QUESTION

AppGoo General Store Limited, a company registered in Fiji had the following assets and liabilities on 1 June:

Bank overdraft $11,810

VAT Collected $1,330

Inventory $34,800

VAT Paid $200

Term Deposit $90,000

Term loan $38,000

Plant & Equipment - Cost $12,000

Share capital $58,260

P&E - Accumulated Depreciation $7,600

Retained earnings $19,500

Accounts Receivable:

Heavy Headbanger - $5,800

Mary Mead - $6,200

Accounts Payable:

Green Point - $6,500

Normie Nock - $6,000

During January the following transactions took place:

Date REF # Item Amount (VIP)

1-Jun-21 Chq 001 Paid Rent $2,289.00

3-Jun-21 INV 601 Sold Goods on Credit to Heavy Headbanger (Cost Price $1750) $3,815.00

5-Jun-21 INV 602 sold Goods on Credit to Mary Mead (Cost Price $450) $981.00

8-Jun-21 Chq 002 Purchased Inventory for cash $1,199.00

8-Jun-21 INV 603 Sold Goods on Credit to Betty Bundy (Cost Price $650) $3,488.00

8-Jun-21 C/N 43 Mary Mead Returned goods (Cost $90) $163.50

11-Jun-21 Rec 114 Received from Heavy Headbanger $1,000.00

15-Jun-21 INV R254 Purchased goods on credit from GreenPoint Ltd $2,289.00

16-Jun-21 INV 1148 Purchased goods on credit from Normie Nock $1,962.00

17-Jun-21 INV 1478 Purchased goods on Credit from ABC Ltd $2,810.02

18-Jun-21 Rec 115 Cash Sales (Cost $500) $817.50

18-Jun-21 Chq 003 Paid Wages $1,100.00

18-Jun-21 CN 102 Returned goods to Green Point $152.60

20-Jun-21 Chq 004 Owner withdrew Cash for own use $200.00

21-Jun-21 Chq 005 Brought Stationary for Cash $163.50

23-Jun-21 INV 604 Credit Sale to Mercury Ltd (Cost 900) $1,635.00

24-Jun-21 INV Credit Sale to DEF Ltd (Cost 870) $1,962.00

25-Jun-21 Rec 116 Interest Received $540.00

25-Jun-21 Chq 006 Paid Wages $1,100.00

27-Jun-21 Chq 007 Paid Green Point Amount Owing to Date

28-Jun-21 Chq 008 Paid for Advertising $207.10

28-Jun-21 Rec 117 Mary Mead Paid Account to date

Required:

(a) Enter Opening balance into general and subsidiary ledgers.

(b) Enter above Transactions into Specialised Journal.

(c) Post to the general and subsidiary ledgers.

(d) Prepare Schedule of accounts receivable and payable as at 30th June.

(e) Prepare trial balance as at 30th June.