Question

The transactions above have been journalised and posted. The adjusted trial balance is below. Skate 'n' Surf Adjusted trial balance as at 30 June 20XX Account no. Account Debit Credit 100 Cash at bank 10,965 110 Accounts receivable 12,740 120 Inventory 40,470 130 Prepaid insurance 3,245 171 Shop equipment (cost) 32,600 172 Accumulated depreciation - shop equipment 408 200 Accounts payable 30,480 210 PAYG withholding payable 50 220 Superannuation payable 90 230 Bank loan 29,221 300 Capital 30,900 400 Sales revenue 23,900 410 Sales returns and allowances 560 420 Discount received 2,010 500 Cost of sales 12,410 600 Advertising expense 1,550 610 Depreciation expense 408 620 Discount allowed 205 640 Insurance expense 295 650 Interest expense 121 660 Postage and stationery expense 330 670 Superannuation expense 90 680 Telephone expense 170 690 Wages expense 900 $117,059 $117,059

(a) Prepare the statement of profit or loss for June.

Answer 1

Skate 'n' Surf Profit and Loss Account For the Period ended 30th June 20XX 1) Income Sales Revenue Less: Sales returns and allowances Net Sales Revenue Less: Cost of Goods Sold Gross Profit Other Revenue: Discount Received $ $ $ $ $ 23,900 -560 23,340 -12,410 10,930 $ $ 2,010 12,940 1,550 408 11) Expenses Advertising Expense Depreciation Expense Discount Allowed Insurance Expense Interest Expense Postage and Stationery Expense Superannuation Expense Telephone Expense Wages Expense Total Expenses uuuuuuu 900 $ 4,069 Net Profit (1-11) $ 8,871