QUESTION FOUR FINANCIAL STATEMENTS 42 MARKS

Robyn Cool is the owner of Ice Cream Treats Ltd.

The following is an extract from the Trial Balance prepared by the accountant on 30 June 2021.

You must account for GST where appropriate.

ICE CREAM TREATS LTD TRIAL BALANCE (EXTRACT) AS AT 30 JUNE 2021
Bank	59,592	Accounts Payable	4,200
Accounts Receivable	2,684	Tax Payable	4,102
Term Deposit (4% due 28/6/25)	6,000	Sales	151,000
Wages Office	56,550	Interest on Term Deposit	240
Bad Debts	350	Allowance for Doubtful Debts	30
Shop Fittings (cost)	85,000	Accumulated Depreciation Shop Fittings	8,500
Advertising	5,000	Share Capital (20,000 fully paid shares)	60,000
Cost of Goods Sold	47,500	Loan (5% p.a. due 2030)	60,000
Goodwill	20,000	Retained Earnings, 1 April 2021	28,800
Insurance	14,600	Commission Received	3,000
Interest on Loan	3,000
Dividends	3,000
Inventory, 30 June 2021	1,000
Electricity	10,500
Sales Returns	2,300
Tax Expense	2,796
	319,872		319,872

ICE CREAM TREATS LTD

STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)

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Assets:	Notes	$	$	$