Question

Skate 'n' Surf Adjusted trial balance as at 30 June 20XX
Account no.	Account	Debit		Credit
100	Cash at bank	6,110
110	Accounts receivable	12,925
120	Inventory	40,370
130	Prepaid insurance	4,235
171	Shop equipment (cost)	33,300
172	Accumulated depreciation - shop equipment			694
200	Accounts payable			30,980
210	PAYG withholding payable			50
220	Superannuation payable			90
230	Bank loan			29,523
300	Capital			29,000
400	Sales revenue			23,925
410	Sales returns and allowances	1,100
420	Discount received			2,090
500	Cost of sales	13,910
600	Advertising expense	1,510
610	Depreciation expense	694
620	Discount allowed	220
640	Insurance expense	385
650	Interest expense	123
660	Postage and stationery expense	320
670	Superannuation expense	90
680	Telephone expense	160
690	Wages expense	900
		$116,352		$116,352

Prepare the statement of profit or loss for June. (Enter accounts in ascending account order.) Skate 'n' Surf Statement of profit or loss for the period 1 June to 30 June 20xx Revenue Sales revenue Sales revenue Less: Sales returns and allowanc Net sales revenue 23925 -1100 22825 Less: Cost of sales - 13910 8915 Gross profit Other revenue: Discount received 2090 11005 Expenses Advertising expense Depreciation expense 1510 694 Insurance expense 385 Interest expense 123 Postage and stationery 320 Superannuation expens 90 Telephone expense 160 Wages expense 900 Discount allowed 220 Total expenses -4402 Net profit/ (loss) $ 6603

Answer 1

Balance Sheet
Assets:
Current assets:
Cash at bank		6,110
Accounts receivable		12,925
Inventory			40,370
Prepaid Insurance		4,235
Total Current assets			63,640
Non-Current assets
Shop equipment		33,300
Less: Accumulated dep	694	32,606
Total assets			96,246
Liabilities
Current liabilities
Accounts payable		30,980
PAYG withholding payable	50
Superannuation payable	90
Total Current liabilities		31,120
Non-Current liabilities
Bank loan payable		29,523
Total Non-current liabilities		29,523
Total Liabilities			60,643
Net assets (96,246-60,643)		35,603
Owner's equity
Capital				29,000
Add: Net Income			6,603
Total Equity			35,603