Lavender Industry has provided you with the following information:Trial Balance as at 30 June 2017

Account

Debit

Credit

Sales  

3,279

Owners Equity  

3,370

Inventory (opening)

1,300

 
Cartage Inwards

65

 
Commissions Paid

60

 
Advertising

33

 
Bad debts

46

 
Drawings

40

 
Accounts payable  

2,330

GST collected  

600

Bank overdraft  

649

Motor vehicle

2,500

 
Allowance for doubtful debts  

60

Furniture & Fittings

260

 
Purchases

1,594

 
GST paid

300

 
Customs Duty

345

 
Loan due  

1,000

Accounts receivable

4,365

 
Wages for Office

200

 
Wages for Sales

52

 
Cartage Outwards

55

 
Interest receivable  

12

Discount received  

25

Printing & Stationery

20

 
General expenses

14

 
Discount allowed

35

 
Rent

41

 
 

11,325

11,325

Additional information

• Prepaid rent $30

• Accrued wages (sales) $25

• Depreciation Motor Vehicles 10% p.a.

• Depreciation Furniture & Fittings 5% p.a.

• Bad debts written off $44 including GST

• Allowance for doubtful debts is to be increased to $200

• Stocktake as at 30 June $1,010

Note: Lavender Industry uses the periodic inventory system.
Required: (a) Prepare the general journal entries for Balance Day Adjustments from the additional information given.(b) Open the relevant general ledger accounts (including Trading and Profit & Loss Ledger accounts) and post the Balance Day Adjustments to these accounts.(c) Prepare the closing journal entries for 30 June(d) Prepare the Income Statement for the year ended 30 June
(e) Prepare a Classified Balance Sheet as at 30 June

Found something interesting ?

• On-time delivery guarantee
• PhD-level professional writers
• Free Plagiarism Report

• 100% money-back guarantee
• Absolute Privacy & Confidentiality
• High Quality custom-written papers

Related Model Questions

Feel free to peruse our college and university model questions. If any our our assignment tasks interests you, click to place your order. Every paper is written by our professional essay writers from scratch to avoid plagiarism. We guarantee highest quality of work besides delivering your paper on time.

Grab your Discount!

25% Coupon Code: SAVE25
get 25% !!