Question
Question 2 The following is a list of balances from the ledger of Senior Peter after trading for the year ended 30 June 2013. Land
Question 2
The following is a list of balances from the ledger of Senior Peter after trading for the year ended 30 June 2013.
Land and Buildings | $ 783,000 |
Motor Vehicles | 45,000 |
Plant & Machinery | 194,000 |
Bank Overdraft | 65,400 |
Office Furniture and Equipment | 24,600 |
Accounts Receivable | 70,000 |
Accumulated Depreciation Plant & Machinery | 10,000 |
Accumulated Depreciation Office Furniture and Equipment | 1,800 |
Accumulated Depreciation - Motor Vehicle | 2,000 |
Sales | 1,110,800 |
Inventory 30th June 2013 | 36,000 |
Depreciation | 2,800 |
Cost of Goods Sold | 921,000 |
Mortgage | 168,000 |
Bad Debts Recovered | 1,000 |
Salaries Office Staff | 30,000 |
Accounts Payable | 40,000 |
GST Collected | 29,600 |
Capital | 768,420 |
Insurance | 1,400 |
Advertising | 5,000 |
Office Expenses | 11,400 |
Long Service Leave Expense | 800 |
Bad Debts | 1,420 |
Drawings | 18,000 |
Salaries Sales Staff | 54,000 |
Accrued Income | 800 |
Prepaid Expenses | 1,500 |
Provision for Long Service Leave | 2,500 |
Rent Income | 1,200 |
Note the Perpetual Inventory System is used.
Required:
a) Prepare a Classified Income Statement for the year ended 30 June 2013. (15 marks)
b) Prepare a Classified Balance Sheet as at 30 June 2013. (15 marks)
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