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ACClAIS Workshop 5 preparation Question Bikes R Us is a recently formed company who commenced business on 1St February 2018. On 1 February their ledger balances were as follows: Cash at Bank 100,000 Owners Capital Contributed 100,000 Bikes R Us buy and sell three bike models as described below. All prices include GST. Bikes R Us use a perpetual inventory system. mmm Hybrid Bike Bikes Unlimited, Melbourne Road Bike Bikes Unlimited, Melbourne BMX Bike BMX World, Bundoora Details of inventory items During the month of February the following transactions occurred: Date 1St Purchased 30 hybrid and 20 road bikes from Bikes Unlimited. They deliver the bikes on February 2"d February along with an invoice numbered |nv0034 and give you 7 days to pay their account. February along with an invoice numbered |nv0158 and give you 14 days to pay their account Sold 5 hybrid bikes, 8 road bikes, and 2 BMX to Smiths Bicycles, Fitzroy. You deliver the February bikes and the invoice. They pay you cash on delivery. 7th Sold 10 hybrid bikes to Lotsa Bikes. You deliver the bikes and the invoice and give them February 7 days to pay. 9th Paid $6,000 to Bikes Unlimited February 14th February 16th February 18th Paid $3,000 for a month's rent of your shop. GST is not payable on this rental contract. February Received $1,000 from Lotsa Bikes Paid $1,125 to BMX World Purchased 10 hybrid and 5 road bikes from Bikes Unlimited. They deliver the bikes on February 27th February along with an invoice numbered |nv0068 and give you 7 days to pay their account. 28th Sold 15 hybrid bikes to Lotsa Bikes. You deliver the bikes and the invoice and give them February 7 days to pay. M [II 3* Required: a) Enter the beginning balances in the ledger T accounts as of 1St February b) Journalise the February transactions, including narrations (round up to whole dollars) c) Post these journal entries to the ledger T accounts prepared in part a) d) Prepare a Trial Balance as at 28 February 2018 e) Prepare a Statement of Prot or Loss for February 2018 f) Prepare a Statement of Financial Position as at 28 February 2018. Bikes R Us Ledger T Accounts (a) & (c) Ledger T accounts Cash at Bank Owners Capital Contributed \f(d) Trial Balance Bikes R Us Trial Balance as at 28 February 2018 Account Name Cash Owners Capital Contributed (e) Statement of Prot or Loss Bikes R Us Statement of profit or loss for the month ended 28 February 2018 Sales Less Cost of Goods Sold Gross Profit Less Operating Expenses: Total Operating Expenses Profit (Loss) Debit S "'8 Credit S "'6 (1') Balance Sheet Bike R Us Statement of financial position as at 28 February 2018 Assets Current assets Cash Total current assets Non-current assets Total assets Liabilities Current liabilities Total current liabilities Non-current liabilities Total liabilities Net Assets Eguity Total equity