Manage Screenshots X File Home Share View Picture Tools (230) Samvidhaan - (230) pradhanma PDE Individual Assignment ACCIAIS.F X + X X Quig C go.xero.com/app/onboard - U @ File | C:/Users/DELL/Downloads/Individual%20Assignment%20ACC1AIS.pdf . . . De Do 2 of 16 - + 2 | A' Read aloud | \\ Draw Highlight Erase H Do Pic eng Trial Balance as at 31 August 2020 Account Debit Credit Scr Cash at bank $166,483.00 Accounts receivable $1,148,178.00 Onel Prepaid Fire insurance $30,000.00 Inventory $1,325,800.40 This Store Building $700,000.00 Accumulated Depreciation - Store building $125,000.00 Delivery Van $80,000.0 De Accumulated Depreciation - Delivery Van $16,800.00 Accounts payable $705,120.00 Do Loan payable - Building Head Office $117,604.88 Do Unearned delivery revenue $49,600.00 Capital $1,497,039.94 My Sales revenue $1,043,798.20 Pic Interest expense - 8% annually $1,568.06 Fire Insurance expense $6,000.00 Salaries expense $50,000.0 Warehouse rent expense $4,400.00 telecommunication expense $1,360.00 I S GST $197,743.30 Vid Allowance for Doubtful Debts - 10% $104,379.82 Provision for warranty - 5% $52,189.92 EOS $3,711,532.76 $3,711,532.76 DA All figures included within the Trial Balance are GST exclusive except for accounts receivable and accounts payable. Netv 0 items Type here to search ^ - )) ENG 11:34 AM 16-09-2020Manage Screenshots X File Home Share View Picture Tools (230) Samvidhaan - (230) pradhanma PDE Individual Assignment ACCIAIS.F X + X X Quig C go.xero.com/app/onboard -> | File | C:/Users/DELL/Downloads/Individual%20Assignment%20ACC1AIS.pdf . . . De Do 3 of 16 - + 2 |A' Read aloud | \\ Draw Highlight Erase H Do Pic eng Accounts receivable: 100 items of SKU112820, 150 items of SKU112821, 80 items of SKU112822, 70 items of SKU112823, 100 items of SKU112824, 110 items of SKU112825, 110 Scr tems of SKU112826 are sold on 15 August 2020 on credit to Bike Friday. Due date is 18 September 2020 Onel Items sold on 15 August 2020 Sales price (incl. GST) Total receivable (incl. GST) SKU112820 - 100 items $1,698.00 $169,800 This SKU112821 - $3,198.00 $479,700 SKU112822 - 80 items $1,718.00 $137,440 SKU112823 - 70 items $2,398.00 $167,860 De SKU112824 - 100 items $1,098.00 $109,800 Do SKU112825 - 110 items $359.90 $39,589 SKU112826 - 110 items $399.90 Do $43,989 Total incl. GST $1,148,178 My Accounts payable: 150 items of SKU112820, 160 items of SKU112821, 110 items of Pic SKU112822, 100 items of SKU112823, 100 items of SKU112824, 140 items of SKU112825, 140 items of SKU112826 are purchased on 20 August 2020 on credit from Bike Works. Due date is 20 September 2020 I S Items purchased on 20 August Purchase price (incl. GST) Total payable (incl. GST) 2020 Vid SKU112820 - 150 items $849.00 $127,350 SKU112821 - 160 item $1,599.00 $255,840 EOS SKU112822 - 110 items $859.00 $94,490 DA SKU112823 - 100 items $1,199.0 $119,900 SKU112824 - 100 items $549.00 $54,900 Netv SKU112825 - 140 items $178.00 $24,920 SKU112826 - 140 items $198.0 $27,720 Total incl. GST $705,120 1 item Type here to search NO ^ - ()) ENG 11:34 AM 16-09-2020Manage Screenshots X File Home Share View Picture Tools PDE Individual Assignment ACCIAIS.F X + X (230) pradhanma X (230) Samvidhaan - Quig C go.xero.com/app/onboard -> O @ File | C:/Users/DELL/Downloads/Individual%20Assignment%20ACC1AIS.pdf . .. De Do 4 of 16 + 2 | A Read aloud | \\ Draw V Highlight Erase Do Inventories on hand at 31 August 2020: 450 items of SKU112820, 210 items of SKU112821, Pic 330 items of SKU112822, 130 items of SKU112823, 200 items of SKU112824, 280 items of SKU112825, 150 items of SKU112826, and 140 items of SKU112827. eng Items on hand 31 August 2020 Purchase price (excl. GST) Total excl GST SKU112820 - 450 items $771.82 $347,319.00 SKU112821 - 210 items $1,453.6 $305,264.40 Scr SKU112822 - 330 items $780.90 $257,697.00 SKU112823 - 130 items $1,090.00 $141,700.00 Onel SKU112824 - 200 items $499.10 $99,820.00 SKU112825 - 280 items $161.8 $45,309.60 SKU112826 - 150 items $180.00 $27,000.00 This SKU112827 - 140 items $726.36 $101,690.40 Total excl GST $1,325,800.40 De Do Further Information Do Salaries expense $25,000 per month My Warehouse rent expense $2,420 per month incl. GST Pic Telecommunication expense $748 per month incl. GST Allowance for doubtful debts 10% of the Accounts Receivable Provision for warranty 5% of the sales revenue I S Interest expense on loan (Building Head Office) | Calculated at 8% per annum Vid Delivery Van Purchased on 1 July 2019 at $88,000 EOS Incl. GST, with a useful life of 5 years, and $8,000 residual value. It is DA depreciated using the straight-line method. Netv Store Building Purchased on 1 July 2016, at $770,000 incl. GST with a useful life of 20 years, and $100,000 residual value. It is depreciated using the straight-line method Fire insurance On 1" July 2020, you paid $39,600 incl. GST for a twelve-month fire insurance policy to Berkshire Group. 2 items Type here to search 9 ^ - 1)) ENG 11:35 AM 16-09-2020Manage Screenshots X File Home Share View Picture Tools PDE Individual Assignment ACCIAIS.F X + X X (230) Samvidhaan - (230) pradhanma Quig C go.xero.com/app/onboard - U @ File | C:/Users/DELL/Downloads/Individual%20Assignment%20ACC1AIS.pdf . .. De Do 5 of 16 - + 2 | A' Read aloud | Draw V Highlight Erase H Do Pic Items eng Refer to the Workshop 2 Help-sheet if you need detailed help to create new items. Scr Item code Item name Buy price Sell price (Incl. GST) (Incl. GST) Onel SKU112820 Road Bikes $849.00 $1,698.00 This SKU112821 Commuter & Recreation Bikes $1,599.00 $3,198.00 De SKU112822 Mountain Bikes $859.00 $1,718.00 Do SKU112823 Cyclocross Bikes $1,199.00 $2,398.00 Do SKU112824 Folding Bikes $549.00 $1,098.00 My SKU112825 Touring Bikes $178.00 $359.90 Pic SKU112826 BMX Bikes $198.00 $399.90 SKU112827 Cruiser Bikes $799.00 $1,598.00 I S Vid EOS DA Netv 3 items Type here to search ^ - 1)) AENG 11:35 AM 16-09-2020Manage Screenshots X File Home Share View Picture Tools X X (230) Samvidhaan - (230) pradhanma PDE Individual Assignment ACCIAIS.F X + Quig C go.xero.com/app/onboard -> | File | C:/Users/DELL/Downloads/Individual%20Assignment%20ACC1AIS.pdf . .. De Do 6 of 16 - +2 | A Read aloud | Draw Highlight v Erase Do Pic Period one: 1 September to 5 September 2020 eng Date Details 1 September You borrowed $104,000 from the Northern Bank on a short-term loan. The money is to be used to purchase welding machinery. The principle, Scr plus 7.5% annual interest, will be paid in 3 months. Onel 1 September You purchased 20 items of SKU112820, 10 SKU112821, 15 SKU112822, and 12 SKU112823 from Focus Bikes. You received all the stocks ordered This and paid 20% of the purchase price together with the freight of $253 incl. GST. You agreed to pay Focus Bikes the balance on 5th October. 1 September You paid $11,440 incl. GST for a three-month product liability insurance De policy to Society Insurance Do 1 September You received $46,750 incl. GST cash in advance from clients for a one-year Do subscription to your company featured magazine, "RideOn" 1 September You received $76,560 incl. GST in advance from Gocycle for repair of My bicycles. Pic 2 September You spent $1,496 incl. GST on miscellaneous office supplies at Officeworks. You paid for these from your bank account. Consider purchase of supplies as a prepaid sur account. 2 September You spent $102,850 incl. GST on a welding machinery and paid for it by using your bank account. You estimate that the machinery will have a I S useful life of 5 years, during which you are planning to produce 40,000 units of new bike pedals. The residual value of the machinery is $13,500. Vid Actual number of units of pedals that will be produced within the next EOS twelve months will be 2,400 units. Record the purchased of machinery on this date. Note that the trial Company in Xero does not allow you to add DA an asset to the register or create asset types as we did in Demo Company in Week 6 so you'll need to just record this transaction as an asset Netv purchase 3 September You sold 40 SKU112820 and 20 SKU112822 to Ideal Bikes. Ideal Bikes paid you the full amount into your bank account. 4 September You sold 80 SKU112826 and 60 SKU112825 to Road Riders. Road Riders paid you a deposit of 75% of the total sale into your bank account and agreed to pay the remaining 25% on 4th October. Details of transactions for Period 1: 1 to 5 September 2020 4 items Type here to search 9 ^ - 1)) 7ENG 11:35 AM 16-09-2020Manage Screenshots X File Home Share View Picture Tools (230) pradhanma PDE Individual Assignment ACCIAIS.F X + X X (230) Samvidhaan - Quig C go.xero.com/app/onboard -> O @ File | C:/Users/DELL/Downloads/Individual%20Assignment%20ACC1AIS.pdf . .. De Do 7 of 16 + 2 | A Read aloud | \\ Draw Highlight v Erase Do Period two: 6 September to 12 September 2020 Pic Date Details eng 6 September You spent $5,500 incl. GST on a computer at Digi-Com and paid for it from your bank account. You estimate it will have a useful life of 3 years and be worth $713.61 at the end of the 3 years. Computer is depreciated using the diminishing balance method and the rate of depreciation is 41%. Record Scr the purchase of the computer on this date Onel 6 September You transferred surplus cash out of the Bank Account to an Investment Account. You realised that you don't need all your capital sitting in the low interest working bank account so have transferred $70,000 into a higher This interest-bearing account. Record this movement in a journal entry This account will pay you 2.5% interest per annum, credited monthly on the 6th of each month into your account. De Do 7 September You sold 40 SKU112822 and 60 SKU112823 Road Eagles on account, term 2/8, n/30 Do 8 September You purchased 25 SKU112824, 15 SKU112825, and 15 SKU112827 on credit My from Blissful Pedals. Pic 9 September You sold 36 SKU112824 and 28 SKU112820 to Urban Tour. Urban Tour paid you a deposit of 85% of the total sale into your bank account and agreed to pay the remaining 15% on 16th October. 10 September You sold 30 SKU112821 and 40 SKU112825 to Just Cycles. Just Cycles paid I S you a deposit of 75% of the total sale into your bank account and agreed to pay the remaining 25% on 10th October Vid 10 September You received $8,192 credit (incl. GST) for damaged items including 4 EOS SKU112820 and 4 SKU112823 returned to Focus Bikes. DA 10 September You sold 40 SKU112823 and 48 SKU112827 to Champion Wheels. Champion Wheels paid you a deposit of 90% of the total sale into your bank account and agreed to pay the remaining 10% on 27th September. Netv 10 September You opened an account with Apache Petrol to pay for fuel for the delivery van 11 September You sold 20 SKU112820 to Bicycle Workshop on account. Bicycle Workshop agreed to pay the amounts due on 12 September 2020. Details of transactions for Period 2: 6 to 12 September 2020 5 items Type here to search 9 ^ - 1)) ENG 11:35 AM 16-09-2020Manage Screenshots X File Home Share View Picture Tools PDE Individual Assignment ACCIAIS.F X + X X (230) Samvidhaan - (230) pradhanma Quig C go.xero.com/app/onboard -> O @ File | C:/Users/DELL/Downloads/Individual%20Assignment%20ACC1AIS.pdf . .. De Do 8 of 16 - + 2 | A Read aloud | Draw V Highlight v Erase Do Pic Period three: 13 September to 19 September 2020 eng Date Details 13 September You sold 60 SKU112822, 60 SKU112825 and 30 SKU112827 to The Cycle Gear. The Cycle Gear paid you a deposit of 85% of the total sale Scr into your bank account and agreed to pay the remaining 15% on 25th September. Onel 14 September You received the full payment less discount from Road Eagles for their This purchase on 7th September. 15 September You paid Ad Ready $7,959.6 incl. GST for online advertisements. These De ads will run over the next 3 months, with an end date of 15th December 2020. Do 16 September You sold 30 SKU112825 and 30 SKU112827 to Bike Gallery. Bike Gallery Do paid you the full amount into your bank account. My 17 September You sold 20 SKU112821 and 24 SKU112825 to Bike & Run. Bike & Run Pic paid you a deposit of 90% of the total sale into your bank account and agreed to pay the remaining 10% on 22 September. 17 September You paid an invoice for the current period's fuel bill of $165 incl. GST from Apache Petrol plus 1% transaction fee. Transaction fee includes I S GST. Vid 17 September Paid Blissful Pedals in full for the purchase on 8th September. EOS 18 September After several attempts to collect receivables from Bicycle Workshop DA you finally write off Bicycle Workshop accounts as bad. Netv 18 September You received 90% of the receivables from Bike Friday. Bike Friday greed to pay the remaining 10% on 18 October. Details of transactions for Period 3: 13 to 19 September 2020 6 items Type here to search ^ - 1)) ENG 11:35 AM 16-09-2020Manage Screenshots X File Home Share View Picture Tools + X X (230) Samvidhaan - (230) pradhanma PDE Individual Assignment ACCIAIS.F X Quig C go.xero.com/app/onboard -> | File | C:/Users/DELL/Downloads/Individual%20Assignment%20ACC1AIS.pdf . .. De Do 9 of 16 - + 2 | A' Read aloud | Draw V Highlight Erase H Do Pic Period Four: 20 September to 26 September 2020 eng Date Details Scr 20 September You sold 70 SKU112825 and 106 SKU112824 to Bike Town on Onel account, term 3/10, n/30 20 September You paid 35% of the accounts payable to Bike Works. You promised Bike Works to pay the remaining 65% on 20 October. This 21 September You sold 80 SKU112822 and 100 SKU112820 to Buzz Bikes on account, term 2/10, n/30. De 22 September You granted Buzz Bikes $10,308 credit (incl. GST) for 6 SKU112822 Do returned. Do 23 September You sold 20 SKU112822 and 60 SKU112821 to Rockrider. Rockrider paid you the full amount into your bank account. My Pic 24 September You sold 22 SKU112821 and 58 SKU112820 to Cycle City. Cycle City paid you a deposit of 85% of the total sale into your bank account and agreed to pay the remaining 15% on 16" October. 24 September You paid an invoice for this period's fuel bill of $165 incl. GST from I S Apache Petrol plus 1% transaction fee. Transaction fee includes GST. Vid Details of transactions for Period 4: 20 to 26 September 2020 EOS DA Netv 7 items Type here to search ^ - 1)) AENG 11:35 AM 16-09-2020Manage Screenshots X File Home Share View Picture Tools (230) Samvidhaan - PDE Individual Assignment ACCIAIS.F X + X X (230) pradhanma Quig C go.xero.com/app/onboard -> O @ File | C:/Users/DELL/Downloads/Individual%20Assignment%20ACC1AIS.pdf . .. De Do 10 of 16 - + | A> Read aloud | Draw Highlight v Erase Do Pic Period Five: 27 September to 29 September 2020 eng Date Details 27 September You sold 30 SKU112822 and 60 SKU112820 to Bike Lane on account, Scr term 3/6, n/30. Onel 27 September You received the full payment less discount from Bike Town for their purchase on 20th September This 28 September You granted Bike Lane $8,590 credit Incl. GST for 5 SKU112822 returned. De 28 September You sold 80 SKU112820 and 24 SKU112823 to Race Time. Race Time Do paid you the full amount into your bank account. Do 28 September You paid $4,235 cash to satisfy warranty claims on faulty products. My 29 September You sold 40 SKU112822 to Bike Buddies. Bike Buddies paid you the full Pic amount into your bank account. 29 September You sold 40 SKU112824 and 28 SKU112820 to Bike Palace. Bike Palace paid you a deposit of 90% of the total sale into your bank account and agreed to pay the remaining 10% on 8th October I S 29 September You received the full payment from Buzz Bikes for the sales on 21"t Vid September, less discount. EOS 29 September You received the full payment from Bike Lane for the sales on 27th DA September, less discount. Netv 29 September You are informed that Bike Palace is gone into liquidation and as such you are not able to collect the remaining receivables from Bike Palace. You write off the remaining receivables as bad 29 September You sold the computer that your purchased on 6 September for $4,500 cash incl. GST. Details of transactions for Period 5: 27 to 29 September 2020 8 items Type here to search 9 ^ - 1)) ENG 11:35 AM 16-09-2020