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The post-closing trial balance at 30 June 2019 of Payneham Professional Services is shown below. PAYNEHAM PROFESSIONAL SERVICES Post-Closing Trial Balance as at 30 June 2019 Account no. Debit Credit Account 1100 1101 1102 1106 1110 1111 2200 2201 3000 $ 14 800 9 440 1220 1320 28 720 Cash at bank Accounts receivable Prepaid rent Office supplies Furniture and equipment Accumulated depreciation - furniture and equipment Accounts payable Salaries payable Tat Chiang, Capital $ 9720 5440 420 39920 $ 55500 $ 55500 Transactions completed during the year ended 30 June 2020 are summarised below. 1. 2. 4. 5. Collections on accounts receivable totalled 582 060. Consulting fees of 588 150 were receivable during the year. Clients are invoiced after services are provided and are given 30 days in which to pay. 3. Rent paid in advance was S14 580. Office supplies were purchased during the year for S380 in cash and S420 plus GST on credit. Tat withdrew $25 000 for private use. 6. Salary payments amounted to $31 940, of which S420 was for salaries accrued to the end of the year ending 30 June 2020. 7. Advertising totalling S3360 was purchased on credit. 8. Electricity expense of S3600 was paid. 9. Accounts payable of S2880 were paid. The following additional information should be considered for adjusting entries. 10. Unused office supplies on hand at the end of the year totalled S760. 11. Depreciation on the furniture and equipment is $4600. 12. Salaries earned but not paid amount to S1180. 13. Rent paid in advance in transaction 3. Rent for 6 months of 57290 plus GST was paid in advance on 1 August and 1 February. Page Break The ledger accounts of Payneham Professional Services are shown below 1100 14 580 1/7/19 Balance b/d (1) Accounts receivable 380 25 000 Cash at Bank 14 800 (3) Prepaid rent. 82 060 (4) Office supplies (5) T. Chiang, Drawings (6) Salaries exp/payable (8) Electricity exp (9) Accounts payable 30/6/20 Balance cd 96 860 31 940 3 600 2 880 18 480 96 860 1/7/20 Balance b/d 18 480 Accounts Receivable 1101 1/7/19 Balance b/a (2) Consulting fees rev 9 440 (1) Cash at bank 88 150 30/6/20 Balance c/d 97 590 15 530 82 060 15 530 97 590 1/7/20 Balance b/d 1102 1/7/19 Balance b/d (3) Cash at bank Prepaid Rent 1 220 (14) Rent expense 14 580 30/6/20 Balance c/d 14 585 15 800 1215 15 sod 1/7/20. Balance b/d 1215 1106 1/7/19 Balance bd (4) Cash/accounts payable Orice Supplies 1 320 (11) Office supplies expense SOD 30/6/20 Balanse c/d 1360 760 2 120 1/7/20 Balance bid 2 120 760 1/7/10 Balance bid Furniture and Equipment 28 720 1110 2200 5440 (9) Cash at bank 30/6/20 Balance c/d 420 Accounts Payable 2 880 1/7/19 Balance bd 6340 (4) Office supplies (7) Advertising 9 220 1/7/20 Balance bd 3 360 9 220 6 340 2201 420 (6) Cash at bank 30/6/20 Balance c/d Salaries Payable 4201/7/19 Balance bld 1180 (13) Salaries expense 1600 1/7/20 Balance b/d 1180 1600 1180 3000 Tat Chiang Capital (d) T. Chiang, Drawings 16 000 1/7/19 Balance b/d 30/6/20 Balance c/d 25 200 (c) Por L Summary 41 200 1/7/20 Balance bd 37 040 18 070 41 200 25 200 Tat Chiang. Drawings 25 000 (d) T. Chiang. Capital (5) Cash at bank 3301 25000 3320 Profit or Loss Summary (b) Expenses 60205 (a) Income (Revenues) (c) T. Chiang Capital 27945 881 SO 88150 88150 -Page Break Consulting Fees Revenue 88150 (2) Accounts receivable 4400 (a) Por L Summary 88 150 5500 32700 (6) Cash at bank (13) Salaries payable Salaries Expense 31 520 (b) Por L Summary 1180 32700 32700 5503 Electricity Expense 3 600 (b) Por L Summary (8) Cash at bank 3600 5504 Advertising Expense 3 360 (b) Por L. Summary (7) Accounts payable 3360 5505 Depreciation Expense Furniture and Equipment (12) Accum. depreciation 4600 (b) Por L Summary 4600 Rent Expense 14585 (b) Por L Summary 5512 (14) Prepaid rent 14585 Office Supplies Expense 1360 (b) Por L Summary 5513 (11) Office supplies 1360 Required (a) Prepare a 10 column worksheet for the year ended 30 June 2020. (6) Prepare a Statement of Profit or Loss for the year ended 30 June 2020. (c) Prepare a Statement of Changes in Equity for the year ended 30 June 2020. (d) Prepare a statement of Financial Position as at 30 June 2020. (e) Make any necessary adjusting and closing entries for 30 June 2020 (1) Make any suitable reversing entries on 1 July 2020. () Prepare a post-closing trial balance as at 30 June 2020. (b) Do you think Payneham Professional Services is in good financial position Analyse and explain (500 words)
