Please help with Part B C D! Thank you. It's ALL ABOUT THE QUESTIONS. I have posted ALL INFORMATION of this questions. There are NO MORE information of this question to give! I don't know why you guys keep saying need more information.......

QUESTION 1 PART A 20 marks You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. WHITELEY LTD Unadjusted Trial Balance as at 30 June 2019 Account Debit Credit $960 000 260 000 72 000 30 000 24 800 60 300 450 000 36 000 38 800 157 200 115 400 Share capital (960 000 shares fully paid) General reserve Retained earnings Revaluation surplus Current tax liability Accounts payable Debentures Bank overdraft (current) Other liabilities (current) Land $480 000 Buildings 828 000 Accumulated depreciation - buildings Office equipment 192 000 Accumulated depreciation office equip. Delivery vehicles 84 000 Accounts receivable 87 200 Allowance for Doubtful debts Inventory (1 July 2018) 288 000 Investments 190 000 Prepaid insurance 10 000 Sales Interest revenue Purchases 298 000 Sales returns and allowances 2 600 Purchases returns and allowances Freight inwards 12 900 Freight outwards 10 800 Wages expense 128 200 Interest expense 12 250 Advertising expense 37 000 Income tax expense 24 800 Administrative expenses 120 750 $2 806 500 2 500 589 900 7 200 2 400 $2 806 500 Required: Prepare General Journal entries, including narrations, to record the following transactions in the template provided. Whiteley Ltd transactions during 2019/2020: An Account Receivable is to be written off as uncollectible for the amount of $2 036. Additional interest owing on debentures and bank overdraft was $12 150. The directors have decided to transfer $20 000 to the general reserve from retained earnings. Dividends of 15c per share were recommended. An interim dividend of $25 000 had been paid during the year and debited in the Retained earnings account. The company issued 20 000 bonus shares valued at $1 each out of the revaluation surplus. Whiteley Ltd end of financial year adjustments: Depreciation to be recorded for the full year on buildings at the rate of 5% p.a., and on furniture at the rate of 10% p.a. Delivery vehicles were purchased on January 1, 2019. The units of production method is used for depreciation purposes based on kilometres travelled during an accounting period. Using the following information record the depreciation expense for 30 June, 2019. Delivery vehicles travelled 40 000 km's in the period since January 1. Cost 84 000 Residual value 8 000 Useful life 200 000 km's Interest due on investments amounted to $12 000. Prepaid insurance at the end of the year amounted to $3000. Record the estimated Bad debts expense of 0.5% for the year ending 30 June, 2019 based on the percentage of net credit sales method. (NB: All sales are on a credit basis). Note: No adjusting entry is made for beginning and ending inventory. Under the periodic inventory system, these items would be amended as part of closing entries. 2019 June 30 D R R 2,036 2,036 12,150 12,150 Profit and Loss Account Receivable (To written off Account Receivable) Interest Expenses Interest Payable (To book Additional Interest Expense) Retained Earnings General Reserve (Being amount transferred to general reserve from retained earnings) Retained Earnings Dividend Reserve (To recognise Dividend Liability from Retained Earnings) 20,000 20,000 119,000 119,000 20,000 20,000 41,400 41,400 19,200 (Dividend 15c per share= (960,000* 0.15) - 144,000= 119,000) Revaluation Surplus Share Capital (Being bonus shares issued out of Revaluation Surplus) Depreciation Accumulated Depreciation- Building (To provide Depreciation Expense for building) (828,000* 5%=41,400) Depreciation Accumulated Depreciation - Office Equipment (To provide Depreciation Expense for Office Equipment) (192,000* 10%= 19,200) Depreciation Accumulated Depreciation- Delivery Vehicles (To provide Depreciation Expense for Delivery Vehicles) Interest Revenue Interest Receivable (To recognise Interest Revenue) 19,200 15,200 15,200 12,000 12,000 7,000 7,000 Insurance Expense Prepaid Insurance (To book Insurance Expense) Insurance Expense= 10,000- 3,000= 7,000 2,937 2,937 Bad and Doubtful Debts Expense Allowance for Doubtful Debts (To recognise Allowance for Bad & Doubtful debts) Net Sales=589,900-2,600587,300 Bad Debts=587,300* 0.5%= 2,937 PART B 25 marks Required: Prepare a detailed classified Income Statement for Whiteley Ltd. as at June 30, 2019 taking into account the transactions recorded in Part A. Inventory on hand after a physical stocktake at 30 June 2019 amounted to $398 000. WHITELEY LTD Income Statement for the year ended 30 June 2019 INCOME Sales Less: Sales returns and allowances Net sales Cost of sales: Beginning inventory Purchases Less: Purchases returns & allowances Freight inwards Ending inventory Cost of sales GROSS PROFIT Other income: Interest on investments EXPENSES Selling and distribution expenses Freight outwards Depreciation expense - delivery vehicles Advertising expense Wages expense Total selling and distribution expenses Administrative expenses: Administrative expenses Depreciation - office equipment Depreciation - buildings Insurance expense Total administrative expenses Finance expenses Interest on debentures and overdraft Bad debts Total finance expenses TOTAL EXPENSES Profit before income tax Income tax expense LOSS PARTC 5 marks Required: Prepare the Retained Earnings account to determine the final balance for the year ending 30 June, 2019 taking into account relevant journal entries from Part A. Retained Earnings PART D 20 marks Required: Prepare a detailed classified Balance Sheet for Whiteley Ltd. as at June 30, 2019 taking into account the transactions recorded in Part A. WHITELEY LTD Balance Sheet as at 30 June 2019 CURRENT ASSETS Accounts Receivable Less: Allowance for doubtful debts Inventory Interest Receivable Prepaid Insurance TOTAL CURRENT ASSETS NON-CURRENT ASSETS Investments Land Buildings Accumulated Depreciation Delivery Vehicles Accumulated Depreciation Furniture and Equipment Accumulated Depreciation TOTAL NON-CURRENT ASSETS TOTAL ASSETS CURRENT LIABILITIES Accounts Payable Bank Overdraft Current Tax Liability Interest Payable Other TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Debentures TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY: Share Capital 980 000 shares issued at $1 General Reserve Revaluation Surplus Retained Earnings TOTAL EQUITY