1. Prepare a Classified Statement of Assets & Liabilitiesas at 30th June 2023Cash receipts and payments for the year ended 30thJune 2023:CashReceipts:Subscriptions 11,000Bar salesHire offunctionroom$BankBar inventory30,0005,300Assets & Liabilities as at$46,300Subscription in arrearsSubscription in advanceBar equipment - at costAccumulated depreciationbar equipmentBank Loan (Due 30/6/17)Accounts payable (bar)Accrued bar wagesPrepaid rent expenseCashPayments:Bar purchases 12,000Payments toaccountspayableTelephoneInsuranceCleaner'swagesElectricityBar wagesBank LoaninterestRent paid1 July202215,0002,60022080035,0005,00016,0001,000O0$?6,0009001,2001,5008005,0002,90010,000$40,30030 June20232,40088027035,0006,00016,0002,000100500

A balance sheet in which there are shown categories wise each item of assets and liabilities is…

Answered: Prepare a Classified Statement of…

Business

Accounting

Prepare a Classified Statement of Assets & Liabilities as at 30th June 2023

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

1. Prepare a Classified Statement of Assets & Liabilities
as at 30th June 2023
Cash receipts and payments for the year ended 30th
June 2023:
Cash
Receipts:
Subscriptions 11,000
Bar sales
Hire of
function
room
$
Bank
Bar inventory
30,000
5,300
Assets & Liabilities as at
$46,300
Subscription in arrears
Subscription in advance
Bar equipment - at cost
Accumulated depreciation
bar equipment
Bank Loan (Due 30/6/17)
Accounts payable (bar)
Accrued bar wages
Prepaid rent expense
Cash
Payments:
Bar purchases 12,000
Payments to
accounts
payable
Telephone
Insurance
Cleaner's
wages
Electricity
Bar wages
Bank Loan
interest
Rent paid
1 July
2022
15,000
2,600
220
800
35,000
5,000
16,000
1,000
O
0
$
?
6,000
900
1,200
1,500
800
5,000
2,900
10,000
$40,300
30 June
2023
2,400
880
270
35,000
6,000
16,000
2,000
100
500

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