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ACC106 Business Scenario And Instructions
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ACC106 Business Scenario And Instructions
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Course Code: ACC106
University: University Of The Sunshine Coast
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Country: Australia
Question:
Introduction
Magic Mufflers is a proprietorship of Mr Innis Hornet who established this new business on 1st June 2017. Magic Mufflers is a GST-registered muffler and exhaust business that specialises in a small range of high-performance mufflers and exhaust systems. The business sources its products from a number of suppliers and trade expos, and sells to car enthusiasts.
The business currently sells three types of mufflers: Sports SP, Retro RR, and Racer CC:Innis Hornet, sole proprietor, has established a reputable and growing business with and has employed four staff members. Being an astute businessperson, Innis is using Microsoft EXCEL software to maintain the accounting records of the business transactions during the month of June 2017, which is the last month of the Australian financial year.
1.2 Accounting Policies
1.2.1 Magic Mufflers uses accrual accounting for recording transactions and adjustments.
1.2.2 Magic Mufflers uses a perpetual inventory system with weighted average.
1.2.3 Magic Mufflers prepares quarterly Business Activity Statements (BAS) and remits the net GST liability due to the ATO in the month following the end of each quarter. (Note: as this is a new business, Innis has not yet prepared a BAS and has no liability at the start of June.)
1.2.4 Magic Mufflers has the following depreciation policies:
Equipment and Tools: depreciated over 10 years using reducing balance method at rate of 28% ($1000 residual value and can be pooled together)
Technology and security systems: depreciated over 5 years using straight line method (can pool together; no residual value)
Motor vehicles: depreciated using reducing balance method at the rate of 35% over 8 years ($1000 residual value)
1.2.5 Magic Mufflers pays employee wages on a weekly basis. Wages are paid on the Wednesday for the previous week. The workshop manager and sales manager are full time, earn a weekly wage and work Monday to Friday. The payroll officer and trainee technician are employed on a casual basis and are paid hourly. All employees are paid employer superannuation contribution to their nominated superannuation funds at the rate of 9.5% of gross salary (before deductions). All employees are being paid into the same superannuation fund through an online portal (this means you can account for all superannuation together).
1.2.6 Magic Mufflers records a provision for doubtful debts that equates to 4% of Accounts Receivable balance at the end of the year.
1.2.7 Magic Mufflers records all prepaid expenses as assets (prepayments), and then expenses the portion used as end of year adjustments.
1 Accounting System
2.1 Journal and Ledgers
Magic Mufflers uses the following journals and ledgers:
Cash Receipts Journal – to record all cash receipts of the business including cash sales and cash received from debtors
Cash Payments Journal – to record all cash payments and cheques issued by the business including cash purchases, cash payments to creditors
Sales Journal – to record all credit sales of Inventory
Purchases Journal – to record all credit purchases of Inventory & other items
General Journal – to record all other transactions not recorded in other journals (eg adjusting entries & closing entries)
General Ledger – separate ledger accounts are maintained for each asset, liability, equity, revenue and expense account
Subsidiary Ledgers – maintained for accounts receivable and accounts payable, and for inventory, then reconciled against relevant general ledger accounts
.1 A physical stocktake of supplies revealed supplies on hand at 30 June totalling $1380.
4.2 Calculate and record the adjusting entry for rent for the end of the month given that June rent (2weeks) has been used up.
4.3 Calculate the amounts for depreciation expense for each of the three types of non-current Assets: equipment & tools; technology & security; vehicles (Estimate expense as though assets held for whole of month of June.)
4.4 Calculate and record the adjusting entry for insurance for the end of the month given that the June portion has been used up. (Estimate by weeks.)
4.5 Calculate and record the adjusting entry for wages payable for employee earnings not yet paid as at 30 June. Apportion weekly salary earners by day; B Heat & C McQueen both worked 5 hours each between Mon 26/6 and Fri 30/6.
4.6 Calculate the Provision for Doubtful Debts based on 4% of accounts receivable at the end of the year and make the necessary adjusting entry.
1 Accounting Requirements and Instructions
5.1 Spreadsheet software
The file on the course Blackboard site (ACC106 Task 2 Student Templates) contains a series of worksheets that you should use to complete the requirements below. Make changes as required including formulas and links.
5.2 Completing the Accounting Cycle
5.2.1 Record all the business transactions from section 3 above in the relevant special journals and post the Account totals to the relevant ledgers using EXCEL linking function. Use the accounts listed in the Chart of Accounts and enter names of the ledger accounts as required. In the ledgers, use formulas to create running totals. DO NOT POST ADJUSTMENTS yet.
5.2.2 Prepare an ‘Unadjusted’ Trial Balance as at 30 June 2017 by linking balances in the ledger accounts to the Trial Balance. It will be a ‘Live’ Trial Balance but at this point it is unadjusted as the Adjustments have not yet been posted. When completed, check the debit and credit columns are equal in the Trial Balance. Then copy and special paste (as values only) the Trial Balance into the Worksheet columns ‘Unadj Trial Balance’. These should not change now as they are raw figures. (Tip: Use Paste Special to paste in as values.)
5.2.3 Record the end of year Adjustments, listed above at section 4, in the Worksheet and complete the Worksheet by calculating balances in the Adjusted Trial Balance columns. Then complete the Income Statement and Balance Sheet columns in the Worksheet.
5.2.4 Record the Adjustments in the General Journal and post these adjustments to the General Ledger using new accounts as necessary. (This will change the figures in your Trial Balance which should now match the Adjusted Trial Balance figures in the Worksheet.)
5.2.5 Prepare the closing entries in the General Journal, and post these to the General Ledger. (As with adjustments, this will change your Trial Balance figures if you have linked correctly. NOW, your Adjusted Trial Balance figures in the Worksheet will NOT match the Trial Balance figures for the Revenue and Expense accounts and totals.)
Remember: for closing, close revenue and expense accounts to the P&L Closing Account, then close P&L Closing Account to the Capital account and finally, close drawings to the Capital account.
5.2.6 Finally, prepare the Financial Statements for 30 June 2017 by copying or linking the appropriate figures into your Financial Statements. Refer to your textbook or course Learning Materials for guidance on the format of these Statements. For Balance Sheet, use the Classified Balance Sheet in report form as demonstrated on p.184 of the text; and Income Statement and Statement of Changes in Equity as demonstrated on p.240 of the text. (Note, for the Income Statement, there will be three revenue streams including discount received.)
2 Additional Information
6.1 Number formats
All amounts should be rounded/truncated to two decimal places. Amounts can be displayed without $ sign. (Use $ sign for Financial Statements only).
6.2 Journals and Ledgers
Adjustment & closing entries should be posted from the General Journal to the respective General Ledger accounts at the end of the financial year (June 30)
Total columns in the special journals should be posted to the respective General Ledger accounts at June 30.
Note: In the special journals, all entries that do not belong in one of the account columns as listed in the template, should be included in the “Other Accounts” columns. These should then be posted on an individual basis to the respective ledger accounts. (Hint: the journal templates contain all the account columns as required for this business. However, not all accounts have been included in the general ledger template – please add as required.)
Remember: When special journals are used, do NOT also use the General Journal for the same transaction. Also, the subledgers for inventory, AR and AP are not linked to the General ledger but the balances should be checked.
6.3 Inventory
Record Inventory purchases and sales in the Subsidiary Ledger Inventory AS THEY OCCUR. As well, record purchases and sales in the relevant journals (using figures in the Inventory record) and post the Inventory totals from these journals to the General Ledger Inventory account at June 30.
6.4 Wages
There are two payroll worksheets that can be used to calculate wages. The payroll calculator from the ATO should be used to estimate weekly PAYG withholding tax for each employee. Use the table in the payroll template to relevant amounts for each employee each week.
6.5 Depreciation
There is a depreciation worksheet with a table that can be used to calculate depreciation for the non-current assets. (Tip: depreciation expense is based on the net cost of the asset.)
Answer:
Chart of Accounts
Account Name
Account Type
Usual Balance
Account Type
Cash at Bank
Asset
Debit
Current Asset
Accounts Receivable
Asset
Debit
Current Asset
Provision for Doubtful Debts
Contra – Asset
Credit
Contra – Current Asset
Supplies
Asset
Debit
Current Asset
Inventory
Asset
Debit
Current Asset
Prepaid Insurance
Asset
Debit
Current Asset
Prepaid Rent
Asset
Debit
Current Asset
GST Paid
Asset
Debit
Current Asset
Equipment & Tools
Asset
Debit
Non Current Asset
Accum Dep – Equip’t & Tools
Contra – Asset
Credit
Contra – Non Current Asset
Technology & Security
Asset
Debit
Non Current Asset
Accum Dep – Tech & Security
Contra – Asset
Credit
Contra – Non Current Asset
Vehicles
Asset
Debit
Non Current Asset
Accum Dep – Vehicles
Contra – Asset
Credit
Contra – Non Current Asset
Accounts Payable
Liability
Credit
Current Liability
GST Collected
Liability
Credit
Current Liability
PAYG Tax Payable
Liability
Credit
Current Liability
Superannuation Payable
Liability
Credit
Current Liability
Private health Payable
Liability
Credit
Current Liability
Wages Payable
Liability
Credit
Current Liability
I Hornet, Capital
Equity
Credit
Equity
I Hornet, Drawings
Equity
Debit
Equity
Sales Revenue
Revenue
Credit
Revenue
Discount Received
Revenue
Credit
Revenue
Interest Revenue
Revenue
Credit
Revenue
Cost of Sales
Expenses
Debit
Cost of Goods Sold
Electricity & Gas Expense
Expenses
Debit
Expenses
Bad Debts expense
Expenses
Debit
Expenses
Discount Allowed Expense
Expenses
Debit
Expenses
Salary & Wages Expense
Expenses
Debit
Expenses
Supplies Expense
Expenses
Debit
Expenses
Rent Expense
Expenses
Debit
Expenses
Insurance Expense
Expenses
Debit
Expenses
Depreciation Expense
Expenses
Debit
Expenses
Income Summary
Temporary only
N/A
Temporary only
CASH RECEIPTS JOURNAL—JUNE
Date
Particulars
Debits
Credits
Cash at Bank
Cost of Sales
Discount Allowed Expense
Accounts Receivable (inc GST)
Inventory
Sales Revenue
Interest Revenue
Other Accounts
GST Collected
GST Collected
Net
Account Name
Amt ex GST
01-Jun
Est business
2,25,000.00
Capital
2,25,000.00
07-Jun
SP & CC sale
5,820.00
1,648.50
1,648.50
5,290.91
529.09
08-Jun
CC sale
2,200.00
1,037.25
1,037.25
2,000.00
200.00
09-Jun
SP sale
4,290.00
1,948.50
1,948.50
3,900.00
390.00
13-Jun
CC & SP sale
7,870.00
3,373.50
3,373.50
7,154.55
715.45
20-Jun
RR sale
3,790.00
1,728.57
1,728.57
3,445.45
344.55
26-Jun
Hot Rot’s Club
5,241.50
2.59
25.91
5,270.00
26-Jun
RR & CC sale
8,600.00
3,999.78
3,999.78
7,818.18
781.82
29-Jun
Receipt of Interest
1,307.00
1,307.00
Total columns here
2,64,118.50
13,736.10
2.59
25.91
5,270.00
13,736.10
29,609.09
1,307.00
2,25,000.00
2,960.91
2,77,883.10
2,77,883.10
CASH PAYMENTS JOURNAL—JUNE
Date
Details
Cheq no
Credits
Debits
Cash at Bank
Discount Received
Wages
Accounts Payable (inc GST)
Inventory
Prepaid Rent
Supplies
Wage Expense
Drawings
Prepaid Insurance
Elect & Gas
GST Paid
GST Paid
Net
PAYG Tax Payable
Private Health Payable
Employer Super Payable
05-Jun
RevCo supplies
2,200.00
2,000.00
200.00
06-Jun
RevHeads Expo
3,872.00
3,520.00
352.00
07-Jun
Totyota
8,870.00
8,870.00
07-Jun
Salaries & Wages
3,193.00
1,074.00
39.00
409.07
4,715.07
07-Jun
Insurance
9,100.00
8,272.73
827.27
12-Jun
Pro Power
7,173.44
20.17
201.69
7,395.30
12-Jun
Panorama
4,730.00
4,300.00
430.00
13-Jun
Totyota
8,870.00
8,870.00
14-Jun
Rent
6,600.00
6,000.00
600.00
14-Jun
Salaries & Wages
3,391.00
1,074.00
39.00
427.88
4,931.88
21-Jun
Salaries & Wages
3,495.00
1,136.00
39.00
443.65
5,113.65
28-Jun
Salaries & Wages
3,547.00
1,150.00
39.00
449.92
5,185.92
29-Jun
Gas & Electricity
290.00
263.64
26.36
30-Jun
Drawings
920.00
920.00
Total columns here
66,251.44
20.17
201.69
4,434.00
156.00
1,730.52
25,135.30
7,820.00
6,000.00
2,000.00
19,946.52
920.00
8,272.73
263.64
2,435.64
SALES JOURNAL—JUNE
Credit
Debit
Credit
Debit
Date
Invoice Number
Details
Sales Revenue
GST Collected
Accounts Receivable
Inventory
Cost of Sales
17-Jun
Hot Rod’s Club
2,590.91
259.09
2,850.00
1,299.00
1,299.00
21-Jun
Rob’s Classic Cars
7,090.91
709.09
7,800.00
3,578.00
3,578.00
22-Jun
Hot Rod’s Club
2,200.00
220.00
2,420.00
2,212.42
2,212.42
Total columns here
11,881.82
1,188.18
13,070.00
7,089.42
7,089.42
PURCHASES JOURNAL —JUNE
Debit
Debit
Credit
Date
Details
Inventory
Vehicles
Tech & Security
Equip&Tools
GST Paid
Accounts Payable
02-Jun
Tools R Us purchases
26,363.64
2,636.36
29,000.00
02-Jun
Pro Power
6,723.00
672.30
7,395.30
04-Jun
Digital sys
28,627.27
2,862.73
31,490.00
04-Jun
Toyota
32,254.55
3,225.45
35,480.00
07-Jun
Pro Power
3,150.00
315.00
3,465.00
19-Jun
Pro Power
9,050.00
905.00
9,955.00
23-Jun
Pro Power
4,660.00
466.00
5,126.00
Total columns here
23,583.00
32,254.55
28,627.27
26,363.64
–
11,082.85
1,21,911.30
1,21,911.30
1,21,911.30
GENERAL JOURNAL
Date
Details
Debit
Credit
ADJUSTING ENTRIES
June
30
Supplies Expense
620.00
Supplies
620.00
Supplies used up during the year
June
30
Bad Debts expense
312.00
Provision for Doubtful Debts
312.00
Provision made @ 4% for doubtful debts
June
30
Insurance Expense
477.27
Prepaid Insurance
477.27
One month insurance expensed off
June
30
Rent Expense
1,000.00
Prepaid Rent
1,000.00
One month rent expensed off
June
30
Depreciation Expense
2,033.03
Accum Dep – Equip’t & Tools
615.15
Accum Dep – Tech & Security
477.12
Accum Dep – Vehicles
940.76
Depreciation charge for the month
June
30
Salary & Wages Expense
3,378.86
PAYG Tax Payable
654.00
Superannuation Payable
293.14
Private health Payable
27.86
Wages Payable
2,403.86
Wages payable for 6 days from 24th to 30th June
7,821.16
7,821.16
CLOSING ENTRIES
June
30
Sales Revenue
41,490.91
Discount Received
201.69
Interest Revenue
1,307.00
Income Summary
42,999.60
Amount transferred to Income statement
June
30
Income Summary
48,882.74
Cost of Sales
20,825.52
Electricity & Gas Expense
263.64
Bad Debts expense
312.00
Discount Allowed Expense
25.91
Salary & Wages Expense
23,325.38
Supplies Expense
620.00
Rent Expense
1,000.00
Insurance Expense
477.27
Depreciation Expense
2,033.03
Amount transferred to Income statement debited.
June
30
Capital
5,883.14
Income Summary
5,883.14
Loss debited to capital.
June
30
Capital
920.00
Drawings
920.00
Drawings closed to Capital.
98,685.49
98,685.49
Schedule of Accounts Receivable
Schedule of Accounts Payable
as at 30 June 2017
as at 30 June 2017
Account Name
Amount
4%
Account Name
Amount
Hot Rod’s Club
0.00
TOOLS R US
29,000.00
Rob’s Classic Cars
7,800.00
PRO POWER
18,546.00
DIGITAL SYS
31,490.00
TOYOTA
17,740.00
0.00
Total
7,800.00
312.00
Total
96,776.00
Amount showing in Accounts Receivable General Ledger Trial Balance
7,800.00
Amount showing in Accounts Payable General Ledger Trial Balance
96,776.00
Difference between Schedule total and General Ledger balance
0
Difference between Schedule total and General Ledger balance
0
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
ACCOUNTS PAYABLE SUBSIDIARY LEDGER
Hot Rod’s Club
TOOLS R US
Date
Details
Invoice No.
Debit
Credit
Balance
Date
Details
Invoice No.
Debit
Credit
Balance
17-Jun
2x Sports SP
xx
2,850.00
2,850.00
02-Jun
tools & other equipt
xx
29,000.00
29,000.00
22-Jun
2x Racer CC
xx
2,420.00
5,270.00
29,000.00
26-Jun
Cash received
5,270.00
0.00
29,000.00
0.00
29,000.00
0.00
29,000.00
Rob’s Classic Cars
PRO POWER
Date
Details
Invoice No.
Debit
Credit
Balance
Date
Details
Invoice No.
Debit
Credit
Balance
21-Jun
4x Sports SP & 1x RR
xx
7,800.00
7,800.00
02-Jun
Inventory purchased
xx
7,395.30
7,395.30
7,800.00
07-Jun
Inventory purchased
xx
3,465.00
10,860.30
7,800.00
12-Jun
Cash paid
7,395.30
3,465.00
7,800.00
19-Jun
Inventory purchased
xx
9,955.00
13,420.00
7,800.00
23-Jun
Inventory purchased
xx
5,126.00
18,546.00
18,546.00
ACCOUNTS PAYABLE SUBSIDIARY LEDGER
Date
Details
Invoice No.
Debit
Credit
Balance
DIGITAL SYS
Date
Details
Invoice No.
Debit
Credit
Balance
04-Jun
Computer and security system
xx
31,490.00
31,490.00
31,490.00
31,490.00
31,490.00
31,490.00
ACCOUNTS PAYABLE SUBSIDIARY LEDGER
TOYOTA
Date
Details
Invoice No.
Debit
Credit
Balance
04-Jun
Vehicle purchased
xx
35,480.00
35,480.00
07-Jun
Repayment
8,870.00
26,610.00
13-Jun
Repayment
8,870.00
17,740.00
17,740.00
17,740.00
ACCOUNTS PAYABLE SUBSIDIARY LEDGER
Date
Details
Invoice No.
Debit
Credit
Balance
Inventory Reconciliation
30-Jun-17
Item Number
On Hand $
SP
MAGIC SPORTS SP
2,035.29
RR
MAGIC RETRO RR
1,728.57
CC
MAGIC RACER CC
6,813.63
Total
10,577.48
Link to General Ledger Inventory
10,577.48
Difference
–
MAGIC SPORTS SP
Purchases
Cost of Goods Sold
Inventory on Hand
Date
Unit No.
Unit Cost
Total
Unit No.
Unit Cost
Total
Unit No.
Unit Cost
Total
Cost
Cost
Cost
02-Jun
7
675
4,725.00
7
675.00
4,725.00
06-Jun
3
590
1,770.00
10
649.50
6,495.00
07-Jun
1
649.50
649.50
9
649.50
5,845.50
09-Jun
3
649.50
1,948.50
6
649.50
3,897.00
13-Jun
2
649.50
1,299.00
4
649.50
2,598.00
17-Jun
2
649.50
1,299.00
2
649.50
1,299.00
19-Jun
5
690
3,450.00
7
678.43
4,749.00
21-Jun
4
678.43
2,713.71
3
678.43
2,035.29
29-Jun
3
678.43
2,035.29
3
678.43
2,035.29
3
678.43
2,035.29
3
678.43
2,035.29
3
678.43
2,035.29
3
678.43
2,035.29
MAGIC RETRO RR
Purchases
Cost of Goods Sold
Inventory on Hand
Date
Unit No.
Unit Cost
Total
Unit No.
Unit Cost
Total
Unit No.
Unit Cost
Total
Cost
Cost
Cost
06-Jun
2
875
1750.00
2
875.00
1,750.00
12-Jun
5
860
4,300.00
7
864.29
6,050.00
20-Jun
2
864.29
1,728.57
5
864.29
4,321.43
21-Jun
1
864.29
864.29
4
864.29
3,457.14
26-Jun
2
864.29
1,728.57
2
864.29
1,728.57
2
864.29
1,728.57
2
864.29
1,728.57
2
864.29
1,728.57
2
864.29
1,728.57
2
864.29
1,728.57
2
864.29
1,728.57
2
864.29
1,728.57
2
864.29
1,728.57
2
864.29
1,728.57
2
864.29
1,728.57
2
864.29
1,728.57
MAGIC RACER CC
Purchases
Cost of Goods Sold
Inventory on Hand
Date
Unit No.
Unit Cost
Total
Unit No.
Unit Cost
Total
Unit No.
Unit Cost
Total
Cost
Cost
Cost
02-Jun
2
999
1,998.00
2
999.00
1,998.00
07-Jun
1
999.00
999.00
1
999.00
999.00
07-Jun
3
1,050
3,150.00
4
1037.25
4,149.00
08-Jun
1
1,037.25
1,037.25
3
1037.25
3,111.75
13-Jun
2
1,037.25
2,074.50
1
1037.25
1,037.25
19-Jun
5
1,120
5,600.00
6
1106.21
6,637.25
22-Jun
2
1,106.21
2,212.42
4
1106.21
4,424.83
23-Jun
4
1165
4,660.00
8
1135.60
9,084.83
26-Jun
2
1135.60
2,271.21
6
1135.60
6,813.63
6
1135.60
6,813.63
6
1135.60
6,813.63
6
1135.60
6,813.63
6
1135.60
6,813.63
6
1135.60
6,813.63
6
1135.60
6,813.63
6
1135.60
6,813.63
ASSETS
LIABILITIES
OWNERS’ EQUITY
Cash at bank
Accounts Payable
Capital
Date
Details
Debit
Credit
Balance
Date
Details
Debit
Credit
Balance
Date
Details
Debit
Credit
Balance
30-Jun
Cash Receipts Journal
2,64,118.50
2,64,118.50
30-Jun
Purchase Journal
1,21,911.30
1,21,911.30
01-Jun
Cash Receipts Journal
########
########
30-Jun
Cash Payments Journal
66,251.44
1,97,867.06
30-Jun
Cash Payments Journal
25,135.30
96,776.00
30-Jun
General Journal
5,883.14
########
1,97,867.06
96,776.00
30-Jun
General Journal
920.00
########
1,97,867.06
96,776.00
########
1,97,867.06
96,776.00
########
1,97,867.06
96,776.00
########
1,97,867.06
96,776.00
########
1,97,867.06
96,776.00
########
Accounts Receivable
GST Collected
Drawings
Date
Details
Debit
Credit
Balance
Date
Details
Debit
Credit
Balance
Date
Details
Debit
Credit
Balance
30-Jun
Sales Journal
13,070.00
13,070.00
30-Jun
Cash Receipts Journal
2,960.91
2,960.91
30-Jun
Cash Payments Journal
920.00
920.00
30-Jun
Cash Receipts Journal
5,270.00
7,800.00
30-Jun
Cash Receipts Journal
2.59
2,958.32
30-Jun
General Journal
920.00
–
7,800.00
30-Jun
Sales Journal
1,188.18
4,146.50
–
7,800.00
4,146.50
–
7,800.00
4,146.50
–
7,800.00
4,146.50
–
7,800.00
4,146.50
–
7,800.00
4,146.50
–
Provision for Doubtful Debts
PAYG Tax Payable
Date
Details
Debit
Credit
Balance
Date
Details
Debit
Credit
Balance
30-Jun
General Journal
312.00
312.00
30-Jun
Cash Payments Journal
4,434.00
4,434.00
30-Jun
312.00
30-Jun
General Journal
654.00
5,088.00
312.00
5,088.00
312.00
5,088.00
312.00
5,088.00
312.00
5,088.00
312.00
5,088.00
312.00
5,088.00
Supplies
Superannuation Payable
Date
Details
Debit
Credit
Balance
Date
Details
Debit
Credit
Balance
30-Jun
Cash Payments Journal
2,000.00
2,000.00
30-Jun
Cash Payments Journal
1,730.52
1,730.52
30-Jun
General Journal
620.00
1,380.00
30-Jun
General Journal
293.14
2,023.66
1,380.00
2,023.66
1,380.00
2,023.66
1,380.00
2,023.66
1,380.00
2,023.66
1,380.00
2,023.66
1,380.00
2,023.66
Inventory
Private Health Payable
Date
Details
Debit
Credit
Balance
Date
Details
Debit
Credit
Balance
30-Jun
Cash Payments Journal
7,820.00
7,820.00
30-Jun
Cash Payments Journal
156.00
156.00
30-Jun
Purchase Journal
23,583.00
31,403.00
30-Jun
General Journal
27.86
183.86
30-Jun
Cash Receipts Journal
13,736.10
17,666.90
183.86
30-Jun
Sales Journal
7,089.42
10,577.48
183.86
10,577.48
183.86
10,577.48
183.86
10,577.48
183.86
10,577.48
183.86
Prepaid Insurance
Wages Payable
Date
Details
Debit
Credit
Balance
Date
Details
Debit
Credit
Balance
30-Jun
Cash Payments Journal
8,272.73
8,272.73
30-Jun
General Journal
2,403.86
2,403.86
30-Jun
General Journal
477.27
7,795.45
2,403.86
7,795.45
2,403.86
7,795.45
2,403.86
7,795.45
2,403.86
7,795.45
2,403.86
7,795.45
2,403.86
7,795.45
2,403.86
Prepaid Rent
Date
Details
Debit
Credit
Balance
30-Jun
Cash Payments Journal
6,000.00
6,000.00
30-Jun
General Journal
1,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
GST Paid
Date
Details
Debit
Credit
Balance
30-Jun
Cash Payments Journal
2,435.64
2,435.64
30-Jun
Cash Payments Journal
20.17
2,415.47
30-Jun
Purchase Journal
11,082.85
13,498.31
13,498.31
13,498.31
13,498.31
13,498.31
13,498.31
Equipment & Tools
Date
Details
Debit
Credit
Balance
30-Jun
Purchase Journal
26,363.64
26,363.64
26,363.64
26,363.64
26,363.64
26,363.64
26,363.64
26,363.64
26,363.64
Accum Dep – Equip’t & Tools
Date
Details
Debit
Credit
Balance
30-Jun
General Journal
615.15
615.15
615.15
615.15
615.15
615.15
615.15
615.15
615.15
Technology & Security
Date
Details
Debit
Credit
Balance
30-Jun
Purchase Journal
28,627.27
28,627.27
28,627.27
28,627.27
28,627.27
28,627.27
28,627.27
28,627.27
28,627.27
Accum Dep – Tech & Security
Date
Details
Debit
Credit
Balance
30-Jun
General Journal
477.12
477.12
477.12
477.12
477.12
477.12
477.12
477.12
477.12
Vehicles
Date
Details
Debit
Credit
Balance
30-Jun
Purchase Journal
32,254.55
32,254.55
32,254.55
32,254.55
32,254.55
32,254.55
32,254.55
32,254.55
32,254.55
Accum Dep – Vehicles
Date
Details
Debit
Credit
Balance
30-Jun
General Journal
940.76
940.76
940.76
940.76
940.76
940.76
940.76
940.76
940.76
Trial Balance
As At 30/6/2017
Account Name
Dr
Cr
Cash at Bank
1,97,867.06
Accounts Receivable
7,800.00
Provision for Doubtful Debts
312.00
Supplies
1,380.00
Inventory
10,577.48
Prepaid Insurance
7,795.45
Prepaid Rent
5,000.00
GST Paid
13,498.31
Equipment & Tools
26,363.64
Accum Dep – Equip’t & Tools
615.15
Technology & Security
28,627.27
Accum Dep – Tech & Security
477.12
Vehicles
32,254.55
Accum Dep – Vehicles
940.76
Accounts Payable
96,776.00
GST Collected
4,146.50
PAYG Tax Payable
5,088.00
Superannuation Payable
2,023.66
Private health Payable
183.86
Wages Payable
2,403.86
I Hornet, Capital
2,18,196.86
I Hornet, Drawings
–
Sales Revenue
–
Discount Received
–
Interest Revenue
–
Cost of Sales
–
Electricity & Gas Expense
–
Bad Debts expense
–
Discount Allowed Expense
–
Salary & Wages Expense
–
Supplies Expense
–
Rent Expense
–
Insurance Expense
–
Depreciation Expense
–
3,31,163.76
3,31,163.76
Worksheet for Financial year end 30 June
Unadj Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Cash at Bank
1,97,867.06
1,97,867.06
##########
Accounts Receivable
7,800.00
7,800.00
7,800.00
Provision for Doubtful Debts
–
312.00
312.00
312.00
Supplies
2,000.00
620.00
1,380.00
1,380.00
Inventory
10,577.48
10,577.48
10,577.48
Prepaid Insurance
8,272.73
477.27
7,795.45
7,795.45
Prepaid Rent
6,000.00
1,000.00
5,000.00
5,000.00
GST Paid
13,498.31
13,498.31
13,498.31
Equipment & Tools
26,363.64
26,363.64
26,363.64
Accum Dep – Equip’t & Tools
–
615.15
615.15
615.15
Technology & Security
28,627.27
28,627.27
28,627.27
Accum Dep – Tech & Security
–
477.12
477.12
477.12
Vehicles
32,254.55
32,254.55
32,254.55
Accum Dep – Vehicles
–
940.76
940.76
940.76
Accounts Payable
96,776.00
96,776.00
96,776.00
GST Collected
4,146.50
4,146.50
4,146.50
PAYG Tax Payable
4,434.00
654.00
5,088.00
5,088.00
Superannuation Payable
1,730.52
293.14
2,023.66
2,023.66
Private health Payable
156.00
27.86
183.86
183.86
Wages Payable
–
2,403.86
2,403.86
2,403.86
I Hornet, Capital
2,25,000.00
2,25,000.00
2,25,000.00
I Hornet, Drawings
920.00
920.00
920.00
Sales Revenue
41,490.91
41,490.91
41,490.91
Discount Received
201.69
201.69
201.69
Interest Revenue
1,307.00
1,307.00
1,307.00
Cost of Sales
20,825.52
20,825.52
20,825.52
Electricity & Gas Expense
263.64
263.64
263.64
Bad Debts expense
–
312.00
312.00
312.00
Discount Allowed Expense
25.91
25.91
25.91
Salary & Wages Expense
19,946.52
3,378.86
23,325.38
23,325.38
Supplies Expense
–
620.00
620.00
620.00
Rent Expense
–
1,000.00
1,000.00
1,000.00
Insurance Expense
–
477.27
477.27
477.27
Depreciation Expense
–
2,033.03
2,033.03
2,033.03
3,75,242.62
3,75,242.62
7,821.16
7,821.16
3,80,966.51
3,80,966.51
48,882.74
42,999.60
##########
3,37,966.91
Profit or Loss
0
5,883.14
5,883.14
0
48,882.74
48,882.74
##########
3,37,966.91
FINANCIAL STATEMENTS
Magic Mufflers
Magic Mufflers
Magic Mufflers
Income Statement
Statement of Changes in Equity
Balance Sheet
For the period ended on 30 June 2017
For the Period ended on 30 June 2017
As at 30 June 2017
Particulars
Amount
Particulars
Amount
Particulars
Amount
SALES
Opening Capital
$ –
ASSETS
Sales Revenue
$ 41,490.91
Capital introduced
$ 2,25,000.00
Discount Received
$ 201.69
Drawings made
-$ 920.00
Non-Current Assets:
Interest Revenue
$ 1,307.00
$ 42,999.60
Loss incurred
-$ 5,883.14
Equipment & Tools
$ 26,363.64
Closing Capital
$ 2,18,196.86
Accum Dep – Equip’t & Tools
$ 615.15
$ 25,748.48
Less: Cost of Sales
$ 20,825.52
Technology & Security
$ 28,627.27
Accum Dep – Tech & Security
$ 477.12
$ 28,150.15
Gross Profit
$ 22,174.08
Vehicles
$ 32,254.55
Accum Dep – Vehicles
$ 940.76
$ 31,313.79
$ 85,212.42
EXPENSES
Current Assets:
Administrative Expenses
Cash at Bank
###########
Electricity & Gas Expense
$ 263.64
Accounts Receivable
$ 7,800.00
Discount Allowed Expense
$ 25.91
Provision for Doubtful Debts
$ 312.00
$ 7,488.00
Salary & Wages Expense
$ 23,325.38
Supplies
$ 1,380.00
Supplies Expense
$ 620.00
Inventory
$ 10,577.48
Rent Expense
$ 1,000.00
Prepaid Insurance
$ 7,795.45
Insurance Expense
$ 477.27
Prepaid Rent
$ 5,000.00
Depreciation Expense
$ 2,033.03
$ 27,745.23
GST Paid
$ 13,498.31
$ 2,43,606.31
Financial Expenses
Total Assets
$ 3,28,818.73
Bad Debts expense
$ 312.00
$ 312.00
$ 28,057.23
LIABILITIES
Loss for the period
-$ 5,883.14
Current Liabilities:
Accounts Payable
$ 96,776.00
GST Collected
$ 4,146.50
PAYG Tax Payable
$ 5,088.00
Superannuation Payable
$ 2,023.66
Private health Payable
$ 183.86
Wages Payable
$ 2,403.86
$ 1,10,621.88
Total Liabilities
$ 1,10,621.88
Net Assets
$ 2,18,196.86
OWNER’S EQUITY
Capital
$ 2,18,196.86
Total Equity
$ 2,18,196.86
Credit
Debit
07-06-2017
Pay Date
per week
per hour
no. hours
Gross Pay
Less PAYG
P Health
Net Pay
Em’r Super
Wage Exp
F Spark
$ 2,090.00
$ 2,090.00
$ 578.00
$ 22.00
$ 1,490.00
$ 198.55
$ 2,288.55
L Hornet
$ 1,880.00
$ 1,880.00
$ 496.00
$ 17.00
$ 1,367.00
$ 178.60
$ 2,058.60
B Heat
28
12
$ 336.00
$ –
$ –
$ 336.00
$ 31.92
$ 367.92
C McQueen
22
0
$ –
$ –
$ –
$ –
$ –
Wage Payable
$ 1,074.00
$ 39.00
$ 3,193.00
$ 409.07
$ 4,715.07
Credit
Debit
14-06-2017
Pay Date
per week
per hour
no. hours
Gross Pay
Less PAYG
P Health
Net Pay
Em’r Super
Wage Exp
F Spark
$ 2,090.00
$ 2,090.00
$ 578.00
$ 22.00
$ 1,490.00
$ 198.55
$ 2,288.55
L Hornet
$ 1,880.00
$ 1,880.00
$ 496.00
$ 17.00
$ 1,367.00
$ 178.60
$ 2,058.60
B Heat
28
12
$ 336.00
$ –
$ –
$ 336.00
$ 31.92
$ 367.92
C McQueen
22
9
$ 198.00
$ –
$ –
$ 198.00
$ 18.81
$ 216.81
Wage Payable
$ 1,074.00
$ 39.00
$ 3,391.00
$ 427.88
$ 4,931.88
Credit
Debit
21-06-2017
Pay Date
per week
per hour
no. hours
Gross Pay
Less PAYG
P Health
Net Pay
Em’r Super
Wage Exp
F Spark
$ 2,090.00
$ 2,090.00
$ 578.00
$ 22.00
$ 1,490.00
$ 198.55
$ 2,288.55
L Hornet
$ 1,880.00
$ 1,880.00
$ 496.00
$ 17.00
$ 1,367.00
$ 178.60
$ 2,058.60
B Heat
28
3
$ 84.00
$ –
$ –
$ 84.00
$ 7.98
$ 91.98
C McQueen
22
28
$ 616.00
$ 62.00
$ –
$ 554.00
$ 58.52
$ 674.52
Wage Payable
$ 1,136.00
$ 39.00
$ 3,495.00
$ 443.65
$ 5,113.65
Credit
Debit
28-06-2017
Pay Date
per week
per hour
no. hours
Gross Pay
Less PAYG
P Health
Net Pay
Em’r Super
Wage Exp
F Spark
$ 2,090.00
$ 2,090.00
$ 578.00
$ 22.00
$ 1,490.00
$ 198.55
$ 2,288.55
L Hornet
$ 1,880.00
$ 1,880.00
$ 496.00
$ 17.00
$ 1,367.00
$ 178.60
$ 2,058.60
B Heat
28
3
$ 84.00
$ –
$ –
$ 84.00
$ 7.98
$ 91.98
C McQueen
22
31
$ 682.00
$ 76.00
$ –
$ 606.00
$ 64.79
$ 746.79
Wage Payable
$ 1,150.00
$ 39.00
$ 3,547.00
$ 449.92
$ 5,185.92
30-06-2017
Credit
Debit
Pay Date
per week
per hour
no. hours
Gross Pay
Less PAYG
P Health
Net Pay
Em’r Super
Wage Exp
F Spark
$ 2,090.00
$ 1,492.86
$ 353.00
$ 15.71
$ 1,124.14
$ 141.82
$ 1,634.68
L Hornet
$ 1,880.00
$ 1,342.86
$ 301.00
$ 12.14
$ 1,029.71
$ 127.57
$ 1,470.43
B Heat
28
5
$ 140.00
$ –
$ –
$ 140.00
$ 13.30
$ 153.30
C McQueen
22
5
$ 110.00
$ –
$ –
$ 110.00
$ 10.45
$ 120.45
Wage Payable
$ 654.00
$ 27.86
$ 2,403.86
$ 293.14
$ 3,378.86
Depreciation
R/B rate
R/Val
Life/yrs
Net value
Equip & Tools
$ 1,000.00
10
$ 26,363.64
R/B
Rate
B/Val
Dep/yr
Acc Dep
C/V
1
28.00%
$ 26,363.64
$ 7,381.82
$ 7,381.82
$ 18,981.82
2
28.00%
$ 18,981.82
$ 5,314.91
$ 12,696.73
$ 13,666.91
3
28.00%
$ 13,666.91
$ 3,826.73
$ 16,523.46
$ 9,840.17
4
28.00%
$ 9,840.17
$ 2,755.25
$ 19,278.71
$ 7,084.93
5
28.00%
$ 7,084.93
$ 1,983.78
$ 21,262.49
$ 5,101.15
6
28.00%
$ 5,101.15
$ 1,428.32
$ 22,690.81
$ 3,672.83
7
28.00%
$ 3,672.83
$ 1,028.39
$ 23,719.20
$ 2,644.43
8
28.00%
$ 2,644.43
$ 740.44
$ 24,459.64
$ 1,903.99
9
28.00%
$ 1,903.99
$ 533.12
$ 24,992.76
$ 1,370.87
10
28.00%
$ 1,370.87
$ 383.84
$ 25,376.61
$ 987.03
Technology & Security – all
S/Val
Life/hrs
Net value
S/L
$ –
5
$ 28,627.27
Actual
Dep/yr
Acc Dep
C/V
1
20.00%
$ 28,627.27
$ 5,725.45
$ 5,725.45
$ 22,901.82
2
20.00%
$ 28,627.27
$ 5,725.45
$ 11,450.91
$ 17,176.36
3
20.00%
$ 28,627.27
$ 5,725.45
$ 17,176.36
$ 11,450.91
4
20.00%
$ 28,627.27
$ 5,725.45
$ 22,901.82
$ 5,725.45
5
20.00%
$ 28,627.27
$ 5,725.45
$ 28,627.27
$ –
R/B rate
R/Val
Life/yrs
Net value
Vehicles
$ 1,000.00
8
$ 32,254.55
R/B
Rate
B/Val
Dep/yr
Acc Dep
C/V
1
35.00%
$ 32,254.55
$ 11,289.09
$ 11,289.09
$ 20,965.45
2
35.00%
$ 20,965.45
$ 7,337.91
$ 18,627.00
$ 13,627.55
3
35.00%
$ 13,627.55
$ 4,769.64
$ 23,396.64
$ 8,857.90
4
35.00%
$ 8,857.90
$ 3,100.27
$ 26,496.91
$ 5,757.64
5
35.00%
$ 5,757.64
$ 2,015.17
$ 28,512.08
$ 3,742.46
6
35.00%
$ 3,742.46
$ 1,309.86
$ 29,821.94
$ 2,432.60
7
35.00%
$ 2,432.60
$ 851.41
$ 30,673.35
$ 1,581.19
8
35.00%
$ 1,581.19
$ 553.42
$ 31,226.77
$ 1,027.77
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BUSN331 Business Law
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3
Course Code: BUSN331
University: Centennial College
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Country: Canada
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Introduction
In Alberta, the Residential Tenancies Act applies to all the people in this jurisdiction, who rent their space out (Alberta Queen’s Printer, 2016). Through this act, the rights and responsibilities of the landlords and tenants are brought forward (Landlord and Tenant, 2015).
Question 1
Before a tenant can move in the rented accommodation, the tenant and the landlord have to reach an agreement, with regards to the…
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Australia Edmonton Humanities Management University of New South Wales Masters in Business Administration
LA1040 Contract Law
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11
Course Code: LA1040
University: University Of London
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Country: United Kingdom
Answer:
Introduction
A contract is an agreement between the parties which is enforceable legally in the courts. There are several provisions of law which governs how the terms related to the contract would operate. A contract consists of a set of provisions which are known as contractual terms. The weightage of such terms are not equal as one term may have a more significant consequence as compared to the other in relation to their brea…
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United Kingdom London Economics Management University of London
TLAW202 Corporations Law
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9
Course Code: TLAW202
University: Top Education Institute
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Country: Australia
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1.
If any person wants to carry out his business in the form of a company, then, it is necessary that the registration or incorporation requirements of such country must be met. In Australia, the Corporation Act 2001 and the guidelines laid down by ASIC provides with the steps that must be accomplish in order to establish a corporate entity. (Malbon & Bishop, 2006).
A company is of great significance as it is treated as a …
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