Question

Could you help me to complete the classified statement of Financial Position? Attention that you need to use FIFO_perpetual inventory system, thank you.

ASSIGNMENT GROUP 2: Information to process June Transaction The opening balances for the stock ledger cards (all amounts are GST exclusive): 15 packs of quince seeds ($2.00 each) 40 packets of sunflower seeds ($1.80 each) 15 packets of pumpkin seeds ($3.30 each) Hollis Seeds purchased 15 packs of quince seeds for $2.42 per pack; and 5 packs of sunflower was $47.30 Paid the interest owing Sold 15 packets of quince seeds for $4.40 each (GST inclusive) to Tinas Nursery for cash Seed World purchased 20 packets of sunflower seeds from Hollis Seeds for a total GST nd 2seeds for $2.20 per pack from Waterhouse Ltd, terms 30 days. The total GST inclusive amount 3rd 5th 7th exclusive amount of $60.00, terms of trade 4/10, n30 Paid the full amount owing to Waterhouse Ltd Received an invoice from BT Ltd for marketing services. The total invoice amount 8th was $143 including GST. Terms 30 days Mary Hollis withdrew $400 from the business bank account for her own person Hollis Seeds purchased (and paid for) 15 packets of pumpkin seeds for a total amount of 13th $66.00 (GST inclusive) 19th 19th Prepaid insurance of $400 has expired 20th Received the amount owing from Tinas Nursery Received the amount owing from Seed World Hollis Seeds sold the following items in their store and received payment for all items (all amounts given are GST inclusive): 22nd 20 packets of sunflower seeds at $4.95 each - 10 packets of pumpkin seeds at $5.50 each | Record the interest owing on the bank loan for June. The annual interest rate is 8% 29th Record the depreciation for June Straight line depreciation on the equipment. The residual value is $2000 with a useful life of 5 years 30 . FND100-ASSIGNMENT rimester 1-2019 (due sta It is the 1" June 2019 and you the accounts assistant for Hollis Seeds (owner Mary Hollis, Hollis Sseeds k 11 sells various seeds for cash to the public in their small store and to other businesses on credit Using the documentation you have received you are required to: 1. Enter the information from the documents provided into the: stock ledger cards general journal Note: the documents will be issued to you in class in week 7 Enter the opening balances into the ledger; post all transactions to the general ledger; and balance the ledger Note: it is advisable to prepare a trial balance to check the accuracy of your ledgen Note: the general ledger and trial balance do not need to be submitted 2. Prepare the following at 30th June: 3. Closing entries (in the general journal) A classified statement of financial position as at 30th June 2019 Note: . Hollis Seeds uses a FIFO perpetual inventory system Dollars and cents should be formatted 0.00 A ruler must be used when drawing lines All data entered into the documents must be handwritten Style guide: Handwriting must be legible Pencil is NOT allowed No crossing out allowed No white-out to be used Submit your completed documents with a group cover sheet in the following order: 1. Group assignment cover sheet (available on the portal) 2. Stock ledger cards 3. General Journal 4. Classified Statement of Financial Position Sharing documents with other students is NOT allowed. Accountants are required to demonstrat integrity and you are expected to demonstrate integrity in your assignment.

Answer 1

with all the available data , following table and cost of goods sold can be concluded as

Details as of bank balances is not available as such , interest expense can not be calculated

	Quince Seeds
		Purchased			Issued			Balance
Date	Particulars	Qty	Rate	Amount	Qty	Rate	Amount	Qty	Rate	Amount
	Opening Balance							15	$      2.00	30.00
2-Jun	Purchase from Waterhouse Ltd	15	$      2.42	36.30				15	$      2.00	30.00
								15	$      2.42	36.30
5-Jun	Sale to Tinas Nursery				15.00	2.00	30	15	$      2.42	36.30
	Sunflower Seeds
		Purchased			Issued			Balance
Date	Particulars	Qty	Rate	Amount	Qty	Rate	Amount	Qty	Rate	Amount
	Opening Balance							40	$      1.80	72.00
2-Jun	Purchase from Waterhouse Ltd	5	$      2.20	11.00				40	$      1.80	72.00
								5	$      2.20	11.00
7-Jun	Sale to Seed World				20	$       1.80	36.00	20	$      1.80	$    36.00
								5	$      2.20	11.00
22-Jun	Sale in Store				20	$       1.80	$    36.00	5	$      2.20	11.00
	Pumpkin Seeds
		Purchased			Issued			Balance
Date	Particulars	Qty	Rate	Amount	Qty	Rate	Amount	Qty	Rate	Amount
	Opening Balance							15	$      3.30	49.50
13-Jun	Purchase	15	$      4.40	66.00				15	$      3.30	49.50
								15	$      4.40	66.00
22-Jun	Sale in Store				10	$       3.30	$    33.00	5	$      3.30	16.50
								15	$      4.40	66.00
	Cost of Goods Sold:	Quantity	Rate	Amount
	Quince Seeds	15.00	$      2.00	$      30.00
	Sun flower Seeds	40	$      1.80	$       72.00
	Pumpkin Seeds	10	$      3.30	$       33.00
			Total	$     135.00
	Net Sales:	Quantity	Rate	Amount
	Quince Seeds	15	4.4	$      66.00
	Sun flower Seeds	20	3.00	$      60.00
		20	4.95	$      99.00
	Pumpkin Seeds	10	5.5	$       55.00
			Total	$     280.00