Bikes R Us is a recently formed company who commenced business on 1 September 2019. On...

   

 

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Bikes R Us is a recently formed company who commenced business on 1" September 2019. On 1 September their ledger balances were as follows: Account Name Balance $ Cash at Bank $100,000 Owners Capital Contributed $100,000 Bikes R Us buy and sell three bike models as described below. All prices include GST. Bikes R Us use a perpetual inventory system. Bike Buy price (incl. GST) Sell Price (incl. GST) Supplier Hybrid Bike $100 $150 Bikes Unlimited, Melbourne Road Bike $150 $180 Bikes Unlimited, Melbourne BMX Bike $75 $125 BMX World, Bundoora Detals of inventory items During the month of September, the following transactions occurred: Date Details 1 September Bikes R Us Purchased 30 hybrid and 20 road bikes from Bikes Unlimited on credit. They deliver the bikes on the same date along with an invoice numbered Inv0034. Bikes R Us returned 3 faulty hybrid and 2 faulty road bikes to Bikes unlimited and received credit. 2n September Bikes R Us Purchased 15 BMX bikes from BMX World on credit. They deliver the bikes on the same date along with an invoice numbered Inv0158. 2 September 3rd September Bikes R US returned 4 faulty BMX bikes to BMX World and received credit. 6* September Sold 5 hybrid bikes, 8 road bikes, and 2 BMX to Smiths Bicycles, Fitzroy, terms 2/15, n/30. You deliver the bikes on the same date. 7th September Bikes r Us granted credit to Smiths Bicycles, Fitzroy for 2 hybrid bikes returned. 8* September Sold 10 hybrid bikes to Lotsa Bikes, terms 3/15, n/30. gth September Bikes R US granted credit to Lotsa bikes, for 2 hybrid bikes returned. gth September Bikes R Us paid Bikes Unlimited in full. 10th September Bikes R Us paid BMX world in full. 12 September Bikes R Us received payment in full from Smiths Bicycles Fitzroy, less discount. 14h September Bikes R Us received payment in full from Lotsa Bikes, less discount. Bikes R Us purchased 10 hybrid and 5 road bikes from Bikes Unlimited. Bikes R Us paid 40% of the required amount and agreed pay the rest on 25 October. 25th September Bikes R Us Sold 15 hybrid bikes to Lotsa Bikes. Lotsa bikes paid 30% of the required amount and agreed to pay the rest on 28 October. 28 September 30 September Paid $3,300 incl. GST for a month's rent of your shop. Required: a) Journalise the September transactions. No narrations required (round up to whole dollars). b) Prepare a Trial Balance as at 30 September. c) Prepare a Statement of Profit or Loss for September 2019 d) Prepare a Statement of Financial Position as at 30 September 2019. Bikes R Us is a recently formed company who commenced business on 1" September 2019. On 1 September their ledger balances were as follows: Account Name Balance $ Cash at Bank $100,000 Owners Capital Contributed $100,000 Bikes R Us buy and sell three bike models as described below. All prices include GST. Bikes R Us use a perpetual inventory system. Bike Buy price (incl. GST) Sell Price (incl. GST) Supplier Hybrid Bike $100 $150 Bikes Unlimited, Melbourne Road Bike $150 $180 Bikes Unlimited, Melbourne BMX Bike $75 $125 BMX World, Bundoora Detals of inventory items During the month of September, the following transactions occurred: Date Details 1 September Bikes R Us Purchased 30 hybrid and 20 road bikes from Bikes Unlimited on credit. They deliver the bikes on the same date along with an invoice numbered Inv0034. Bikes R Us returned 3 faulty hybrid and 2 faulty road bikes to Bikes unlimited and received credit. 2n September Bikes R Us Purchased 15 BMX bikes from BMX World on credit. They deliver the bikes on the same date along with an invoice numbered Inv0158. 2 September 3rd September Bikes R US returned 4 faulty BMX bikes to BMX World and received credit. 6* September Sold 5 hybrid bikes, 8 road bikes, and 2 BMX to Smiths Bicycles, Fitzroy, terms 2/15, n/30. You deliver the bikes on the same date. 7th September Bikes r Us granted credit to Smiths Bicycles, Fitzroy for 2 hybrid bikes returned. 8* September Sold 10 hybrid bikes to Lotsa Bikes, terms 3/15, n/30. gth September Bikes R US granted credit to Lotsa bikes, for 2 hybrid bikes returned. gth September Bikes R Us paid Bikes Unlimited in full. 10th September Bikes R Us paid BMX world in full. 12 September Bikes R Us received payment in full from Smiths Bicycles Fitzroy, less discount. 14h September Bikes R Us received payment in full from Lotsa Bikes, less discount. Bikes R Us purchased 10 hybrid and 5 road bikes from Bikes Unlimited. Bikes R Us paid 40% of the required amount and agreed pay the rest on 25 October. 25th September Bikes R Us Sold 15 hybrid bikes to Lotsa Bikes. Lotsa bikes paid 30% of the required amount and agreed to pay the rest on 28 October. 28 September 30 September Paid $3,300 incl. GST for a month's rent of your shop. Required: a) Journalise the September transactions. No narrations required (round up to whole dollars). b) Prepare a Trial Balance as at 30 September. c) Prepare a Statement of Profit or Loss for September 2019 d) Prepare a Statement of Financial Position as at 30 September 2019. Bikes R Us is a recently formed company who commenced business on 1" September 2019. On 1 September their ledger balances were as follows: Account Name Balance $ Cash at Bank $100,000 Owners Capital Contributed $100,000 Bikes R Us buy and sell three bike models as described below. All prices include GST. Bikes R Us use a perpetual inventory system. Bike Buy price (incl. GST) Sell Price (incl. GST) Supplier Hybrid Bike $100 $150 Bikes Unlimited, Melbourne Road Bike $150 $180 Bikes Unlimited, Melbourne BMX Bike $75 $125 BMX World, Bundoora Detals of inventory items During the month of September, the following transactions occurred: Date Details 1 September Bikes R Us Purchased 30 hybrid and 20 road bikes from Bikes Unlimited on credit. They deliver the bikes on the same date along with an invoice numbered Inv0034. Bikes R Us returned 3 faulty hybrid and 2 faulty road bikes to Bikes unlimited and received credit. 2n September Bikes R Us Purchased 15 BMX bikes from BMX World on credit. They deliver the bikes on the same date along with an invoice numbered Inv0158. 2 September 3rd September Bikes R US returned 4 faulty BMX bikes to BMX World and received credit. 6* September Sold 5 hybrid bikes, 8 road bikes, and 2 BMX to Smiths Bicycles, Fitzroy, terms 2/15, n/30. You deliver the bikes on the same date. 7th September Bikes r Us granted credit to Smiths Bicycles, Fitzroy for 2 hybrid bikes returned. 8* September Sold 10 hybrid bikes to Lotsa Bikes, terms 3/15, n/30. gth September Bikes R US granted credit to Lotsa bikes, for 2 hybrid bikes returned. gth September Bikes R Us paid Bikes Unlimited in full. 10th September Bikes R Us paid BMX world in full. 12 September Bikes R Us received payment in full from Smiths Bicycles Fitzroy, less discount. 14h September Bikes R Us received payment in full from Lotsa Bikes, less discount. Bikes R Us purchased 10 hybrid and 5 road bikes from Bikes Unlimited. Bikes R Us paid 40% of the required amount and agreed pay the rest on 25 October. 25th September Bikes R Us Sold 15 hybrid bikes to Lotsa Bikes. Lotsa bikes paid 30% of the required amount and agreed to pay the rest on 28 October. 28 September 30 September Paid $3,300 incl. GST for a month's rent of your shop. Required: a) Journalise the September transactions. No narrations required (round up to whole dollars). b) Prepare a Trial Balance as at 30 September. c) Prepare a Statement of Profit or Loss for September 2019 d) Prepare a Statement of Financial Position as at 30 September 2019. Bikes R Us is a recently formed company who commenced business on 1" September 2019. On 1 September their ledger balances were as follows: Account Name Balance $ Cash at Bank $100,000 Owners Capital Contributed $100,000 Bikes R Us buy and sell three bike models as described below. All prices include GST. Bikes R Us use a perpetual inventory system. Bike Buy price (incl. GST) Sell Price (incl. GST) Supplier Hybrid Bike $100 $150 Bikes Unlimited, Melbourne Road Bike $150 $180 Bikes Unlimited, Melbourne BMX Bike $75 $125 BMX World, Bundoora Detals of inventory items During the month of September, the following transactions occurred: Date Details 1 September Bikes R Us Purchased 30 hybrid and 20 road bikes from Bikes Unlimited on credit. They deliver the bikes on the same date along with an invoice numbered Inv0034. Bikes R Us returned 3 faulty hybrid and 2 faulty road bikes to Bikes unlimited and received credit. 2n September Bikes R Us Purchased 15 BMX bikes from BMX World on credit. They deliver the bikes on the same date along with an invoice numbered Inv0158. 2 September 3rd September Bikes R US returned 4 faulty BMX bikes to BMX World and received credit. 6* September Sold 5 hybrid bikes, 8 road bikes, and 2 BMX to Smiths Bicycles, Fitzroy, terms 2/15, n/30. You deliver the bikes on the same date. 7th September Bikes r Us granted credit to Smiths Bicycles, Fitzroy for 2 hybrid bikes returned. 8* September Sold 10 hybrid bikes to Lotsa Bikes, terms 3/15, n/30. gth September Bikes R US granted credit to Lotsa bikes, for 2 hybrid bikes returned. gth September Bikes R Us paid Bikes Unlimited in full. 10th September Bikes R Us paid BMX world in full. 12 September Bikes R Us received payment in full from Smiths Bicycles Fitzroy, less discount. 14h September Bikes R Us received payment in full from Lotsa Bikes, less discount. Bikes R Us purchased 10 hybrid and 5 road bikes from Bikes Unlimited. Bikes R Us paid 40% of the required amount and agreed pay the rest on 25 October. 25th September Bikes R Us Sold 15 hybrid bikes to Lotsa Bikes. Lotsa bikes paid 30% of the required amount and agreed to pay the rest on 28 October. 28 September 30 September Paid $3,300 incl. GST for a month's rent of your shop. Required: a) Journalise the September transactions. No narrations required (round up to whole dollars). b) Prepare a Trial Balance as at 30 September. c) Prepare a Statement of Profit or Loss for September 2019 d) Prepare a Statement of Financial Position as at 30 September 2019.

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