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Francis Book Shop (FBS) is a business located in Hamilton Francis, the owner started the store as a sole trader on 1 July 2019. He provides you with the following information for the year ended 30 June 2020: On 1 July 2019, Francis deposited his savings into a business bank account to start up $48,000 the business. On 1 July 2019, a bank loan (repayable over a 15-year period) was approved to FBS and $43,500 was deposited into the business bank account. On 1 July 2019, Equipment and Fittings were purchased using cash. The equipment and $15,000 fittings were expected to last 5 years with a scrap value of $5.000. On 1 July 2019, Rental Bond for business premises was paid (this bond will be returned $12,000 at the end of the five year lease if the premises remain in good condition) On 1 January 2020, Francis invested his vehicle into the business to deliver goods to $10,000 customers. The vehicle is expected to last 10 years with no scrap value. On 1 September 2019, Francis purchased a new projector for his brother. Francis $6,000 purchased these items using funds from the business bank account. The projector has expected life for five years with $100 residual value On 1 December 2019, Francis purchased a TV on credit for the staff common room $5,000 [payment was due in 3 years). The TV is expected to last for 5 years with $500 as its scrap value. Cash collected from customers during the year (the amount includes $18,000 for goods $119.000 to be provided next year Still owing from customers at the end of the year (to be collected next year) $20.000 Cash paid for products to resell in the business $56,000 Owing for products at the end of the year (to be paid next year $10.000 Cost of unsold products on hand at the end of the year (to be sold next year) $30,000 Operating Expenses paid (includes Wages, Advertising, Phone and Electricit $41,000 Operating Expenses owing and unpaid for the year ended 30 June 2020 $3,000 Rent of business premises: Monthly rental is paid in advance (13 months have been paid $16,900 between 1 July 2019 and 31 July 2020) Francis made cash drawings from the business bank account for his personal expenses $28,000 during the year. Bark long-term loan principal repayments were made $2.900 Interest paid on the bank loan (109) $4,350 On 30 June 2020, Francis went to Dunedin for a road trip. He paid for the holiday using $5,000 personal funds Francis arranged a bank overdraft facility for his business $100,000 The Cash at Bank: balance at 30 June 2000 was $28.350 Francis is keen to evaluate how well his business has perfomed for the first year of operations. Francis Book Shop (FBS) is a business located in Hamilton Francis, the owner started the store as a sole trader on 1 July 2019. He provides you with the following information for the year ended 30 June 2020: On 1 July 2019, Francis deposited his savings into a business bank account to start up $48,000 the business. On 1 July 2019, a bank loan (repayable over a 15-year period) was approved to FBS and $43,500 was deposited into the business bank account. On 1 July 2019, Equipment and Fittings were purchased using cash. The equipment and $15,000 fittings were expected to last 5 years with a scrap value of $5.000. On 1 July 2019, Rental Bond for business premises was paid (this bond will be returned $12,000 at the end of the five year lease if the premises remain in good condition) On 1 January 2020, Francis invested his vehicle into the business to deliver goods to $10,000 customers. The vehicle is expected to last 10 years with no scrap value. On 1 September 2019, Francis purchased a new projector for his brother. Francis $6,000 purchased these items using funds from the business bank account. The projector has expected life for five years with $100 residual value On 1 December 2019, Francis purchased a TV on credit for the staff common room $5,000 [payment was due in 3 years). The TV is expected to last for 5 years with $500 as its scrap value. Cash collected from customers during the year (the amount includes $18,000 for goods $119.000 to be provided next year Still owing from customers at the end of the year (to be collected next year) $20.000 Cash paid for products to resell in the business $56,000 Owing for products at the end of the year (to be paid next year $10.000 Cost of unsold products on hand at the end of the year (to be sold next year) $30,000 Operating Expenses paid (includes Wages, Advertising, Phone and Electricit $41,000 Operating Expenses owing and unpaid for the year ended 30 June 2020 $3,000 Rent of business premises: Monthly rental is paid in advance (13 months have been paid $16,900 between 1 July 2019 and 31 July 2020) Francis made cash drawings from the business bank account for his personal expenses $28,000 during the year. Bark long-term loan principal repayments were made $2.900 Interest paid on the bank loan (109) $4,350 On 30 June 2020, Francis went to Dunedin for a road trip. He paid for the holiday using $5,000 personal funds Francis arranged a bank overdraft facility for his business $100,000 The Cash at Bank: balance at 30 June 2000 was $28.350 Francis is keen to evaluate how well his business has perfomed for the first year of operations
