From the pre-adjustment account listing of Ann Gourie, shown in figure 11.20, and the relevant balance day adjustments, prepare an 8-column worksheet for the year ended 31 March 2022.

The following adjustments are required.

a A stocktake values inventory at $12 160, indicating it is overstated $290; $319 ($290 + $29 GST).

b Depreciation of buildings at 2.5% p.a.

c Depreciation of motor vehicle at 15% p.a.

d Rent received in advance $750.

e Wages accrued $480.

f Insurance paid in advance $1610.

g Tax invoice for $265 stationery received but tax invoice not yet processed.

h Interest on overdraft accrued $1050.

i Additional bad debt write-off $242 ($220 + $22 GST).

j Allowance for doubtful debts is adjusted to 5% of (adjusted) accounts receivable, rounded to the nearest dollar.

Transcribed Image Text:

Account Balances of Ann Gourie as at 31 March 2022 Accounts Receivable Control Allowance for Doubtful Debts Inventory GST Receivable Land Buildings Accumulated Depreciation - Buildings Motor Vehicles Accumulated Depreciation - Motor Vehicles Bank Overdraft Accounts Payable Control GST Payable Capital Sales Rent Received Cost of Sales Stationery Wages Insurance Bad Debts Expense Interest on Overdraft 37 598 1340 12 450 2 265 67 000 45 200 2 520 20 700 9 857 16 400 23 830 4 030 38 318 211 327 3993 91 172 1476 28 992 2832 1550 380