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T $1,200 plus GST Question 1 (30 Marks) Star delivery Pty Ltd provides delivery services in NSW rural areas. The unadjusted trial balance on 30 June 2017 below was prepared by the accountant. 2015 TUOW The following additional information is available at 30 June: 1. Expired rent amounted to $2,400. 2. Received a tax invoice for the marketing expense in June for $1,200 plus GST. 3. Motor vehicle has a useful life of ten years with $2.300 residual value. Straight line method of depreciation is adopted. No additions or disposals were recorded during the year. All motor vehicles were purchased on the same date. 4. Salary earned but not yet paid amounted to $12,000. 5. The owner withdrew $5000 on 30 June 2016. eniu od von SUNNY TRAVEL PTY LTD Unadjusted Trial Balance as at 30 June 2017 Cash at bank 109,690 Accounts receivable 65.200 GST receivable 4,400 Prepaid rent 12,000 Motor vehicles 232,300 Accumulated depreciation - motor vehicles 12,940 Accounts payable 9,100 Loan payable 111,000 Uneamed revenue 2,770 GST payable 6,600 Capital - J. Brown 147,560 Service revenue 167,300 Salaries expense 10,610 Insurance expense 8,680 Marketing expense 9,770 Telephone expense 4,620 457.270 457,270 Required Prepare a 10-column worksheet for the year ended 30 June 2016. (18 marks) Prepare a statement of changes in equity (4 marks) Journalise the closing entries. (8 marks)

Answer 1

Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Accounts Debit Credit Debit Credit Debit Credit / Debit Credit Debit Credit Cash at bank $ 1,09,690 $ 5,000 $ 1,04,690 $ 1,04,690 Accounts Receivable $ 65,200 $ 65,200 $ 65,200 GTS Receivable $ 4,400 $ 4,400 $ 4,400 Prepaid Rent $ 12,000 $ 2,400 $ 9.600 $ 9,600 Motor Vehicles $ 2,32,300 $ 2,32,300 $ 2,32,300 Accumulated Depreciation - Motor Vehicle $ 12,940 $ 23,000 $ 35,940 $ 35,940 Accounts Payable $ 9,100 $ 9,100 $ 9,100 Loan Payable $ 1,11,000 1.11,000 $ 1,11,000 Unearned Revenue $ 2,770 $ 2,770 $ 2,770 GST payable $ 6,600 $ 6,600 $ 6,600 Salary Payable $ 12,000 $ 12,000 $ 12,000 Marketing Expenses payable S 1,200 $ 1.200 $ 1.200 Capital - J.Brown $ 1,47,560 S 5,000 $ 1,42,560 $ 1,42,560 Service Revenue $ 1,67,300 $ 1,67,300 $ 1,67,300 Salaries Expenses 10,610 $ 12,000 $ 22,610 $ 22,610 Insurance Expenses 8.680 8,680 $ 8,680 Marketing Expenses 9,770 S 1,200 $ 10,970 $ 10,970 Telephone Expenses 4,620 $ 4,620 $ 4,620 Rent Expenses S 2,400 2,400 $ 2,400 Depreciation Expenses **see below $23,000 $ 23,000 $ 23,000 $ 4,57,270 $ 4,57,270 S43,600 $43,600 $ 4,88,470 $ 4,88,470 $ 72,280 $ 1,67,300 $ 4,16,190 $ 3,21,170 ** Depreciation Expenses =(232300-2300)/10 Net Income S 95,020 $ 95,020 '=23000 per year Totals $1,67,300 $1,67,300 $4,16,190 $4,16,190

Credit Statement of Changes in Equity | Beginning Capital - J.Brown $1,42,560 Add: Net Income $ 95,020 Less: Drawings $ -5,000 Ending Capital - J.Brown $2,32,580 | $ 1,67,300 Closing entries Date Date Accounts Title Accounts Title Debit Jun-30 Service Revenue $ 1,67,300 Income Summary Jun-30 Income Summary $ 72.280 Salaries Expenses Insurance Expenses Marketing Expenses Telephone Expenses Rent Expenses Depreciation Expenses Jun-30 Income Summary $ 95,020 Retained Earnings $ $ $ $ $ $ 22,610 8,680 10,970 4,620 2,400 23,000 $ 95,020