The following is a trial balance from the ledger of Lunatiques as at 30th June, 2018

Lunatiques

Trial Balance as at 30 June 2018

Accounts Receivable 28,500

Bank 19,500

Inventory 69,160

Buildings 314,830

Office Equipment 4,750

Accounts Payable 32,000

GST Payable 3,000

Capital 413,415

Drawings 5,000

Sales 172,965

Commission Income 4,035

Cost of Good sold 105,590

Delivery Expense (outwards) 2,375

Electricity 7,660

Insurance 16,140

Rates 11,190

Rent 2,420

Salaries 27,350

Telephone 10,950

$625,415 $625,415

a) Prepare the closing General Journal entries including the transfer of the net profit (loss) and the transfer of drawings to capital

b) Post the general journal entries to the Trading account and Profit & Loss account in the general Ledger

The Perpetual inventory system is used