Trial Balance at 30.6.22

This Trial Balance was prepared by Business to Business Accounting Pty Ltd

(Trial Balance was prepared PRIOR to any Depreciation, Balance Day Adjustments and Closing Entries)

Account NumberAccount NameDRCR1-1100MyBank Cheque Account29,749.571-1160Petty Cash120.001-2000Accounts Receivable31,658.401-3000Inventory (Opening balance)35,100.001-5100Equipment at Cost2,314.201-5200Accumulated Depn - Equipment150.001-5300Delivery Vehicle at Cost57,000.001-5400Accum Depn- Delivery Vehicles7,200.002-2000Accounts payable29,229.002-3010GST Collected3,606.852-3030GST Paid3,111.892-5010PAYG Withholding840.002-6100Bank Loan - Vehicles22,800.003-1000Capital, S Golden64,756.783-2000Drawings, S Golden1,155.004-1000Sales136,226.914-4000Delivery Charges780.004-5000Interest Received16.805-1000Purchases64,741.095-4000Freight Paid on Purchases360.006-1100Delivery Vehicle Expenses744.726-2000Bank Charges85.806-2200Discount Expense336.216-2300Interest Paid318.006-3000Insurance Expense752.406-3300Admin Expenses288.366-3350Postage17.456-3400Telephone Expense912.006-3550Stationery24.556-4000Office Rent6,750.006-4100Abattoir Maintenance (Cleaning Expenses)13,380.006-5000Superannuation Expense1,080.006-5100Wages & Salaries Expense15,600.006-5200Staff Amenities6.70Total265,606.34265,606.34

Chart of Accounts

1-0000Assets

1-1000 Current Assets

1-1100 MyBank Cheque Account (BSB:111-111 Acc no: 88888888)

1-1160 Petty Cash

1-2000 Accounts Receivable Control

1-3000 Inventory

1-4000 Prepaid Expenses

1-5000 Non-Current Assets

1-5100 Equipment at Cost

1-5200 less Accum Dep Equipment

1-5300 Delivery Vehicle at Cost

1-5400 less Accum Dep Delivery Vehicle

2-1000 Current Liabilities

2-2000 Accounts Payable Control

2-3000 GST Liabilities

2-3010 GST Collected

2-3030 GST Paid

2-5000 Payroll Liabilities

2-5010 PAYG Withholding Payable

2-5020 Superannuation Payable

2-5500 Accrued Expenses

2-6000 Non-Current Liabilities

2-6100 Bank Loan - Truck

3-0000 Equity

3-1000Capital, S Golden

3-2000Drawings, S Golden

4-0000 Income

4-1000 Sales

4-4000 Delivery Charges

4-5000 Interest Revenue

4-6000 Other income

4-7000 Profit/Loss on Disposal of Assets

5-0000Cost of Sales

5-1000 Purchases

5-4000 Freight Paid on Purchases

6-0000Expenses

6-1000 Advertising

6-1100 Delivery Vehicle Expenses

6-2000 Bank Charges

6-2100 Bad Debts Expense

6-2200 Discount Expense

6-2300 Interest Paid

6-2400 Disposal

6-3000 Insurance Expense

6-3200 Depreciation Expense (For All Assets)

6-3300 Admin Expenses

6-3350 Postage

6-3400 Telephone Expense

6-3550 Stationery

6-4000 Office Rent

6-4100 Abattoir Maintenance (Cleaning Expenses)

6-5000 Superannuation Expense

6-5100 Wages & Salaries Expense

6-5200 Staff Amenities

7-0000 Trading and Profit & Loss

7-1000 Trading Account

7-2000 Profit & Loss Account

Transactions

DateDetails$30/6/2022

Delivery Vehicle (ie. Vehicle B) registration number 123-PJA (asset number 125, purchased 1/7/2021 for $25,000 ex GST, estimated useful life 5 years, $0 residual value, 22.5% DV depreciation rate) stolen and destroyed by fire. Complete the disposal entries for this stolen asset. (Insurance implications are not to be considered for this transaction)

(Record these journals in the Balance Day Adjustment journal area)

Balance Day Adjustments30/6/2022

You have been notified that Delightful Diner has gone into liquidation. The unpaid balance relates to Invoice 7252 dated 05/03/2022. Write off the amount owing, $1,680, as a bad debt.

(Hint: When you write off the bad debt, remember the rule stated in the Accounting Standard AASB1031, refer to the theory question Q11)

30/6/2022

Prepare an adjustment entry for the prepaid cleaning contract with Abbattoir Services Pty Ltd - $13,200 (included GST) was paid on 15/6/2022 for cleaning services covering 6 months period from 1/6/2022 to 30/11/2022.

(Hint: Remember the rule stated in the Accounting Standard AASB1031, refer to the theory question Q11. In your calculation remember to consider these points: How much the prepaid expense was planned for each month, and how much prepaid expense had been utilized in the month of June, and how much prepaid expense remaining at end of June.)

30/6/2022Wages need to be accrued for June$1,10030/6/2022Depreciation to be recorded for the year for remaining assets (ie. the Equipment, and the Vehicle A). (Assume the opening Accumulated Depreciation is correct in the Depreciation Schedule).30/6/2022Closing inventory balance (ie. After stock take)$36,900

Golden Steer General Journal (DO NOT INCLUDE ANY REVERSAL ENTRIES. APPROPRIATE DATE AND FOUO NUMBERS MUST BE ENTERED FOR AU JOURNALS) \begin{tabular}{|l|l|l|} \hline Folio & Debit & Credit \\ \hline \end{tabular} General Journal Golden Steer General Journal (DO NOT INCLUDE ANY REVERSAL ENTRIES. APPROPRIATE DATE AND FOUO NUMBERS MUST BE ENTERED FOR AU JOURNALS) \begin{tabular}{|l|l|l|} \hline Folio & Debit & Credit \\ \hline \end{tabular} General Journal