If the last digit of your student ID number is $1,$ use this data sheet.

Proprietor: Name: Description:

Mr$.$ lsell Holmes Realtor $21$

Real Estate Agent

The business has the following opening balances:

Additional Information:

Bank loan interest rates $(\%$ per year$)11$ Motor vehicle useful life $($years$)2$ Motor vehicle scrap value $($$$)5,156$ Insurance paid for $($months$)2$ Rent paid for $($months$)5$ Furniture useful life $($years$)2$ Furniture scrap value $($$$)0$ Closing stock of promotional materials $30/6($$$)937$ Staff work a $14$ day fortnight and are paid on the $15$th day.

Cash At Bank

Account Receivable

Motor Vehicle

Account Payable

Bank Loan $($due $2026)$

Furniture

Promotional Material Supplies

Capital $?$

Transactions:

Date Description

$1-$Jun Advertising placement fees $-$ Cash $1-$Jun Paid General Insurance

$3-$Jun Advertising placement fees $-$ Cash $7-$Jun Motor Vehicle Expenses

$9-$Jun Purchase promotional materials

$14-$Jun Advertising Expense $-$ Account $15-$Jun Payment to Account Payable

$16-$Jun Auction commission $-$ Cash

$20-$Jun Rental commission $-$ Cash

$21-$Jun Advertising Expense $-$ Cash

$23-$Jun Additional cash contributed by owner $25-$Jun Rental commission $-$ Account

$26-$Jun Auction commission $-$ Account $29-$Jun Staff Wages

Comments:

$$19,610$ $$18,074$ $$34,288$

$$9,151$ $$25,638$ $$29,609$

$$588$

Amount Date $$9291-$Jun $$2,6203-$Jun $$9593-$Jun $$5738-$Jun $$60012-$Jun $$1,49615-$Jun $$52716-$Jun $$1,80319-$Jun $$1,60521-$Jun $$65421-$Jun $$4,64624-$Jun $$1,27825-$Jun $$80029-$Jun

$$2,565$

Description Advertising placement fees $-$ Account

Rent of Business Premises

Advertising placement fees $-$ Account Payment to Account Payable

Cash Withdrawals by Owner

Staff Wages

Auction commission $-$ Cash

Sundry Expenses

Auction commission $-$ Account

Receive Payment from Account Customers Rental commission $-$ Cash

Receive Payment from Account Customers Rental commission $-$ Account

Amount $$1,153$

$$3,046$ $$870$ $$794$ $$1,051$ $$2,565$ $$1,737$ $$215$ $$838$ $$1,804$ $$1,855$ $$1,006$ $$1,309$

$-$ Assume that this assignment involves an existing business that was

$-$ Note the list of transactions is in date order, left to right, line by line.

$-$ Use three separate ledger accounts for revenue, namely rental commission, auction commission and advertisement placement fees. All revenues relate to the month of June.

$-$ Transactions involve cash unless specified as 'Account'.

$-$ Record payments for rent and insurance in prepaid accounts initially.

$-$ Information relevant to complete adjusting entries can be found in the top right section of this page.

$-$ The periods to which the rent and insurance apply commence on $1$ June.

$-$ Round your calculations to the nearest dollar. Create a balance sheet Use an accounting worksheet to analyse transactions and balance$-$day adjustments for the month's

activities, then record it in an excel worksheet. An Excel worksheet to assist you is available on

Moodle.

Based on your worksheet, prepare the Income Statement, Balance Sheet, and Statement of Cash

Flows. Show all calculations. Please refer to the formats in the prescribed textbook.

Calculate the profit if the business uses cash accounting. Show all calculations. Compare the profit

from cash and accrual accounting for the business and give $3$ reasons why the amounts are different.

Explain which accounting method is better for the business in your datasheet.

You need to submit:

$1$ Assessment Cover Sheet

$2$ Datasheet

$3$ Worksheet

$4$ Income Statement for the month of June

$5$ Balance Sheet at $1$ June $($excluding transactions on $1$ June$)$

$6$ Balance Sheet at $30$ June

$7$ Classified Statement of Cash Flow for the month of June

$8$ Analysis of difference between two profit numbers

Total

Note:

Use the Notes column of the Worksheet to describe the type of expense and income $-$

this will make your preparation of the Income Statement easier;

You may need to add the column headings of the accounting worksheet $($i$.$e$.$ the account

names$)$ and$/$or add columns$/$rows;

You must show and explain your calculation of the values of all adjusting entries. This can be

provided either in the Worksheet or on separate pages;

Formatting: ensure it fits well on an A$4$ page and is readable at Moodle;

The Statement of Cash Flows must be classified, i$.$e$.$ cash flows must be shown in the

categories of operating, investing, and financing cash flows;

You must use the Direct Method to prepare the Statement of Cash Flows. Show all calculations;

Round all monetary amounts to the nearest dollar;

All non$-$current assets are depreciated using the straight$-$line method.

If the last digit of your student ID number is $1,$

Proprietor: Mr$.$ Isell Holmes

Name: Realtor $21$

Description: Real Estate Agent

The business has the following opening balances:

Cash At Bank

Account Receivable

Motor Vehicle

Account Payable

Bank Loan $($due $2026)$

Furniture

Promotional Material Supplies

Capital

Transactions:

Date

Description

$1-$Jun Advertising placement fees $-$ Cash

$1-$Jun Paid General Insurance

$3-$Jun Advertising placement fees $-$ Cash

$7-$Jun Motor Vehicle Expenses

$9-$Jun Purchase promotional materials

$14-$Jun Advertising Expense $-$ Account