Question
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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