• Use the information from the trial balance, prepare journal entries to close the revenue and expenses accounts to the Trading ledger account and the profit and loss ledger account and transfer the net profit (or loss) to the capital account.
• When entering the general journal entries for this task, you do not need to enter a reference number on the General Journal.

need mention:

The closing general journal entries to finalise the accounts for the year ended 30 June 20x3. This should include closing the Drawings account. Narration to be included.

Trial Balance - Bradfields Landing Fresh Foods (as at 30 June 20x3)

Table 2 - Trial Balance as at 30 June 2021

Account	Debit $	Credit $
Land and Buildings	1,235,000
Cash at Bank	24,300
Accounts Receivable	17,750
Inventory	23,810
Office Equipment	52,980
Accumulated Depn - Office Equipment		18,550
GST Collected		10,300
GST Paid	2,435
Accounts Payable		12,500
Mortgage		575,200
Capital		474,545
Drawings	25,750
Sales		1,237,600
Cost of Goods Sold	433,160
Insurance	24,630
Electricity	39,210
Depreciation - Office Equipment	10,600
Telephone	9,890
Salaries and Wages	305,630
Printing and Stationery	5,025
Rent	52,680
Motor Vehicle running expenses	65,845
TOTAL	2,328,695	2,328,695

Bradfields Landing Fresh Foods - General journal	Folio :
Date	Details	Account number	Debit $	Credit $

2. Depreciation

Scenario

Bradfields Landing Fresh Food has purchased a new Bromic cool room for its warehouse.

The invoice is shown below.

Tarrawana Refrigeration Supplies
127 Bent Street		Invoice
Tarrawana NSW 2999		DATE:	31/2/X3
ABN: 61 432 765 890		RECEIPT #	R450023
Invoice to:
		Customer No:	BLF001
Bradfields Landing Fresh Foods
97 Prince Highway
Bradfield LandingNSW2531
DESCRIPTION	Quantity	RATE	AMOUNT
Make Bromic, Model JB1961 Cool Room
- Serial number 887JNB8965& 966	2	8,780.00	17,560.00
- Deliver - Installation	2 2	120.00 385.00	240.00 770.00

		SUBTOTAL	18,570.00
		10% GST	1,857.00
		TOTAL	$20,427.00
THANK YOU FOR YOUR BUSINESS!

Ledger: Sales
Date	Details	REF	Debit $	Credit $	Balance $
	Balance				1237600 Cr
Ledger: Cost of goods sold
Date	Details	REF	Debit $	Credit $	Balance $
	Balance				433,160 Dr
Ledger: Insurance
Date	Details	REF	Debit $	Credit $	Balance $
	Balance				24,630 Dr
Ledger: Electricity
Date	Details	REF	Debit $	Credit $	Balance $
	Balance				39,210 Dr
Ledger: Depreciation expense
Date	Details	REF	Debit $	Credit $	Balance $
	Balance				10,600 Dr
Ledger: Telephone
Date	Details	REF	Debit $	Credit $	Balance $
	Balance				9,890 Dr
Ledger: Salaries and Wages
Date	Details	REF	Debit $	Credit $	Balance $
	Balance				305,630 Dr
Ledger: Printing and Stationery
Date	Details	REF	Debit $	Credit $	Balance $
	Balance				5,025 Dr
Ledger: Rent
Date	Details	REF	Debit $	Credit $	Balance $
	Balance				52,680 Dr
Ledger: Motor Vehicle Running Expenses
Date	Details	REF	Debit $	Credit $	Balance $
	Balance				65,845 Dr
Ledger: Trading account
Date	Details	REF	Debit $	Credit $	Balance $
Ledger: Profit and loss account
Date	Details	REF	Debit $	Credit $	Balance $
Ledger: Capital
Date	Details	REF	Debit $	Credit $	Balance $
	Balance				290,930 Cr
Ledger: Drawings
Date	Details	REF	Debit $	Credit $	Balance $
	Balance				25,750 Dr

Answer rating: 100% (QA)

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