A trial balance for Flemington Fashions Pty Ltd is shown below.

Required

(a) Prepare a worksheet for Flemington Fashions Pty Ltd. Use the following information to make adjusting entries.

i. Supplies on hand at 30 June, $260.

ii. Depreciation on the store equipment, $8385.

iii. Interest accrued on the loan payable, $1980.

iv. Income tax expense and payable for the year, $19 600.

(b) Prepare an income statement, a statement of changes in equity and a balance sheet for the year ended 30 June 2020.

(c) Prepare closing entries.

Transcribed Image Text:

Account Cash at bank Accounts receivable Inventory Supplies Store equipment Accumulated depreciation - FLEMINGTON FASHIONS PTY LTD Unadjusted Trial Balance as at 30 June 2020 store equipment Debit $ 42245 45 175 59 360 825 94 630 Credit