1-1200 Post. Ref. Name: INVENTORY Date Debit Debit Credit Balance Acct.:1-1300 Explanation Ref. Debit Credit Acct No.: 1-2200 Balance Date Explanation Post. Ref. Debit Name: PREPAID ADVERTISING Date Explanation Explanation Post. Ref. Debit Post. Ref. Debit Balance Credit Balance Acct No.: 1-3120 Name: SHOP FITTINGS & FIXTURES AT COST Explanation Credit Acct No.: 1-3110 Name: MOTOR VEHICLE-ACCUMULATED DEPRECIATION Date Balance Acct No.: 1-2250 Name: MOTOR VEHICLE AT COST Date Credit Acct No.: 1-3210 Post. Ref. Debit Credit Balance Name: SHOP FITTINGS-ACCUMULATED DEPRECIATION Date Explanation Post. Ref. Acct No.: 1-3220 Debit Name: CASH REGISTER -COST Date Explanation Explanation Post. Ref. Debit Post. Ref. Name: GST COLLECTED Credit Balance Acct No.: 1-3320 Debit Name: ACCOUNTS PAYABLE Date Balance Acct. No.; 1-3310 Name: CASH REGISTER-ACCUMULATED DEPRECIATION Date Credit Credit Balance Acct. No.; 2-1200 Explanation Post. Ref. Debit Credit Balance Acct No.: 2-1310 Date Explanation Post. Ref. Name: ACCOUNTS PAYABLE Explanation Post. Ref. Debit Credit Balance Acct No.: 2-1340 Explanation Post. Ref. Explanation Post. Ref. Debit Name: UNEARNED REVENUE Date Balance Acct No.: 2-1330 Name: NET GST PAYABLE Date Credit Acct No.: Name: GST PAID Date Debit Credit Balance Acct. No.: 2-1600 Debit Credit Balance Name: LEGAL FEES PAYABLE Date Explanation Acct No.: 2-1700 Post. Ref. Name: WAGES PAYABLE Debit Credit Balance Acct No.: 2-1750 Post. Date Explanation Ref. Name: LOAN-ANZ BANK, WILLIAMSVILLE . Date Explanation Name: CAPITAL-MICHAEL HARLEY Debit Credit Balance Acct No.: 2-2100 Post. Ref. Debit Credit Acct No.: 3-1100 Balance Date Explanation Post. Ref. Name: DRAWINGS - MICHAEL HARLEY Date Explanation Post. Ref. Balance Debit Credit Balance Acct. No.: 3-800 Explanation Post. Ref. Name: PROFIT & LOSS SUMMARY Date Credit Acct No.: 3-1200 Name: RETAINED EARNINGS Date Debit Explanation Debit Credit Balance Acct No.: 3-9500 Post. Ref. Debit Credit Balance Name: SALES Date Acct No.: 4-1100 Explanation Post. Ref. Name: SALES RETURNS Date Debit Balance Acct No.: 4-1150 Explanation Post. Ref. Debit Name: LESSONS REVENUE Date Credit Credit Balance Acct.No.: 4-1200 Explanation Post. Ref. Debit Credit Balance Name: OTHER FEES COLLECTED Date Explanation Acct.No.: 4-3000 Post. Ref. Name: COST OF GOODS SOLD Date Explanation Debit Explanation Post. Ref. Debit Credit Balance Acct. No.: 5-1150 Post. Ref. Name: ADVERTISING Date Balance Acct No.: 5-1100 Name: INVENTORY LOSS /GAIN Date Credit Debit Credit Balance Acct No.: 6-1000 Explanation Post. Ref. Debit Credit Balance Name: PRINTING Date Acct No.: 6-1100 Explanation Post. Ref. Name: RENT Date Explanation Post. Ref. Balance Debit Credit Balance Acct No.: 6-1210 Explanation Post. Ref. Name: DISCOUNT TAKEN Date Credit Acct No.:6-1200 Name: DISCOUNT GIVEN Date Debit Debit Credit Balance Acct No.: 6-1220 Explanation Post. Ref. Debit Credit Balance Name: MOTOR VEHICLE EXPENSES Date Explanation Acct No.:6-1250 Post. Ref. Name: INTEREST EXPENSE Date Explanation Post. Ref. Balance Debit Credit Balance Acct No.: 6-1450 Explanation Post. Ref. Name: DEPRECIATION-MOTOR VEHICLE \\ Date Credit Acct No.: 6-1400 Name: BANK FEES Date Debit Explanation Name: DEPRECIATION - SHOP FITTINGS Debit Credit Balance Acct No.: 6-1700 Post. Ref. Debit Credit Acct No: 6-1750 Balance Date Explanation Post. Ref. Debit Name: DEPRECIATION - SHOP FITTINGS & FIXTURES Date Explanation Explanation Post. Ref. Debit Credit Balance Acct No: 6-1800 Post. Ref. Name: WAGES & SALARIES \\ Date Balance Acct. No.: 6-1750 Name: DEPRECIATION - CASH REGISTER Date Credit Debit Credit Balance Acct No.: 6-1950 Explanation Post. Ref. Debit Credit Balance Name: Date Acct No.: Explanation Post. Ref. Debit Credit Balance GENERAL LEDGER Name: BANK Date Acct No.:1-1110 Details Post Ref Debit Date Name: ACCOUNTS RECEIVABLE Date Details Post Ref Debit Date Details Post Ref Acct No.: 1-1300 Details Post Ref Debit Date Name: PREPAID RENT Date Post Ref Acct No.: 1-1200 Name:INVENTORY Date Details Details Details Post Ref Acct No.: 1-2200 Post Ref Debit Date Details Post Ref Name:PREPAID ADVERTISING Date Details Acct No.:1-2250 Post Ref Debit Date Name: MOTOR VEHICLE AT COST Date Details Post Ref Details Acct No. 1-3120 Debit Date Details Name: MOTOR VEHICLE-ACCUMULATED DEPRECIATION Date Details Post Ref Post Ref Debit Name: SHOP FITTINGS & FIXTURES AT COST Date Post Ref Acct No.: 1-3120 Details Post Ref Acct No.: 1-3210 Date Details Post Ref Debit Date Details Name: SHOP FITTINGS-ACCUMULATED DEPRECIATION Date Details Post Ref Debit Date Name: CASH REGISTER AT COST Date Details Acct No.: 1-3220 Details Details Post Ref Acct No.: 1-3310 Post Ref Debit Date Details Name: CASH REGISTER-ACCUMULATED DEPRECIATION Date Post Ref Post Ref Debit Date Post Ref Acct No.: 1-3320 Details Post Ref Name: ACCOUNTS PAYABLE Date Details Acct No.: 2-1200 Post Ref Debit Date Name: GST COLLECTED/PAYABLE Date Details Post Ref Acct No.: 2-1310 Debit Date Name: NET GST PAYABLE Date Details Details Post Ref Details Post Ref Acct No.: 2-1340 Post Ref Name: UNEARNED REVENUE Debit Date Details Post Ref Acct No.:2-1600 Post Post Date Details Ref Debit Date Name: LEGAL FEES PAYABLE Date Details Details Post Ref Debit Date Details Post Ref Acct No.: 2-1750 Post Ref Debit Date Name: LOAN Date Ref Acct No.: 2-1700 Name:WAGES PAYABLE Date Details Details Post Ref Acct No.: 2-2100 Details Post Ref Debit Date Details Post Ref Name:CAPITAL-MICHAEL HARELY Date Details Post Ref Acct No.: 3-1110 Debit Date Name: DRAWINGS-MICHAEL HARLEY Date Details Post Ref Details Debit Date Details Details Post Ref Acct No.: 3-8000 Post Ref Debit Date Name: PROFIT & LOSS SUMARY Date Post Ref Acct No.: 3-1200 Name: RETAINED EARNINGS Date Details Details Post Ref Acct No.: 3-9500 Post Ref Debit Date Details Post Ref Name: SALES Date Acct No.: 4-1100 Details Post Ref Debit Date Name: SALES RETURNS Date Details Acct No.: 4-1150 Post Ref Debit Date Name: LESSONS REVENUE Date Details Details Post Ref Details Post Ref Acct No.: 4-1200 Post Ref Debit Date Details Post Ref Name: OTHER FEES COLLECTED Date Details Acct No.: 4-3000 Post Ref Debit Date Name: COST OF GOODS SOLD Date Details Details Post Ref Debit Date Details Post Ref Acct No.: 5-1150 Post Ref Debit Date Name: ADVERTISING Date Post Ref Acct No.: 5-1100 Name: INVENTORY LOSS/GAIN Date Details Details Post Ref Acct No.: 6-1000 Details Post Ref Debit Date Details Post Ref Name: PRINTING Date Acct No.: 6-1100 Details Post Ref Debit Date Name: RENT Date Post Ref Acct No.: 6-1200 Details Post Ref Debit Date Name: RENT Date Details Details Post Ref Acct No.: 6-1200 Details Name: DISCOUNT GIVEN Post Ref Debit Date Details Post Ref Acct No.: 6-1210 Date Details Post Ref Debit Date Name: DISCOUNT TAKEN Date Details Details Post Ref Debit Date Details Post Ref Acct No.: 6-1400 Post Ref Debit Date Name: BANK FEES Date Post Ref Acct No.: 6-1220 Name: INTEREST EXPENSE Date Details Details Post Ref Acct No.: 6-1450 Details Post Ref Debit Date Details Post Ref Name: DEPRECIATION-MOTOR VEHICLE Date Details Post Ref Acct No.: 6-1700 Debit Date Details Name: DEPRECIATION-SHOP FITTINGS Date Details Post Ref Acct No.: 6-1750 Debit Date Name: DEPRECIATION-CASH REGISTER Date Details Name: WAGES & SALARIES Post Ref Post Ref Details Post Ref Acct No.: 6-1800 Debit Date Details Post Ref Acct No.: 6-1950 Date Details Post Ref Debit Date Name: Date Name: Post Ref Acct No.: Details Post Ref Debit Date Name: Date Details Details Post Ref Acct No.: Details Post Ref Debit Date Details Acct No.: Post Ref Date Details Post Ref Debit Date Details Post Ref t No.:1-1110 Credit ct No.: 1-1200 Credit t No.: 1-1300 Credit t No.: 1-2200 Credit ct No.:1-2250 Credit ct No. 1-3120 Credit Acct No.: 1-3120 Credit Acct No.: 1-3210 Credit Acct No.: 1-3220 Credit cct No.: 1-3310 Credit Acct No.: 1-3320 Credit No.: 2-1200 Credit ct No.: 2-1310 Credit No.: 2-1340 t No.:2-1600 Credit Credit No.: 2-1700 Credit No.: 2-1750 Credit o.: 2-2100 Credit t No.: 3-1110 Credit cct No.: 3-1200 Credit t No.: 3-8000 Credit ct No.: 3-9500 Credit No.: 4-1100 Credit t No.: 4-1150 Credit ct No.: 4-1200 Credit ct No.: 4-3000 Credit ct No.: 5-1100 Credit cct No.: 5-1150 Credit No.: 6-1000 Credit No.: 6-1100 Credit No.: 6-1200 Credit No.: 6-1200 ct No.: 6-1210 Credit Credit ct No.: 6-1220 Credit t No.: 6-1400 Credit No.: 6-1450 Credit cct No.: 6-1700 Credit Acct No.: 6-1750 Credit ct No.: 6-1800 Credit No.: 6-1950 Credit No.: Credit No.: No.: Credit Credit ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Name: FREE WHEELERS Date Explanation No.: C1 Post. Ref. Debit Name: KAMIKAZE COURIERS Date Post. Explanation Ref. Explanation Balance No.: C2 Debit Name: RANGERS BIKE CLUB Date Credit Credit Balance No.: C3 Post. Ref. Debit Credit Balance ACCOUNTS PAYABLE SUBSIDIARY LEDGER Name: HIT THE ROAD Date Explanation No.: S1 Post. Ref. Name : BEST BIKES Date Debit Credit Balance No.: S2 Explanation Post. Ref. Debit Credit Balance Explanation Post. Ref. Debit Credit Balance Name: Date INVENTORY SUBSIDIARY LEDGER Item: BIG HEAD HELMETS Item Code: BHH Date Explanation Purchases Cost of Sales Balance Explanation Purchases Cost of Sales Balance Item: ROAD RUNNER Item Code: RR Date Item: COAST COURIER Item Code: CC Date Explanation Purchases Cost of Sales Balance Explanation Purchases Cost of Sales Balance Item: TEE SHIRTS Item Code: TS Date Item: Item Code: Date Explanation Purchases Cost of Sales Balance Schedules of Subsidiary Ledgers Schedule of Accounts Receivable Acc Code Account name Amount Schedule of Accounts Payable Acc Code Account name Amount Schedule of Inventory on Hand Item Code. Item name Unit number Total cost Trial Balance before end of period adjustments Acct No. Account Ref Debit Credit WORKSHEET Worksheet Acc No Account Trial Balance Adjustments SHEET heet Adjusted Trial Balance Income Statement Balance Sheet Deeper Dives INCOME STATEMENT Highway Heaven BALANCE SHEET Trial Balance (after closing entries) Acct No. Account Ref Debit Credit ACC10008 Financial Accounting Systems Assignment Case Study - Highway Heaven General information This case study requires you to use double entry manual recording and computer accounting software (MYOB) for a small business to record transactions for April 2017. It covers many of the common transactions of everyday business, including GST. Specific information Highway Heaven (ABN 53 004 085 616) is owned and operated by Michael Harley. He buys motorcycles from importers and sells them in Melbourne. His shop is at 888 Sydney Road, Glenville, 3056. All sales of motor cycles are on credit, unless otherwise stated; customers are required to pay cash for riding lessons. Purchases of motor cycles are on credit and operating expenses are paid in cash. The business charges GST on all inventory sales and riding lessons, and pays GST on inventory purchases and most business expenses. IMPORTANT: When establishing the business name for the assignment record 'your nameHighwayHeaven' (example; ;JohnSmith-Heaven.') Goods and Services Tax Highway Heaven charges GST of 10% on all sales pays GST on all business expenses, except wages. Non-current asset acquisitions are also taxed at GST of 10%. Page 1 of 9 Employees Michael has two employees, Dirk Davidson and Mae Scooter who are both paid $25 per hour. Wages owing to Dirk and Mai at 31 March is $400. Inventory The following is a list of closing inventory and the suppliers at 31 March 2017: Quantity On hand Item Code Description Last cost price Sale Price Supplier 20 15 8 BHH RR CC Big Head helmet Road Runner Coast Cruiser $20 $1,650 $2,200 $60 $5,280 $6,490 Hit the Road Best Bikes Best Bikes Each of the above items of inventory are quoted excluding GST. Inventory orders are delivered to Highway Heaven the same day the order is made to the supplier. Highway Heaven maintains inventory records for all inventory items. Lessons Customers are charged $50 (excluding GST) per hour for riding lessons. All lessons are paid for in cash in advance. Lessons revenue is recorded separately from sales of inventory. Supplier information Supplier balances at 31 March 2017 are: Name Hit the Road Best Bikes Address 181 Bend Boulevard, Bankstown, 3111 99 Hill Street Spokesville, 3222 ABN 50 566 722 363 Account balance $1,200 20 888 566 222 $3560 Each of the above account balances represents deliveries of inventories received on 15 March 2017. All purchases are on terms 5/10, net 30 days. Page 2 of 9 Customer information Customer balances at 31 March 2017 are: Name Address Free Wheelers 22 Downhill Drive, Skyway, 3444 Kamikaze Couriers 10 Lost Lane, Somerton, 3999 ABN 62 444 333 543 Last invoice date 10 March Account balance $3,780 20 877 475 200 26 March $5,900 Terms of payment for customers is 2/15, net 30 days. Highway Heaven sometimes receives payment within the discount period, but they may also receive payment outside the discount period. Bank loan Highway Heaven has a loan payable to Bikers Bank. Each month interest is paid $1,000 and $1,000 principal is paid off the loan. Opening balances Trial balance at 31 March 2017. Account No. 1-1110 1-1200 1-1300 1-3110 1-3120 1-3210 1-3220 2-1200 2-1340 2-1700 2-1750 2-2100 3-1100 Account Cash a bank Accounts receivable Inventory Motor vehicles Accumulated depreciation-motor vehicles Shop fittings & fixtures Accumulated depreciation of shop fittings & fixtures Accounts payable Net GST Payable Legal fees payable-Dumbar & Dumbar Wages payable Loan, Bikers Bank, Brunswick Capital, Michael Harley Total Page 3 of 9 Debit Credit 14,370 9,680 42,750 46,900 10,900 7,500 3,500 121,200 4,760 1,390 880 400 50,000 49,370 121,200 Transactions: April 2017 April 1 1 2 3 4 6 8 10 10 10 11 11 12 12 Wrote a cheque to All-Technics for a new cash register $3,740 (including GST). [Cheque 210] The cash register is expected to last for 3 years with a residual value of $160. Depreciation is allocated using the straight-line depreciation method. Wrote a cheque to White Real Estate for shop rent for April-June - $4,620. (GST inclusive) [cheque 211] Paid a six-month advertising campaign in Bikers World, a monthly magazine sold in newsagancies for motorbike enthusiasts. [Cheque 212] Highway Heaven will have an advertisement in each edition of the magazine. A cheque was written for $825 (GST inclusive) for the six months. Cash sale: 1 Coast Cruiser and 4 Big Head helmets (Invoice R301) Two customers paid for a 3 hour lesson each (Invoice L1) Paid legal fees owing to Dumbar & Dumbar [Cheque 213] Paid Hit the Road the balance outstanding at 31 March [Cheque 214] Michael withdrew $2,500 cash for personal use [Cheque 215] Cash sales: 5 Big Head helmets, 2 Road Runners and 1 Coast Cruiser (Invoice (R302) Total amount owing from March was paid to Best Bikes [Cheque 216] Credit sale: 3 Road Runner motorbikes to Kamikaze Couriers.(CR71) Highway Heaven urchased 10 Big Head helmets on credit. All goods were received the same day. (P.O. 344) Kamikaze Couriers paid the balance owing to Highway Heaven on 31 March. Credit purchase of the following items (P.O. 345) 5 Road Runners 5 Coast Cruisers All goods were received the same day. 12 14 14 15 15 Paid $561 (GST inclusive) to Evans Garage for motor vehicle expenses. [Cheque 217] Free Wheelers paid the amount owing from March. Pay day. Dirk was paid for 28 hours and Mae was paid for 22 hours, which included the wages owing at 31 March. [Cheques 218 and 219]. GST is not applicable. Paid monthly loan repayment to Bikers Bank of $1,330 (this includes $330 interest). In addition, Michael decided the business will pay an additional $2,000 off the loan principal. GST is not applicable to this transaction. [Cheque 220] Credit sale of inventory to a new customer, Rangers Bike Club, of 2 Coast Cruisers. Freight/delivery charges were $80 (GST exclusive) (CR72) New customer details: 110 Melbourne Road, Williamsville, 3222, ABN 65 111 722 545 16 3 customers paid cash for a 3 hour lesson each. (Invoice L2) 18 Received amount owing from Kamikaze Couriers for 11 April sale, allowing for the discount. Michael introduces a new product for sale. He has purchased tee shirts with the business logo on the back. The supplier is Tommy Tea, 18 Short Street, Tigerland, 3055.(ABN 84 958 732 843). Highway Heaven purchased 100 T-shirts on credit for a list price of $5.50.(GST 19 Page 4 of 9 inclusive).(P.O. 346) Selling price of the T-shirts is $16.50 (GST inclusive). 21 21 Credit sale: 8 Big Head helmets and 30 T-shirts to Free Wheelers. (Invoice CR73) Paid for printing expenses of $429 (GST inclusive) to Officeworks. [Cheque 221] 22 23 23 Michael withdrew $3,000 cash for personal use. [Cheque 222] A customer paid cash for a 4 hour lesson (Invoice L3). Credit purchase of inventory (P.O. 347 & P.O. 348): 16 Big Head helmets 2 Road Runners 3 Coast Cruisers The goods were received on the same day. 25 25 Credit sale of 4 Road Runners to Kamikaze Couriers.(Invoice CR73) Cash sale of 1 Coast Cruiser for special price of $4,510 (GST inclusive). The customer was particularly good at negotiating a special price. The customer also purchased 10 t-shirts for cash at the normal price(R303). Returned 10 Big Head helmets to Hit the Road as they were damaged. These items were purchased on 23 April. A credit note was issued by the supplier. Paid motor vehicle insurance of $682 (GST inclusive) to Allied Insurance. [Cheque 223] Note: record this as motor vehicle expenses. Pay day for employees. Dirk was paid for 30 hours and Mae was paid for 32 hours.[Cheques 224 and 225] 26 27 28 31 31 Kamikaze Couriers returned 1 Road Runner as it was not required. Michael agreed to give Kamikaze Couriers a full credit as the motorbike was returned in perfect condition. A customer paid cash in advance for a 4 hour lesson to be conducted in May. (Invoice L4) e Adjustments at 30 April 2017 Some adjustments are found in the above transactions. Additional adjustments are: Motor vehicle and shop furniture & fixtures are to be depreciated at 15% using the diminishing value (reducing balance) method. Wages owing at 30 April: Dirk 9 hours, Mae 8 hours A physical stock take at 30 April showed the following items of inventory were on hand: Big Head helmet Road Runner Coast Cruiser T-shirts 16 14 11 52 Accounts List 1-0000 Assets Page 5 of 9 1-1000 2-000 3-0000 4-0000 5-0000 6-0000 Current Assets 1-1100 Cash at Bank 1-1180 Undeposited funds 1-1190 Electronic clearing account 1-1200 Trade Accounts Receivable 1-1300 Inventory 1-2200 Prepaid Rent 1-2250 Prepaid Advertising 1-3100 Motor vehicle 1-3110 Motor vehicle at cost 1-3120 Motor vehicle-accumulated depreciation 1-3200 Shop fittings & fixtures 1-3210 Shop fittings at cost 1-3220 Shop fittings-accumulated depreciation 1-3300 Cash register 1-3310 Cash register at cost 1-3320 Cash register-accumulated depreciation Liabilities 2-1200 Accounts Payable 2-1300 GST Liabilities 2-1310 GST Collected 2-1330 GST Paid 2-1600 Customer deposits 2-1700 Legal fees payable 2-1750 Wages payable 2-2100 Loan-Bikers Bank Equity 3-1000 Owners' Equity 3-1100 Capital-Michael Harley 3-1200 Drawings-Michael Harley 3-8000 Retained Earnings Income 4-1100 Sales 4-1200 Lessons income 4-1500 Sales returns (manual recording only) 4-2000 Freight collected Cost of sales 5-1000 Cost of goods sold 5-1100 Inventory loss/gain 5-2000 Freight Expenses 6-1000 Advertising 6-1100 Printing 6-1200 Rent Page 6 of 9 6-1210 6-1220 6-1250 6-1400 6-1450 6-1600 6-1700 6-1750 6-1800 6-1930 Discount given Discount taken Motor vehicle expenses Loan interest Bank fees Legal fees Depreciation-motor vehicle Depreciation-shop fittings Depreciation-cash register Wages & salaries Note: Accounts which are linked accounts cannot be deleted. Page 7 of 9 Required: Part A: manual recording 1. Record the opening balances as at 1 April 2017 in the general journal and appropriate general ledger accounts and the opening balances of accounts receivable, accounts payable and inventory in the appropriate subsidiary ledgers. 2. Record the transactions in the appropriate general or special journal for April 2017. Post all transactions from journals to the general ledger in accordance with accounting procedures. 3. Prepare schedules of accounts receivable, accounts payable and inventory as at 30 April 2017 and reconcile these with the control accounts in the general ledger. 4. Record end of month adjustments in the general journal and post these to the general ledger. 5. Prepare a Trial Balance after end of month adjustments as at 30 April 2017 6. Prepare an Income Statement for April 2017 and a Balance Sheet as at 30 April 2017. 7. Prepare closing entries for April 2017. 8. Prepare a Trial Balance after closing entries for April 2017. Pro-forma journals, ledgers, worksheets and reports are available in the assessment folder and must be used to complete and submit part A. Part B Computerised accounts using MYOB 1. Set up a data file for Deeper Dives and process the transactions for April 2017. 2. The Easy Setup Assistant can be used for the initial setup process to: Prepare the Chart of Accounts Enter the opening balances in the general ledger Setup customer and supplier cards and enter opening balances in the specialist modules The Command Center can be used to create inventory items and enter opening balances of inventory 3. Record the transactions for April 2017. 4. Record end of month adjustments. ASSIGNMENT SUBMISSION: 1. A printed copy of Part A as follows: General journal and all specialist journals General ledger Accounts Receivable, Accounts Payable and Inventory subsidiary ledgers and Page 8 of 9 reconciliations Trial Balance after end of month adjustments Income Statement for April 2017 Balance Sheet as at 30 April 2017. Trial balance as at 30 April 2017 after closing entries 2. Electronic submission via to submissions sub-folder in the assessment folder of the unit home page of a. Part A excel file (name the file as 'your name-HighwayHeaven-Part A') b. Part B MYOB file (name the file as 'your name-HighwayHeaven-Part B') Please notify in the submission of your file if you used the 'Mac' version of MYOB to complete Part B of the assignment. The hard copies of your assignment must be submitted by the due date in the assignment submission box on Level 11 of the BA Building. Important Information 1. If the assignment does not satisfy both of the following requirements, it will not be accepted for marking. a. When establishing the business name for the assignment, students are required to insert their own name after the business name (Deeper Dive Your name). For example, if the student's name is John White, the company name of that student's assignment would be (Deeper Dive - John White). Any assignment with no student name/ names in the company name will not be accepted. 2. The assignment must be accompanied with an assignment cover sheet. 3. It is the student's responsibility to keep a backup copy of the assignment until all the assignment process is completed and marks are on blackboard. 4. Any assignments handed in late will be penalised as explained in the unit outline. Please refer to the unit outline for details. Due date: 12 pm. Thursday 18 May 2017 This assignment counts 20% towards your final assessment Page 9 of 9 GENERAL JOURNAL Date Description April 26 Accounts Payable - Hit the road Inventory GST Paid April Post Ref. 2-1200 1-1300 2-1330 Debit 220 30 Sales Returns GST Collected Accounts Receivable - Kozama Couriers 4-1500 2-1310 1-1200 5280.00 528.00 30 Inventory Cost of goods sold 1-1300 5-1000 1650.00 30 GST Collected GST Paid GST Liabilities 7426.00 ADJUSTING ENTRIES April 30 Depreciation - Shop Fittings Accumulated Depreciation - Shop Fittings 50.00 Depreciation - Motor Vehicles Accumulated Depreciation - Motor Vehicles 450.00 Wages and Salaries Expenses Wages Payable 425.00 Inventory Loss/Gain Inventory 104.00 Depreciation - Cash Register Accumulated Depreciation - Cash Register 90.00 CLOSING ENTRIES April 30 SALES -BIKES LESSONS - INCOME FREIGHT COLLECTED INCOME SUMMARY INCOME SUMMARY COST OF SALES - BIKES SALES RETURNS SALES DISCOUNT DEPRECIATION-FURNITURE & FTTINGS DEPRECIATION - MOTOR VEHICLE DEPRECIATION - COMPUTER 73980.00 950.00 80.00 34433.48 WAGES & SALARIES PRINTING RENT INTEREST EXPENSE INCOME SUMMARY CAPITAL-MICHAEL HARLEY CAPITAL-MICHAEL HARLEY DRAWINGS 40576.52 5500.00 Credit 200.00 20.00 5808.00 1650.00 3989.00 3437.00 50.00 450.00 425.00 104.00 90.00 75010.00 24760.00 5280.00 348.48 50.00 450.00 90.00 . 2735.00 390.00 0.00 330.00 40576.52 5500.00 PURCHASES JOURNAL Pur. Date April Post. Order 11 12 19 23 25 344 345 346 347 348 Account Hit the Road Best Bikes Tommy Tea Hit the Road Best Bikes Totals Terms 5/10, net 30 5/10, net 30 5/10, net 30 5/10, net 30 5/10, net 30 Ref. Page: 11 GST Paid Freight Inventory (Outlays) Paid 200.00 20.00 19,250.00 1,925.00 550.00 55.00 320.00 32.00 9,900.00 990.00 30,220.00 3,022.00 1-1300 2-1330 0.00 Page: 11 Accounts Payable 220.00 21,175.00 605.00 352.00 10,890.00 33,242.00 2-1200 SALES JOURNAL Inv. No. Date April 11 15 21 25 CR71 CR72 CR73 CR74 Account Kamikaze Couriers Rangers Bike Club Free Wheelers Kamikaze Couriers Totals Terms 2/15, net 30 2/15, net 30 2/15, net 30 2/15, net 30 Post Ref. Cost of Goods Sold Sales Freight GST Accounts Lessons Collected Collected Receivable 4,950.00 15,840.00 4,400.00 12,980.00 325.00 975.00 6,600.00 21,120.00 1,584.00 80.00 1,306.00 97.50 2,112.00 17,424.00 14,366.00 1,072.50 23,232.00 16,275.00 50,915.00 5-1000 4-1100 80.00 5,099.50 5-2000 2-1310 56,094.50 1-1200 CASH PAYMENTS JOURNAL Debits Date April 1 1 2 6 8 10 10 12 14 15 21 22 27 28 Account Cash Register Prepaid Rent Prepaid Advertising Legal Fees Payable Accounts Payable, Hit the Road Withdrawals Accounts Payable, Best Bikes Motor Vehicle Expenses Wages - Dirk & Mae Laon - Biker Bank Printing Expenses Withdrawals Motor Vehicle Expenses Wages - Dirk & Mae Totals Cheque Post Accounts GST Paid No. Ref. Payable (Outlays) 210 211 212 213 214 215 216 217 218/219 220 221 222 223 224/225 Wages Vehicle Loan Freight 340.00 420.00 75.00 Other 3,400.00 4,200.00 750.00 880.00 1,200.00 2,500.00 3,560.00 51.00 510.00 400.00 330.00 390.00 3,000.00 620.00 850.00 3,000.00 39.00 62.00 1,500.00 4,760.00 1200 987.00 1330 2,350.00 1930 0.00 3,000.00 2100 0.00 16,980.00 Credits Cash at Discount GST Paid Bank Received (Outlays) 3,740.00 4,620.00 825.00 880.00 1,200.00 2,500.00 3,560.00 561.00 1,250.00 3,330.00 429.00 3,000.00 682.00 1,500.00 28,077.00 1110 - 0.00 1220 CASH RECEIPTS JOURNAL Debits Post Date April April 3 4 10 12 14 16 18 23 25 31 Account Cash Sales Lessons Income Cash Sales Accounts Receivable, Kamikaze Couriers Accounts Receivables, Free Wheelers Lessons Income Accounts Receivable, Kamikaze Couriers Lessons Income Cash Sales Customer Deposits Totals Sales Ref. Discount 348.48 348.48 Credits GST Cash at Cost of Cash Coll Bank Goods Sold Sales 7403.00 300.00 19085.00 5900.00 3780.00 450.00 17075.52 200.00 4691.50 220.00 2280.00 Lessons Accounts GST Receivable Collected 6730.00 673.00 0.00 1735.00 300.00 5600.00 17350.00 5900.00 3780.00 450.00 17424.00 200.00 2255.00 4265.00 59105.02 10135.00 28345.00 1110 1300/1100 1100 426.50 20.00 950.00 27104.00 1200 1200 2854.50 1310 edits Freight Other 200.00 200.00 GENERAL LEDGER Name: BANK Acct No.: 1-1110 Date April Explanation 1 30 30 Post. Ref. CRJ CPJ Date Explanation 1 30 30 30 April 28077.00 14370.00 73475.02 45398.02 59105.02 Post. Ref. Debit Credit Balance GJ SJ CRJ Balance 27104.00 9680.00 3872.00 59966.50 32862.50 Credit Balance 5808.00 56094.50 Acct.: 1-1300 Explanation 1 26 30 30 30 30 30 Ref. GJ GJ PJ SJ CRJ GJ Debit 200.00 1650.00 30220.00 16275.00 10135.00 104.00 Name: PREPAID ADVERTISING Date Balance Acct No.: 1-1200 Name: INVENTORY Date Credit Balance Name: ACCOUNTS RECEIVABLE April Debit Explanation 42750.00 42550.00 44200.00 74420.00 58145.00 48010.00 47906.00 Acct No.: 1-2250 Post. Ref. Debit Credit Balance April 1 CPJ Name: PREPAID RENT Date April 750.00 Acct No.: 1-2200 Explanation Post. Ref. Debit CPJ 4200.00 2 Name: FURNITURE & FIXTURES-COST Date April Explanation 1 1 30 Post. Ref. April Debit Credit Balance 7500.00 Acct No.: 1-3120 Debit GJ Credit Balance Acct No.: 1-3210 Post. Ref. Debit Credit BALANCE Explanation 3500.00 3550.00 50.00 Balance 46900.00 Name: MOTOR VEHICLE -ACCUM DEPRECIATION Date 4200.00 BALANCE Explanation 1 Balance BALANCE Name: MOTOR VEHICLE - COST Date Credit Acct No.: 1-3110 Name: FURNITURE & FIXTURES-ACCUM DEPRECIATION Post. Date Explanation Ref. April 750.00 Acct No.: 1-3220 Post. Ref. Debit Credit Balance April 1 30 BALANCE GJ 450.00 Name: CASH REGISTER Date April Acct No.: 1-3310 Explanation 1 Post. Ref. Debit CPJ 3400.00 Name: CASH REGISTER -ACCUM DEPRECIATION Date April Explanation 30 Post. Ref. Debit GJ April Explanation 1 26 30 30 April Post. Ref. GJ PJ CPJ Name: ACCOUNTS PAYABLE 3400.00 Credit 90.00 Balance 90.00 Debit Credit 220.00 33242.00 4,760.00 Balance 4760.00 4540.00 37782.00 33022.00 Acct No.: 2-1310 Explanation 30 30 30 30 Balance Acct No.: 2-1200 Name: GST COLLECTED Date Credit Acct No.: 1-3330 Name: TRADE ACCOUNTS PAYABLE Date 10900.00 11350.00 Post. Ref. SJ CRJ GJ GJ Debit Credit 5099.50 2854.50 528.00 7426.00 Acct No.: Balance 5099.50 7954.00 7426.00 Name: GST PAID Acct No.: 2-1330 Date Explanation April 26 30 30 30 Post. Ref. GJ PJ CPJ GJ Debit 20.00 3022.00 987.00 3989.00 Name: GST LIABILITIES Date April 1 30 Post. Ref. Explanation 1 3437.00 1390.00 4827.00 Post. Ref. Debit Credit Balance 880.00 880.00 0.00 Acct No.: 2-1770 Explanation 1 Balance Acct No.: 2-1750 CPJ Name: WAGES PAYABLE April -20.00 3002.00 3989.00 0.00 Credit BALANCE 3 Date Debit GJ Name: LEGAL EXPENSES PAYABLE April Balance Acct No.: 2-1340 Explanation Date Credit Post. Ref. Debit Credit BALANCE Balance 400.00 12 CPJ 30 GJ 400.00 0.00 425.00 Name: CUSTOMER DEPOSITS 425.00 Acct No.: 2-1800 Post. Date Explanation Ref. Debit Credit Balance Apeil 30 CRJ 200.00 Name: LOAN - BIKER BANK Date April Acct No.: 2-2100 Explanation 1 30 Post. Ref. Debit CPJ Explanation 1 30 30 Acct No.: 3-1100 Post. Ref. GJ GJ Balance 40576.52 49370.00 89946.52 84446.52 5500.00 Explanation Post. Ref. CPJ CPJ GJ Debit Date Balance 2500.00 5500.00 0.00 5500.00 Explanation 30 GJ 30 GJ 30 GJ Credit 2500.00 3000.00 Name: PROFIT & LOSS SUMMARY April Credit Acct No.: 3-1200 Date 10 22 30 Debit BALANCE Name: DRAWINGS April Balance 50000.00 47000.00 3000.00 Name: CAPITAL-MICHAEL HARLEY April Credit BALANCE Date 200.00 Acct No.: 3-1220 Post. Ref. Debit Credit Err:509 34433.48 40576.52 Balance Err:509 Err:509 Err:509 Name: SALES -BIKES Date April Acct No.: 4-1100 Explanation 30 30 30 30 Post. Ref. SJ CRJ GJ GJ Debit April 30 30 Post. Ref. CRJ GJ Debit 950.00 30 30 Post. Ref. SJ GJ Debit Credit Explanation 30 30 30 30 80.00 0.00 80.00 Acct.: 5-1100 Post. Ref. SJ CRJ GJ GJ Explanation Balance 80.00 Debit Credit Balance 1650.00 24760.00 16275.00 26410.00 24760.00 0.00 16,275.00 10135.00 Name: INVENTORY LOSS/GAIN Date 950.00 0.00 950.00 Name: COST OF SALES - BIKES April Balance Acct.: 4-2000 Explanation Date 50915.00 79260.00 73980.00 0.00 Credit Name: FREIGHT COLLECTED April 50915.00 28345.00 Acct.: 4-1200 Explanation Date Balance 5280.00 73980.00 Name: LESSONS - INCOME Date Credit Acct No.: 5-1100 Post. Ref. Debit Credit Balance April 30 30 GJ GJ 104.00 104.00 104.00 Name: ADVERTISING Date Acct No.: 6-1000 Explanation Post. Ref. Debit Credit Balance April Name: DEPRECIATION-FURNITURE & FTTINGS Date April Explanation 30 30 Acct No.: 6-1100 Post. Ref. GJ GJ Debit Credit 50.00 April Explanation 30 30 Acct No.: 6-1120 Post. Ref. GJ GJ Debit Credit April GJ GJ Name: DISCOUNT GIVEN 450.00 0.00 450.00 Explanation 30 30 Balance 450.00 Name: DEPRECIATION - CASH REGISTER Date 50.00 0.00 50.00 Name: DEPRECIATION - MOTOR VEHICLE Date Balance Acct No.: 6-1130 Post. Ref. Debit Credit Balance 90.00 90.00 Acct No.: 6-1210 90.00 0.00 Name: DISCOUNT GIVEN Date April Acct No.: 6-1210 Explanation 30 Post. Ref. CRJ Name: DISCOUNT TAKEN Date Post. Ref. Name: WAGES & SALARIES April CPJ GJ GJ Post. Ref. CPJ GJ GJ Name: PRINTING Explanation 19 30 348.48 Debit Credit Balance Debit Credit 2350.00 425.00 Balance 2350.00 2775.00 2775.00 Acct No.: 6-2000 Date April 348.48 Balance Acct No.: 6-1930 Explanation 30 30 30 Credit Acct No.: 6-1220 Explanation Date Debit CPJ GJ Post. Ref. CPJ GJ Debit Credit 390.00 390.00 Balance 390.00 0.00 Name: RENT Acct No.: 6-2100 Date Explanation Post. Ref. Debit Credit April 0.00 Name: INTEREST EXPENSE Date April Post. Ref. CPJ GJ Debit April Credit 330.00 330.00 Name: MOTOR VEHICLE EXPENSES Date 0.00 0.00 Acct.: 9-1000 Explanation 12 30 Balance Explanation 12 27 30 Balance 330.00 0.00 Acct.: 9-1000 Post. Ref. CPJ CPJ GJ Debit Credit 510.00 620.00 Balance 510.00 1130.00 Name: SALES RETURNS Date April Explanation 30 Post. Ref. Debit GJ 5280.00 Post. Ref. Debit GJ 348.48 Credit Balance 5280.00 Name: SALES DISCOUNT Date April Explanation 30 Credit Balance 348.48 2260 565 ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Name: FREE WHEELERS Date April Explanation Post. Ref. 1 BALANCE 14 CRJ 21 SJ Debit Credit 3780.00 1072.50 Balance 3780.00 0.00 1072.50 Name: KAMIKAZE COURIERS Date April Name: Explanation 1 BALANCE 11 SJ 12 CRJ 18 CRJ 25 SJ 30 GJ Debit Credit Balance 5900.00 17424.00 23324.00 5900.00 17424.00 17424.00 0.00 23232.00 23232.00 5808.00 17424.00 RANGERS BIKE CLUB Date April Post. Ref. Explanation 15 SJ Post. Ref. Debit 14366.00 Credit Balance 14366.00 32862.50 ACCOUNTS PAYABLE SUBSIDIARY LEDGER Name: HIT THE ROAD Date April Explanation 1 11 8 23 26 Post. Ref. BALANCE PJ CPJ PJ GJ Debit Credit 220.00 1200.00 352.00 220.00 Balance 1200.00 1420.00 220.00 572.00 352.00 Name : BEST BIKES Date April Explanation 1 10 11 19 25 Name: BALANCE CPJ PJ CPJ PJ Debit Credit Balance 3560.00 3560.00 0.00 21175.00 21175.00 0.00 21175.00 10890.00 32065.00 TOMMY TEA Date April Post. Ref. 19 Explanation PJ Post. Ref. Debit Credit 605.00 Balance 605.00 33022.00 INVENTORY SUBSIDIARY LEDGER Item: BIG HEAD HELMET Item Code: BHH Date April Explanation Purchases Cost of Sales 1 BALANCE 3 SALES 4 20.00 10 SALES 5 20.00 11 PURCHASE 10 20.00 26 RETURN 20 20.00 400.00 80.00 16 20.00 320.00 100.00 11 20.00 220.00 21 20.00 420.00 13 20.00 260.00 200.00 21 SALES 23 PURCHASE Balance 8 20.00 160.00 16 20.00 320.00 29 20.00 580.00 (10) 20.00 -200.00 19 20.00 380.00 320.00 340.00 19 380.00 Item: ROAD RUNNER Item Codde: RR Date April Explanation 1 Purchases Cost of Sales Balance BALANCE 15 1650.00 24750.00 10 SALES 2 1650.00 3300.00 13 1650.00 21450.00 11 SALES 3 1650.00 4950.00 10 1650.00 16500.00 15 1650.00 24750.00 12 PURCHASES 5 1650.00 8250.00 23 PURCHASES 2 1650.00 3300.00 25 SALES 31 RETURN 4 1 1650.00 1650.00 6600.00 1650.00 13200.00 14850.00 17 1650.00 28050.00 13 1650.00 21450.00 14 1650.00 23100.00 14 23100.00 Item: COAST CRUISER Item Code: CC Date April Explanation Purchases Cost of Sales 1 BALANCE 3 SALES 1 2200.00 10 SALES 1 2200.00 12 PURCHASE 5 2 3 8 2200.00 17600.00 2200.00 7 2200.00 15400.00 2200.00 6 2200.00 13200.00 11 2200.00 24200.00 9 2200.00 19800.00 12 2200.00 26400.00 2200.00 11 2200.00 24200.00 11000.00 11 24200.00 2200.00 11,000.00 15 SALES 23 PURCHASE Balance 2200.00 2200.00 4400.00 6600.00 25 SALES 1 17600.00 2200.00 Total Beginning Inventory Item: TEE-SHIRTS Item Code: TS Date April Explanation 19 PURCHASE Purchases 100 5.50 Cost of Sales Balance 550.00 100 5.50 550.00 21 SALES 30 5.50 165.00 70 5.50 385.00 25 SALES 10 5.50 55.00 60 5.50 330.00 220.00 60 550.00 330.00 Total Closing Inventory Big Head Helmet Road Runner Coast Cruiser T-Shirt 42750.00 48010.00 16 14 11 52 20 320.00 1650 23100.00 2200 24200.00 5.5 286.00 47906 Schedules of Subsidiary Ledgers Schedule of Accounts Receivable Account Name FREE WHEELERS KAMIKAZE COURIERS RANGERS BIKE CLUB Totals Account 1072.50 17424.00 14366.00 Amount 32862.50 Schedule of Accounts Payable Account Name HIT THE ROAD BEST BIKES TOMMY TEA Totals Account 352.00 32065.00 605.00 Amount 33022.00 Schedule of Inventory on Hand Inventory item BIG HEAD HELMET ROAD RUNNER COAST CRUISER TEE-SHIRTS Totals Units on hand Total Cost 19 380.00 14 23,100.00 9 19,800.00 60 330.00 43,610.00 Trial Balance as at 30 April 2016 Acct No. Account BANK ACCOUNTS RECEIVABLE INVENTORY PREPAID ADVERTISING PREPAID RENT SHOP FITTINGS AND FIXTURES SHOP FITTINGS AND FIXTURES - ACCUM DEPRECIATION MOTOR VEHICLE - COST MOTOR VEHICLE -ACCUM DEPRECIATION CASH REGISTER - COST CASH REGISTER -ACCUM DEPRECIATION TRADE ACCOUNTS PAYABLE GST COLLECTED GST PAID GST PAYABLE LEGAL EXPENSES LIABILITIES WAGES PAYABLE CUSTOMERS DEPOSIT BANK LOAN CAPITAL-MICHAEL HARLEY DRAWINGS SALES -BIKES LESSONS - INCOME FREIGHT COLLECTED COST OF SALES - BIKES SALES RETURNS SALES DISCOUNT ADVERTISING DEPRECIATION-FURNITURE & FTTINGS DEPRECIATION - MOTOR VEHICLE DEPRECIATION - COMPUTER DISCOUNT GIVEN WAGES & SALARIES PRINTING RENT INTEREST EXPENSE Ref Debit 45398.02 32862.50 48010.00 750.00 4200.00 7500.00 Credit 3500.00 46900.00 10900.00 3400.00 33022.00 7426.00 3989.00 1390.00 0.00 0.00 200.00 47000.00 49370.00 5500.00 73980.00 950.00 80.00 24760.00 5280.00 348.48 348.48 2350.00 390.00 0.00 330.00 232316.48 227818.00 -4498.48 WORKSHEET Worksheet for the month of April Acc No Account Trial Balance BANK 45398.02 ACCOUNTS RECEIVABLE 32862.50 INVENTORY 48010.00 PREPAID ADVERTISING 750.00 PREPAID RENT 4200.00 SHOP FITTINGS AND FIXTURES 7500.00 SHOP FITTINGS AND FIXTURES - ACCUM DEPRECIATION 3500.00 MOTOR VEHICLE - COST 46900.00 MOTOR VEHICLE -ACCUM DEPRECIATION 10900.00 CASH REGISTER - COST 3400.00 CASH REGISTER -ACCUM DEPRECIATION TRADE ACCOUNTS PAYABLE 33022.00 GST COLLECTED 7426.00 GST PAID 3989.00 GST PAYABLE 1390.00 LEGAL EXPENSES LIABILITIES WAGES PAYABLE CUSTOMERS DEPOSIT 200.00 BANK LOAN 47000.00 CAPITAL-MICHAEL HARLEY 49370.00 DRAWINGS 5500.00 SALES -BIKES 73980.00 LESSONS - INCOME 950.00 FREIGHT COLLECTED 80.00 COST OF SALES - BIKES 24760.00 SALES RETURNS 5280.00 SALES DISCOUNT 348.48 ADVERTISING DEPRECIATION-FURNITURE & FTTINGS DEPRECIATION - MOTOR VEHICLE DEPRECIATION - COMPUTER DISCOUNT GIVEN WAGES & SALARIES 2350.00 PRINTING 390.00 RENT 0.00 INTEREST EXPENSE 330.00 231968.00 227818.00 WORKSHEET et for the month of April 2016 Adjustments 20.00 Adjusted Trial Balance 45398.02 32862.50 47990.00 750.00 Income Statement 7500.00 50.00 7500.00 3550.00 3550.00 46900.00 450.00 46900.00 11350.00 11350.00 3400.00 90.00 3400.00 90.00 33022.00 7426.00 90.00 33022.00 7426.00 3989.00 385.00 3989.00 385.00 200.00 47000.00 49370.00 385.00 200.00 47000.00 49370.00 5500.00 5500.00 73980.00 950.00 80.00 73980.00 950.00 80.00 24760.00 24760.00 5280.00 348.48 50.00 450.00 90.00 50.00 450.00 90.00 50.00 450.00 90.00 385.00 2735.00 390.00 0.00 330.00 2735.00 390.00 0.00 330.00 975.00 995.00 Balance Sheet 45398.02 32862.50 47990.00 750.00 223094.52 227403.00 34433.48 40576.52 75010.00 194289.52 152393.00 40576.52 194289.52 192969.52 Surf Haven INCOME STATEMENT for the month of April 2016 Revenues SALES -BIKES Less: Sales Returns Less: Sales Discount Net Sales COST OF SALES - BIKES Freight Collected Gross Profit Other revenues LESSONS - INCOME Expenses DEPRECIATION-FURNITURE & F DEPRECIATION - MOTOR VEHIC DEPRECIATION - COMPUTER WAGES & SALARIES PRINTING RENT INTEREST EXPENSE Total Expenses Net income 73,980 5,280 348 24,760 80.00 5,628 68,352 24,680 43671.52 950.00 44621.52 50 450 90 2,735 390 0 330 4045.00 40576.52 Surf Haven BALANCE SHEET as at 30 April 2016 ASSETS Current Assets BANK ACCOUNTS RECEIVABLE INVENTORY PREPAID ADVERTISING Total Current Assets Property, Plant & Equipment SHOP FITTINGS AND FIXTURES SHOP FITTINGS AND FIXTURES - ACCUM DEPR MOTOR VEHICLE - COST MOTOR VEHICLE -ACCUM DEPRECIATION CASH REGISTER - COST CASH REGISTER -ACCUM DEPRECIATION Total Property, Plant & Equipment Total Assetts Liabilites and Stockholders Equity Current Liabilites TRADE ACCOUNTS PAYABLE GST PAYABLE WAGES PAYABLE CUSTOMERS DEPOSIT Total Current Liabilites Long term Liabilites BANK LOAN Total Liabilites CAPITAL-MICHAEL HARLEY Add: Net Income Less: Drawings Total Liabilites & Owner's Capital 45398.02 32862.50 47990.00 750.00 127000.52 7500.00 3550.00 46900.00 11350.00 3400.00 90.00 3950.00 35550.00 3310.00 42810.00 169810.52 33022.00 3437.00 385.00 200.00 37044.00 47000.00 84044.00 49370.00 40576.52 89946.52 5500.00 84446.52 168490.52 1320.00 Trial Balance after closing entries Acct No. Account Ref BANK ACCOUNTS RECEIVABLE INVENTORY PREPAID ADVERTISING SHOP FITTINGS AND FIXTURES SHOP FITTINGS AND FIXTURES - ACCUM DEPRECIATION MOTOR VEHICLE - COST MOTOR VEHICLE -ACCUM DEPRECIATION CASH REGISTER - COST CASH REGISTER -ACCUM DEPRECIATION TRADE ACCOUNTS PAYABLE GST PAYABLE WAGES PAYABLE CUSTOMERS DEPOSIT BANK LOAN CAPITAL-MICHAEL HARLEY Totals Debit 45398.02 32862.50 47990.00 750.00 7500.00 46900.00 3400.00 184800.52 Credit 3550.00 11350.00 90.00 33022.00 3437.00 385.00 200.00 47000.00 84446.52 183480.52 1320.00