Bulmer Retailers Pty Ltd Trial Balance as at 30 June 2020 Account Name Debit ($) Credit ($) Accounts Receivable 20 450 Accounts Payable 10 300 Accumulated Depreciation - Office Equipment 7 000 Accumulated Depreciation – Delivery Vehicles 7 200 Accumulated Depreciation-Office Furniture and Fixtures 10 000 Advertising Expense 3 700 Allowance for Doubtful Debts 2 490 Bulmer, Capital (1 July 2019) 142 700 Bulmer, Drawings 25 400 Cash at Bank 64 500 Delivery Vehicles 24 000 Depreciation Expense – Delivery Vehicles 2 400 Depreciation Expense – Office Equipment 3 500 Depreciation Expense – Office Furniture and Fixtures 5 000 Discount Received 3 200 Discount Allowed 1 450 Doubtful Debts Expense 2 490 Freight Inwards 2 345 Inventory (1 July 2019) 18 600 Insurance Expense 1 380 Interest and Finance Expense 2 470 Loan (repayable 1 May 2026) 25 000 Office Administration Expense 28 300 Office Equipment 35 000 Office Furniture and Fixtures 44 000 Purchases 188 750 Rent Expense 36 000 Sales Revenue 428 695 Sales Returns 1 500 Selling and Distribution Expense 900 Supplies 3 450 Unearned Sale Revenue 4 400 Wages and Salaries Expense 129 400 Wages and Salaries Payable 4 000 Totals 644 985 644 985 Notes: The business has paid 70% of wages and salaries to ‘office administration staff’ and 30% to ‘selling and marketing staff’. Total rent expense may be allocated by the fact that ‘general administration staff’ occupied 80% of business premises. The ‘selling and marketing staff’ occupied 20% of the business premises. The stocktake performed at 30 June 2020 recorded an ending inventory balance of $25 600. Required Using the Trial Balance and templates provided on the following pages, prepare the following financial statements for the period in question: A fully classified Income Statement A separate Statement of Changes in Equity A fully classified Balance Sheet in the narrative format
Bulmer Retailers Pty Ltd
as at 30 June 2020
|
Account Name |
Debit ($) |
Credit ($) |
|
|
20 450 |
|
|
Accounts Payable |
10 300 |
|
|
|
7 000 |
|
|
Accumulated Depreciation – Delivery Vehicles |
7 200 |
|
|
Accumulated Depreciation-Office Furniture and Fixtures |
10 000 |
|
|
Advertising Expense |
3 700 |
|
|
Allowance for Doubtful Debts |
2 490 |
|
|
Bulmer, Capital (1 July 2019) |
142 700 |
|
|
Bulmer, Drawings |
25 400 |
|
|
Cash at Bank |
64 500 |
|
|
Delivery Vehicles |
24 000 |
|
|
Depreciation Expense – Delivery Vehicles |
2 400 |
|
|
Depreciation Expense – Office Equipment |
3 500 |
|
|
Depreciation Expense – Office Furniture and Fixtures |
5 000 |
|
|
Discount Received |
3 200 |
|
|
Discount Allowed |
1 450 |
|
|
Doubtful Debts Expense |
2 490 |
|
|
Freight Inwards |
2 345 |
|
|
Inventory (1 July 2019) |
18 600 |
|
|
Insurance Expense |
1 380 |
|
|
Interest and Finance Expense |
2 470 |
|
|
Loan (repayable 1 May 2026) |
25 000 |
|
|
Office Administration Expense |
28 300 |
|
|
Office Equipment |
35 000 |
|
|
Office Furniture and Fixtures |
44 000 |
|
|
Purchases |
188 750 |
|
|
Rent Expense |
36 000 |
|
|
Sales Revenue |
428 695 |
|
|
Sales Returns |
1 500 |
|
|
Selling and Distribution Expense |
900 |
|
|
Supplies |
3 450 |
|
|
Unearned Sale Revenue |
|
4 400 |
|
Wages and Salaries Expense |
129 400 |
|
|
Wages and Salaries Payable |
|
4 000 |
|
Totals |
644 985 |
644 985 |
Notes:
- The business has paid 70% of wages and salaries to ‘office administration staff’ and 30% to ‘selling and marketing staff’.
- Total rent expense may be allocated by the fact that ‘general administration staff’ occupied 80% of business premises. The ‘selling and marketing staff’ occupied 20% of the business premises.
- The stocktake performed at 30 June 2020 recorded an ending inventory balance of $25 600.
|
|
|
|
Required
Using the Trial Balance and templates provided on the following pages, prepare the following financial statements for the period in question:
- A fully classified Income Statement
- A separate Statement of Changes in Equity
- A fully classified
Balance Sheet in the narrative format
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