6a) Complete the attached spreadsheet containing the Worksheet, Income Statement for the year ending 30 June 2021 and Balance Sheet as at 30 June 2021.
 

 

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Current Assets Bank Accts Receivable Inventory Non-Current Assets Furniture & Fittings Less: Acc Depn Total Assets 3,500 12,500 10,000 Accounting is Fun Ltd Balance Sheet As at 30 June 2020 26,000 50,000 (5.000) 45,000 $71,000 Current Liabilities Accounts payable 7,000 Accrued wages 500 Non-Current Liabilities Loan Total Liabilities Equity Capital 40,000 Retained earnings 5,000 45,000 Transactions for the year ending 30 June 2021 1. Credit Purchases of inventory $27,500 2. Cash Sales $25,000 3. Credit Sales $32,500 4. Paid Accounts Payable $12,500 5. Paid wages $10,000, wages owing at 30 June 2021 $1,500 6. $6,500 in rent was paid during the year. Rent is charged at $500 per month 7. Collection from Accounts Receivable $15,000 7,500 Total Liabilities & Equity $71,000 18,500 26,000 13. Depreciation of Furniture & Fittings 10% of cost 14. Bad debts written off using the direct method $1,500 15. Dividends paid at 30 June 2021 of $2,000 16. Stock at end of June 2020 $22,500 Note: 8. Interest paid on the Loan $750 9. Insurance expense incurred but not yet recorded $2,500 10. The company paid a subscription of $3,000 relating to the period 1 April 2021 to 31 January 2022 11. The Directors agreed to a wages bonus of $10,000 for good performance this year. It was announced to staff in June but had not been paid as at 30 June 2021 12. Electricity of $2,000 for the period March 2021 to June 2021 not paid Accounts Payable are used for inventory purchases only. Current Assets Bank Accts Receivable Inventory Non-Current Assets Furniture & Fittings Less: Acc Depn Total Assets 3,500 12,500 10,000 Accounting is Fun Ltd Balance Sheet As at 30 June 2020 26,000 50,000 (5.000) 45,000 $71,000 Current Liabilities Accounts payable 7,000 Accrued wages 500 Non-Current Liabilities Loan Total Liabilities Equity Capital 40,000 Retained earnings 5,000 45,000 Transactions for the year ending 30 June 2021 1. Credit Purchases of inventory $27,500 2. Cash Sales $25,000 3. Credit Sales $32,500 4. Paid Accounts Payable $12,500 5. Paid wages $10,000, wages owing at 30 June 2021 $1,500 6. $6,500 in rent was paid during the year. Rent is charged at $500 per month 7. Collection from Accounts Receivable $15,000 7,500 Total Liabilities & Equity $71,000 18,500 26,000 13. Depreciation of Furniture & Fittings 10% of cost 14. Bad debts written off using the direct method $1,500 15. Dividends paid at 30 June 2021 of $2,000 16. Stock at end of June 2020 $22,500 Note: 8. Interest paid on the Loan $750 9. Insurance expense incurred but not yet recorded $2,500 10. The company paid a subscription of $3,000 relating to the period 1 April 2021 to 31 January 2022 11. The Directors agreed to a wages bonus of $10,000 for good performance this year. It was announced to staff in June but had not been paid as at 30 June 2021 12. Electricity of $2,000 for the period March 2021 to June 2021 not paid Accounts Payable are used for inventory purchases only.

Answer rating: 100% (QA)

Accounting is Fun Ltd Worksheet for the year ending 30 June 2021 Account Debit Credit Dr Sales 57500 ... View the full answer