INDIVIDUAL ASSESSMENT 1 (100 marks) Question Daryl operates Unity Enterprise which deals in medical supplies. Its unadjusted trial balance as at 30 June 2020 is given as follows: Un adjusted Trial Balance as at 30 June 2020 Dr ($) C($) 1.800.500 18,974 55,100 15,660 3,750 86,010 69,400 325.568 The following additional information was extracted from the records towards the end of the financial period. 1. Credit sales of $6,500 was recorded as cash sales in error 2. Unity Enterprise owed a credit supplier $40,500 and settled the amount early and was given a 2% cash discount. The accounts clerk recorded the payment, but the discount was not recorded. 3 A cheque of $4,880 paid to a trade creditor, Nellie, was recorded in the accounts as $4,088 $ 4. Payment of $15,300 for shipping goods to customers in June 2020 was made in July 2020. S. Commission income received of $12,660 for period from 1 April 2020 to 30 September 2020 had been received but not recorded. 6. Insurance expense shown in the trial balance above was for the period from 1 May 2020 to 30 September 2020. 7. The 5% bank loan was taken on 1 July 2019. The interest expense has been paid to 31 December 2019 for this financial year ending 30 June 2020. 8. Annual depreciation on fixed assets were as follows: Office equipment - $18,300 Motor vehicles $26,260 9. Rent income of $2,400 for June 2020 has neither been received nor recorded. 10. A physical count on 30 June 2020 revealed stocks on hand to be $209,432. 150,000 Accounts Titles Sales Rent income Utilities expense Maintenance expense Interest expense Advertising expense Insurance expense Salaries and wages expense Bank Loan, due in 2030 Office equipment Motor vehicles Accumulated depreciation as at 1 July 2019 Office equipment Motor vehicles Capital - Daryl Drawings - Daryl Inventory, 1 July 2019 Cash at Bank Trade receivables Purchases Discounts Trade payables Returns inwards Returns out wards Carriage on purchases Carriage on sales 190,700 310,120 86,650 93,446 210,345 63,518 74,400 210,650 264.460 748.600 4.200 1,100 113,885 29.170 26,080 18.246 30,728 2,500,980 2,500,980 Required: (a) Prepare the necessary general journal entries to record transactions (1) to (9). Narrations are not required. (Hint: For some transactions, you will need to create new accounts which are not shown on the trial balance.) (40 marks) (b) Prepare the following financial statements for Unity Enterprise (1) Statement of Comprehensive Income for the year ended 30 June 2020 (11) Statement of Financial Position as at 30 June 2020 (60 marks) INDIVIDUAL ASSESSMENT 1 (100 marks) Question Daryl operates Unity Enterprise which deals in medical supplies. Its unadjusted trial balance as at 30 June 2020 is given as follows: Un adjusted Trial Balance as at 30 June 2020 Dr ($) C($) 1.800.500 18,974 55,100 15,660 3,750 86,010 69,400 325.568 The following additional information was extracted from the records towards the end of the financial period. 1. Credit sales of $6,500 was recorded as cash sales in error 2. Unity Enterprise owed a credit supplier $40,500 and settled the amount early and was given a 2% cash discount. The accounts clerk recorded the payment, but the discount was not recorded. 3 A cheque of $4,880 paid to a trade creditor, Nellie, was recorded in the accounts as $4,088 $ 4. Payment of $15,300 for shipping goods to customers in June 2020 was made in July 2020. S. Commission income received of $12,660 for period from 1 April 2020 to 30 September 2020 had been received but not recorded. 6. Insurance expense shown in the trial balance above was for the period from 1 May 2020 to 30 September 2020. 7. The 5% bank loan was taken on 1 July 2019. The interest expense has been paid to 31 December 2019 for this financial year ending 30 June 2020. 8. Annual depreciation on fixed assets were as follows: Office equipment - $18,300 Motor vehicles $26,260 9. Rent income of $2,400 for June 2020 has neither been received nor recorded. 10. A physical count on 30 June 2020 revealed stocks on hand to be $209,432. 150,000 Accounts Titles Sales Rent income Utilities expense Maintenance expense Interest expense Advertising expense Insurance expense Salaries and wages expense Bank Loan, due in 2030 Office equipment Motor vehicles Accumulated depreciation as at 1 July 2019 Office equipment Motor vehicles Capital - Daryl Drawings - Daryl Inventory, 1 July 2019 Cash at Bank Trade receivables Purchases Discounts Trade payables Returns inwards Returns out wards Carriage on purchases Carriage on sales 190,700 310,120 86,650 93,446 210,345 63,518 74,400 210,650 264.460 748.600 4.200 1,100 113,885 29.170 26,080 18.246 30,728 2,500,980 2,500,980 Required: (a) Prepare the necessary general journal entries to record transactions (1) to (9). Narrations are not required. (Hint: For some transactions, you will need to create new accounts which are not shown on the trial balance.) (40 marks) (b) Prepare the following financial statements for Unity Enterprise (1) Statement of Comprehensive Income for the year ended 30 June 2020 (11) Statement of Financial Position as at 30 June 2020 (60 marks)