d$1$

$$

a$)$ Complete the Worksheet

b$)$ Prepare a classified Income Statement for year ended $30/06/23$

$2)$ Prepare Classified Balance Sheet at $30$ June $23$

$$

Additional information at $30$ June $2023$:

Accrued Wages $$200$

Depreciation of Furniture & fittings $-10\%$ pa Straight Line method

Prepaid Insurance $($exclusive of GST$)$ $$150$

Stock at End $(30$th June $2023)$ $$12,500$

A review of the accounts revealed that there was an error in the accounts that needed rectifying. A cash payment for repairs was incorrectly entered as $$1350$ when it should have been $$3150.$

$$

$$

$$

a$]$ Worksheet $-$

Account Title

Trial Balance

Adjustments

Income Statement

Balance Sheet

$$

$$

$$

$$

Trading

Profit & Loss

$$

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Drawings

$10,000$

$$

$$

$$

$$

$$

$$

$$

$$

$10,000$

Capital

$210120$

$$

$$

$$

$$

$$

$$

$210,120$

$$

Cash at Bank

$7,500$

$$

$$

$1,800$

$$

$$

$$

$$

$5,700$

$$

Furniture & fiitings

$3,500$

$$

$$

$$

$$

$$

$$

$$

$3,500$

$$

Acc Dep' $-$ furn & fittings

$$

$700$

$$

$350$

$$

$$

$$

$$

$$

$1,050$

Accounts Payable

$$

$2,400$

$$

$$

$$

$$

$$

$$

$$

$2,400$

Inventory $1/7/2022$

$10,000$

$$

$12,500$

$$

$10,000$

$$

$$

$$

$12,500$

$$

General expenses

$600$

$$

$$

$$

$$

$$

$600$

$$

$$

$$

Accounts Receivable

$31,180$

$$

$$

$$

$$

$$

$$

$$

$31,180$

$$

Allow for Doubtful Debts

$$

$180$

$$

$$

$$

$$

$$

$$

$$

$180$

Bank interest received

$$

$200$

$$

$$

$$

$$

$$

$200$

$$

$$

Purchases

$54,000$

$$

$$

$$

$54,000$

$$

$$

$$

$$

$$

Sales

$$

$122,300$

$$

$$

$$

$122,300$

$$

$$

$$

$$

Rates

$1,250$

$$

$$

$$

$$

$$

$1,250$

$$

$$

$$

Loan $-$ XYZ due $30/6/28$

$$

$20,000$

$$

$$

$$

$$

$$

$$

$$

$20,000$

Premises

$215000$

$$

$$

$$

$$

$$

$$

$215,000$

$$

$$

Discount allowed

$1,000$

$$

$$

$$

$$

$$

$1,000$

$$

$$

$$

Bad Debts

$700$

$$

$$

$$

$$

$$

$700$

$$

$$

$$

Sales Commission

$2,500$

$$

$$

$$

$$

$$

$2,500$

$$

$$

$$

Repairs

$1,350$

$$

$1,800$

$$

$$

$$

$1,350$

$$

$$

$$

Petty Cash Advance

$100$

$$

$$

$$

$$

$$

$$

$$

$$

$$

Interest on loan

$2,000$

$$

$$

$$

$$

$$

$2,000$

$$

$$

$$

GST Collected

$$

$3,180$

$$

$$

$$

$$

$$

$$

$$

$3,180$

GST paid

$1,700$

$$

$$

$$

$$

$$

$$

$$

$17,00$

$$

Advertising

$1,000$

$$

$$

$150$

$$

$$

$1,000$

$$

$$

$$

Insurance

$700$

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