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Please can you assist in completing the below journal entries: 30/6/2022 Delivery Vehicle (ie. Vehicle B) registration number 123-PJA (asset number 125, purchased 1/7/2021 for



Please can you assist in completing the below journal entries:


30/6/2022

Delivery Vehicle (ie. Vehicle B) registration number 123-PJA (asset number 125, purchased1/7/2021 for $25,000 ex GST, estimated useful life 5 years, $0 residual value, 22.5% DV depreciation rate) stolen and destroyed by fire. Complete the disposal entries for this stolen asset. (Insurance implications are not to be considered for this transaction)

(Record these journals in the Balance Day Adjustment journal area)


Balance Day Adjustments
30/6/2022

You have been notified that Delightful Diner has gone into liquidation. The unpaid balance relates to Invoice 7252 dated05/03/2022. Write off the amount owing, $1,680, as a bad debt.

(Hint: When you write off the bad debt, remember the rule stated in the Accounting Standard AASB1031, refer to the theory question Q11)


30/6/2022

An adjustment entry for the prepaid cleaning contract -with Abbattoir Services Pty Ltd - $13,200 (included GST) was paid on 15/6/2022 for cleaning services covering 6 months period from1/6/2022 to30/11/2022.

(Hint: Remember the rule stated in the Accounting Standard AASB1031, refer to the theory question Q11. In your calculation remember to consider these points: How much the prepaid expense was planned for each month, and how much prepaid expense had been utilized in the month of June, and how much prepaid expense remaining at end of June.)


30/6/2022 Wages need to be accrued for June $1,100
30/6/2022 Depreciation to be recorded for the year for remaining assets (ie. the Equipment, and the Vehicle A). (Assume the opening Accumulated Depreciation is correct in the Depreciation Schedule).
30/6/2022 Closing inventory balance(ie. After stock take) $36,900


AND the closing entries


General Journal




Date Details Folio Debit Credit
Part B Closing Entries



30/6/2022











(Write back open inventory)









30/06/2022











(Trading revenue transferred)









30/06/2022

















(Close and trandfer to Trading)









30/06/2022











(Stock take at 30 June 2022- record closing stock)









30/06/2022











(Transfer gross profit to P & L account)









30/06/2022

















(Transfer other revenue to P & L account)









30/06/2022











































































































(Close and transfer other expenses to P & L account)









30/06/2022











(Transfer net profit to capital)









30/06/2022











(Close drawings to capital)















AND The depreciation Schedule:



















Asset Register - Delivery Vehicle B
Asset Name: Delivery Vehicle
Rego No.: 123-PJA
Asset No:
125


Date Purchased:
1/7/2021


Location:




Estimated Life:
5


Estimated Residual Value:
0


Depreciation Rate/Method:
22.50% Date Sold/Disposed: 30/6/2022
Purchased From:

Disposal Value: 0



Gain/Loss on disposal:

Date Asset Cost Depreciation Accumulated Depreciation Carrying Amount
1/7/2021 $ 25,000.00

$ 25,000.00




$ -






















































Depreciation Schedule - all Assets - 30/6/2022




















Asset Details Date Purchased Purchase Cost Depreciation Rate Depreciation Method Days to Depreciate Carrying Amount at Beginning Opening Accumulated Depreciation Depreciation Expense Closing Accumulated Depreciation Carrying Amount at End
Equipment









Shrink wrap Machine 5/11/2020 2,314.20 10% SL- Straight Line
2,164.20 150.00








2,164.20 150.00
























Motor Vehicles









Delivery Vehicle A 1/7/2020 32,000 22.50% DV- Diminishing Value
24,800.00 7,200.00


Delivery Vehicle B 1/7/2021 25,000 22.50% DV- Diminishing Value
25,000.00


25,000.00

Disposal of Delivery Vehicle B














49,800.00 7,200.00 - - 25,000.00












Below is the trial balance before any depreciation, balance day adjustments and closing entries.


Trial Balance at 30.6.22

Account Number Account Name DR CR
1-1100 MyBank Cheque Account 29,749.57
1-1160 Petty Cash 120.00
1-2000 Accounts Receivable 31,658.40
1-3000 Inventory(Opening balance) 35,100.00
1-5100 Equipment at Cost 2,314.20
1-5200 Accumulated Dep'n - Equipment
150.00
1-5300 Delivery Vehicle at Cost 57,000.00
1-5400 Accum Dep'n- Delivery Vehicles
7,200.00
2-2000 Accounts payable
29,229.00
2-3010 GST Collected
3,606.85
2-3030 GST Paid 3,111.89
2-5010 PAYG Withholding
840.00
2-6100 Bank Loan - Vehicles
22,800.00
3-1000 Capital, S Golden
64,756.78
3-2000 Drawings, S Golden 1,155.00
4-1000 Sales
136,226.91
4-4000 Delivery Charges
780.00
4-5000 Interest Received
16.80
5-1000 Purchases 64,741.09
5-4000 Freight Paid on Purchases 360.00
6-1100 Delivery Vehicle Expenses 744.72
6-2000 Bank Charges 85.80
6-2200 Discount Expense 336.21
6-2300 Interest Paid 318.00
6-3000 Insurance Expense 752.40
6-3300 Admin Expenses 288.36
6-3350 Postage 17.45
6-3400 Telephone Expense 912.00
6-3550 Stationery 24.55
6-4000 Office Rent 6,750.00
6-4100 Abattoir Maintenance(Cleaning Expenses) 13,380.00
6-5000 Superannuation Expense 1,080.00
6-5100 Wages & Salaries Expense 15,600.00
6-5200 Staff Amenities 6.70

Total 265,606.34 265,606.34



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