Question
The business has the following opening balances: Additional Information: Cash At Bank $13,828 Bank loan interest rates (% per year) 10 Account Receivable $23,633 Motor
The business has the following opening balances: Additional Information: Cash At Bank $13,828 Bank loan interest rates (% per year) 10 Account Receivable $23,633 Motor vehicle useful life (years) 5 Motor Vehicle $32,620 Motor vehicle scrap value ($) 2,277 Account Payable $8,047 Insurance paid for (months) 3 Bank Loan (due 2022) $23,727 Rent paid for (months) 3 Medical Equipment $39,855 Medical equipment useful life (years) 4 Office Supplies $604 Medical equipment scrap value ($) 3,557 Medical Supplies $1,660 Closing stock of office supplies on 30/6 ($) 861 Capital ? Closing stock of medical supplies on 30/6 ($) Staff work a 14 day fortnight and are paid on the 15th day. 1,779 Transactions: Date Description Amount Date Description Amount 1-Jun Paid
Using the provided data, you will analyse and transform it, then submit the following:
10-column worksheet
Properly classified income statement for the month ended 30 June 2019
Statement of changes in equity for the month ended 30 June 2019
Properly classified balance sheet as at 30 June 2019
Comments: - Assume that this assignment involves an existing business that was purchased by the new owner on 1 June 2019. - Note the list of transactions is in date order, left to right, line by line. - Use three separate ledger accounts for revenue, namely pet consultation, vaccination and desexing fees. All revenues relate to the month of June. - Transactions involve cash unless specified as 'Account'. - Record payments for rent and insurance in prepaid accounts initially. - Information relevant to complete adjusting entries can be found in the top right section of this page. - The periods to which the rent and insurance apply commence on 1 June. Comments: - Assume that this assignment involves an existing business that was purchased by the new owner on 1 June 2019. - Note the list of transactions is in date order, left to right, line by line. - Use three separate ledger accounts for revenue, namely pet consultation, vaccination and desexing fees. All revenues relate to the month of June. - Transactions involve cash unless specified as 'Account'. - Record payments for rent and insurance in prepaid accounts initially. - Information relevant to complete adjusting entries can be found in the top right section of this page. - The periods to which the rent and insurance apply commence on 1 JuneStep by Step Solution
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