Ten Column Worksheet as at 30 June 2013 Verona Spaceships Pty Ltd
	Trial Balance		Adjustments		Trading Acc		P&L Account		Balance Sheet
	Dr	Cr	Dr	Cr	Dr	Cr	Dr	Cr	Dr	Cr
Inventory	20,000
Accounts Receivable	13,400
Allowance for doubtful debts		340
Bank	10,600
Land and Buildings	87,200
Furniture and Fittings	16,800
Acc Depreciation Furniture and fittings		5,100
Motor Vehicle	70,860
Acc Depreciation MV		28,000
Accounts Payable		9,020
GST Clearing(GST Payable)		3,000
Mortgage		21,000
Capital		136,000
Drawings	9,800
Sales		97,000
Rental income		3,600
Interest income		800
Cost of goods sold	36,000
Advertising	2,400
Insurance	5,000
Lease expenses	1,300
Postage	400
Salaries	28,900
Bad Debt	1,200
	303,860	303,860

Question 1 Verona Spaceships Pty Ltd maintains inventory on a perpetual basis and advises you of the following: The following adjustments are required to be completed for the year ended 30 June 2013 Further Bad debt of $2,000 GST $0 (exempt from GST) to be written off. Allowance (Provision) for doubtful debts to be increased to 5% of Accounts Receivable balance. Annual insurance premium of $3,600 (GST exclusive) was paid on February 1, 2013. Account for the amount that has been prepaid at 30 June 2013. Salaries and wages to be accrued at 30 June 2013 is $9,800 Rental Income received in Advance $440 Depreciation for the year (not recorded in the accounts) was . Motor Vehicle $15,500 Furniture and Fittings $4,500 Required From the above information and the Trial Balance (already posted to the 10 column worksheet on the following page): ial Balance (already posted to the 1. Post all necessary balance day adjustments to the Ten Column Worksheet. 2. Balance the worksheet to calculate the Gross and Net Profit amounts. 3. Prepare a Classified Income Statement for the year ended 30 June 2013 4. Prepare a Classified Balance Sheet as at 30 June 2013 Note - the Perpetual Inventory system is used