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Need to fill in worksheet Total Assets Liabilities Owners Equity 7 Accountancy is Fun Ltd 8 Worksheet 9 For the year ending 30 June 2021
Need to fill in worksheet
Total Assets Liabilities Owners Equity 7 Accountancy is Fun Ltd 8 Worksheet 9 For the year ending 30 June 2021 10 Current Assets Non-Current Assets Current Liabilities Non-Current Liabilities Owners Equity 11 Bank Loan Capital Profit/Loss Accounts Receivable Furniture & Fittings Furniture & Fittings ccumulated Depreciation Accounts Payable Accrued Wages Inventory 3,500 12,500 10,000 50,000 (5,000) 7,000 500 18,500 40,000 $5,000 12 13 14 15 16 Balance @ beginning 17 18 Transactions/Adjustments 19 1 Credit Purchases of inventory $27,500 20 2 Cash Sales $25,000 21 3. Credit Sales $32,500 22 4. Paid Accounts Payable $12,500 23 5.a Paid wages $10,000 24 5.b Wages owing at 30 June 2021 $1,500 25 6. $6,500 in rent was paid during the year. Rent is charged at $500 per month 26 7. Collection from Accounts Receivable $15,000 27 8. Interest paid on the Loan $750 28 9 Insurance expense incurred but not yet recorded $2,500 29 10 Paid a subscription of $3,000 for the period 1 April 2021 to 31 January 2022 30 11. Wages bonus of $10,000 for good performance this year. 31 12. Electricity of $2,000 for the period March 2021 to June 2021 not paid 32 13. Depreciation of Furniture & Fittings 10% of cost 33 14 Bad debts written off using the direct method $1,500 34 15. Dividends paid at 30 June 2021 of $2,000 35 16. Stock at end of June 2020 $22,500 36 37 38 Balance @endStep by Step Solution
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