: Question HJ Design World Income Statement for the year ended 30 June 2025 $ $ Sales revenue 435,500 Cost of Goods Sold Opening Inventory 25,000 Purchases 335,000 Closing Inventory (20,000) Total COGS (340,000) Gross Profit 95,500 Other Income: Commission Income 21,500 Total income 117,000 Less: Operating Expenses Rent (40,000) Electricity (4,000) Depreciation - Showroom Fittings (2,500) Depreciation - Delivery Van (2,000) Insurance (8,000) Total Operating Expenses 56,000 Net Profit 60,500 Standard AASB101 Presentation of Financial Statements. Question HJ Design World Trial Balance as at 30 June 2025 $ $ Cash at Bank 43,000 Accounts Receivable 91,450 Allowance for doubtful debts 2,000 Inventory (1 July 2024) 25,000 Showroom Fittings 47,000 Delivery Van 47,000 Goodwill 11,000 Accounts Payable 5,000 Loan from NOP Bank (due 1 June, 2028) 5,000 Sales 435,500 Purchases 335,000 Commission Income 21,500 Rent 40,000 Electricity 4,000 Depreciation - Showroom Fittings 2,500 Depreciation - Delivery Van 2,000 Accumulated Depreciation - Showroom Fittings 750 Accumulated Depreciation - Delivery Van 600 Insurance 8,000 Capital - Hari 120,000 Capital - Jane 70,000 Current - Hari 3,000 Current - Jane 5,600 Drawings - Hari 15,000 Drawings - -Jane 8,000 Loan from Jane 10,000 678,950 678,950Part B) Question Hari and Jane, of HJ Design World share profits in the ratio 4:1. They have provided you with the following information as at 30 June 2025: Their partnership agreement provides for the following: Interest on capitals: 6% p.a. Interest on drawings: 3% p.a. Interest on loan to partnership 5% p.a. An annual salary of $10,000 which is not paid in cash, is to be credited to Jane (at the end of each financial year on 30 June) All drawings are taken on 31 December 2024 Net profit (before adjustments) is $60,500 You are required to collect, code and classify the above data accurately and reliably to prepare the following General Ledger accounts for the year ended 30 June 2025 to submit for verification and authorisation by the partners and the accountant (your teacher/assessor): Profit & Loss Account Profit & Loss Appropriation Current Hari Current Jane Profit and Loss Account Date Particulars Debit Credit Balance 30/06/2025 Opening Inventory 25000 Purchases 335000 Less: Closing Inventory 20000 Cost of Goods Sold (COGS) 340.000 Rent 40,000 Electricity 4000 Insurance 8000 Depreciation - Showroom Fittings 2500 Depreciation - Delivery Van 2000 Jane's Salary 10000 Interest on Loan from Jane (5%) 500 Sales 435,500 Commission Income 21,500 Total Expenses 407,000 Total Income 457,000 Net Profit 50000CR Profit and Loss Appropriation Account Date Particulars Debit Credit Balance 30/06/2025 Net Profit from Profit & Loss 60500 50000CR Interest on Drawings - Hari (3%) 225 50225CR Interest on Drawings - Jane (3%) 120 50345CR Interest on Capital - Hari (6%) 7200 43145CR Interest on Capital - Jane (6%) 4200 38945CR Salary to Jane 10000 28945CR Profit Share - Hari (4/5) 23156 7889CR Profit Share - Jane (1/5) 5789 0 Current Account - Hari Date Particulars Debit Credit Balance 30/06/2025 Drawings 15000 Interest on Drawings 225 Interest on Capital 7200 Share of Profit 23165 Balance c/d 15131CRCurrent Account - Jane Date Particulars Debit Credit Balance 30/06/2025 Drawings 8000 Interest on Drawings 120 Interest on Capital 4200 Partner's Salary 10000 Share of Profit 5789 Balance c/d 11,869CR