Reconstruct all the general ledger accounts provided in the answer booklet.

QUESTION 3 The following information has been extracted from the financial records of Nocturnes Ltd: Cash Accounts receivable Allowance for DD Inventory Plant and equipment - at cost Accumulated Depreciation Bank overdraft Accounts payable GST payable Interest expense payable Dividends payable Income tax payable Long-term borrowings Share capital Retained earnings 31/3/2022 $500 5241 250 7 000 45 025 16 000 110 6 342 50 10 150 40 4 000 11 864 18 950 31/3/2021 $275 5 452 300 7 240 44 000 13 500 200 7992 381 15 30 3 000 9 799 21 750 Sales Cost of goods sold Operating expenses Bad debt expense Doubtful debt expense Interest expense Depreciation expense Loss on sale of plant and equipment Tax expense 70 000 40 000 14 591 150 239 205 3 300 501 4 000 Additional information: 1. Nocturnes Ltd uses the indirect method to report cash flows from operating activities. 2. The entity classifies both dividends paid and interest paid as operating cash flows. 3. An item of plant and equipment was sold for $2 000 during the year. 4. An item of plant and equipment was purchased for $628 with an issue of shares. 5. The GST rate is 15%. Dividends payable $ $ $ Retained earnings $ $ Dividends declared $ $ Interest expense payable $ $ Income tax payable $ $ Plant and Equipment $ $ Accumulated depreciation $ $ Prepare the journal entry to record the sale of equipment: Dr Cr Share Capital $ $ Long-term borrowings S $ Accounts receivable Net of GST GST Net of GST GST SGST inclusive $ GST inclusive Prepare the journal entry to record the credit sales: Dr Cr Allowance for DD $ $ Prepare the journal entry for the reduction of the Allowance for DD: Cr Dr Inventory $ $ Net of GST Accounts payable SGST inclusive GST Net of GST GST SGST inclusive Prepare the journal entry to record the credit purchase of inventory: Dr Cr GST payable $ $