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ACC106 Business Scenario And Instructions

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ACC106 Business Scenario And Instructions

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ACC106 Business Scenario And Instructions

0 Download132 Pages / 32,833 Words

Course Code: ACC106
University: University Of The Sunshine Coast

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Country: Australia

Question:

 

Introduction

Magic Mufflers is a proprietorship of Mr Innis Hornet who established this new business on 1st June 2017. Magic Mufflers is a GST-registered muffler and exhaust business that specialises in a small range of high-performance mufflers and exhaust systems. The business sources its products from a number of suppliers and trade expos, and sells to car enthusiasts.
The business currently sells three types of mufflers: Sports SP, Retro RR, and Racer CC:Innis Hornet, sole proprietor, has established a reputable and growing business with and has employed four staff members. Being an astute businessperson, Innis is using Microsoft EXCEL software to maintain the accounting records of the business transactions during the month of June 2017, which is the last month of the Australian financial year.
1.2    Accounting Policies
1.2.1 Magic Mufflers uses accrual accounting for recording transactions and adjustments.
1.2.2 Magic Mufflers uses a perpetual inventory system with weighted average.
1.2.3 Magic Mufflers prepares quarterly Business Activity Statements (BAS) and remits the net GST liability due to the ATO in the month following the end of each quarter. (Note: as this is a new business, Innis has not yet prepared a BAS and has no liability at the start of June.)
1.2.4 Magic Mufflers has the following depreciation policies:

Equipment and Tools: depreciated over 10 years using reducing balance method at rate of 28% ($1000 residual value and can be pooled together)
Technology and security systems: depreciated over 5 years using straight line method (can pool together; no residual value)
Motor vehicles: depreciated using reducing balance method at the rate of 35% over 8 years ($1000 residual value) 

1.2.5 Magic Mufflers pays employee wages on a weekly basis. Wages are paid on the Wednesday for the previous week. The workshop manager and sales manager are full time, earn a weekly wage and work Monday to Friday. The payroll officer and trainee technician are employed on a casual basis and are paid hourly. All employees are paid employer superannuation contribution to their nominated superannuation funds at the rate of 9.5% of gross salary (before deductions). All employees are being paid into the same superannuation fund through an online portal (this means you can account for all superannuation together). 
1.2.6 Magic Mufflers records a provision for doubtful debts that equates to 4% of Accounts Receivable balance at the end of the year.
1.2.7 Magic Mufflers records all prepaid expenses as assets (prepayments), and then expenses the portion used as end of year adjustments.
1 Accounting System               
                2.1 Journal and Ledgers
Magic Mufflers uses the following journals and ledgers:
Cash Receipts Journal           – to record all cash receipts of the business including cash                                                                    sales and cash received from debtors
Cash Payments Journal          – to record all cash payments and cheques issued by the               business including cash purchases, cash payments to                                creditors
Sales Journal                              – to record all credit sales of Inventory
Purchases Journal                    – to record all credit purchases of Inventory & other items
General Journal                         – to record all other transactions not recorded in other                                     journals (eg adjusting entries & closing entries)
General Ledger                         – separate ledger accounts are maintained for each asset,            liability, equity, revenue and expense account
Subsidiary Ledgers                   – maintained for accounts receivable and accounts payable,        and for inventory, then reconciled against relevant general ledger accounts
.1 A physical stocktake of supplies revealed supplies on hand at 30 June totalling $1380. 
4.2 Calculate and record the adjusting entry for rent for the end of the month given that June rent (2weeks) has been used up. 
4.3 Calculate the amounts for depreciation expense for each of the three types of non-current Assets: equipment & tools; technology & security; vehicles (Estimate expense as though assets held for whole of month of June.) 
4.4 Calculate and record the adjusting entry for insurance for the end of the month given that the June portion has been used up. (Estimate by weeks.) 
4.5 Calculate and record the adjusting entry for wages payable for employee earnings not yet paid as at 30 June. Apportion weekly salary earners by day; B Heat & C McQueen both worked 5 hours each between Mon 26/6 and Fri 30/6. 
4.6 Calculate the Provision for Doubtful Debts based on 4% of accounts receivable at the end of the year and make the necessary adjusting entry. 
1 Accounting Requirements and Instructions
                5.1 Spreadsheet software
                The file on the course Blackboard site (ACC106 Task 2 Student Templates) contains a series of worksheets that you should use to complete the requirements below. Make changes as required including formulas and links.
                5.2 Completing the Accounting Cycle
5.2.1 Record all the business transactions from section 3 above in the relevant special journals and post the Account totals to the relevant ledgers using EXCEL linking function. Use the accounts listed in the Chart of Accounts and enter names of the ledger accounts as required. In the ledgers, use formulas to create running totals. DO NOT POST ADJUSTMENTS yet.
5.2.2 Prepare an ‘Unadjusted’ Trial Balance as at 30 June 2017 by linking balances in the ledger accounts to the Trial Balance. It will be a ‘Live’ Trial Balance but at this point it is unadjusted as the Adjustments have not yet been posted. When completed, check the debit and credit columns are equal in the Trial Balance. Then copy and special paste (as values only) the Trial Balance into the Worksheet columns ‘Unadj Trial Balance’. These should not change now as they are raw figures. (Tip: Use Paste Special to paste in as values.)
5.2.3 Record the end of year Adjustments, listed above at section 4, in the Worksheet and complete the Worksheet by calculating balances in the Adjusted Trial Balance columns. Then complete the Income Statement and Balance Sheet columns in the Worksheet.
5.2.4 Record the Adjustments in the General Journal and post these adjustments to the General Ledger using new accounts as necessary. (This will change the figures in your Trial Balance which should now match the Adjusted Trial Balance figures in the Worksheet.)
5.2.5 Prepare the closing entries in the General Journal, and post these to the General Ledger. (As with adjustments, this will change your Trial Balance figures if you have linked correctly.  NOW, your Adjusted Trial Balance figures in the Worksheet will NOT match the Trial Balance figures for the Revenue and Expense accounts and totals.)
Remember: for closing, close revenue and expense accounts to the P&L Closing Account, then close P&L Closing Account to the Capital account and finally, close drawings to the Capital account.
5.2.6 Finally, prepare the Financial Statements for 30 June 2017 by copying or linking the appropriate figures into your Financial Statements. Refer to your textbook or course Learning Materials for guidance on the format of these Statements. For Balance Sheet, use the Classified Balance Sheet in report form as demonstrated on p.184 of the text; and Income Statement and Statement of Changes in Equity as demonstrated on p.240 of the text. (Note, for the Income Statement, there will be three revenue streams including discount received.)              
2 Additional Information
                6.1 Number formats
All amounts should be rounded/truncated to two decimal places. Amounts can be displayed without $ sign. (Use $ sign for Financial Statements only).
                6.2 Journals and Ledgers
Adjustment & closing entries should be posted from the General Journal to the respective General Ledger accounts at the end of the financial year (June 30)
                Total columns in the special journals should be posted to the respective General Ledger accounts at June 30.
                Note: In the special journals, all entries that do not belong in one of the account columns as listed in the template, should be included in the “Other Accounts” columns. These should then be posted on an individual basis to the respective ledger accounts. (Hint: the journal  templates contain all the account columns as required for this business. However, not all            accounts have been included in the general ledger template – please add as required.)
Remember: When special journals are used, do NOT also use the General Journal for the same transaction. Also, the subledgers for inventory, AR and AP are not linked to the General ledger but the balances should be checked.
                6.3 Inventory
                Record Inventory purchases and sales in the Subsidiary Ledger Inventory AS THEY OCCUR. As well, record purchases and sales in the relevant journals (using figures in the Inventory record) and post the Inventory totals from these journals to the General Ledger Inventory account at June 30.
                6.4 Wages
                There are two payroll worksheets that can be used to calculate wages. The payroll calculator  from the ATO should be used to estimate weekly PAYG withholding tax for each employee. Use the table in the payroll template to relevant amounts for each employee each week.
                6.5 Depreciation
                There is a depreciation worksheet with a table that can be used to calculate depreciation for  the non-current assets. (Tip: depreciation expense is based on the net cost of the asset.)

Answer:

Chart of Accounts 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Account Name
Account Type
Usual Balance
Account Type
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Cash at Bank
Asset
Debit
Current Asset
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Accounts Receivable
Asset
Debit
Current Asset
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Provision for Doubtful Debts
Contra – Asset
Credit
Contra – Current Asset
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Supplies
Asset
Debit
Current Asset
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Inventory
Asset
Debit
Current Asset
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Prepaid Insurance
Asset
Debit
Current Asset
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Prepaid Rent
Asset
Debit
Current Asset
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

GST Paid
Asset
Debit
Current Asset
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Equipment & Tools
Asset
Debit
Non Current Asset
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Accum Dep – Equip’t & Tools
Contra – Asset
Credit
Contra – Non Current Asset
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Technology & Security
Asset
Debit
Non Current Asset
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Accum Dep – Tech & Security
Contra – Asset
Credit
Contra – Non Current Asset
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Vehicles
Asset
Debit
Non Current Asset
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Accum Dep – Vehicles
Contra – Asset
Credit
Contra – Non Current Asset
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Accounts Payable
Liability
Credit
Current Liability
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

GST Collected
Liability
Credit
Current Liability
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

PAYG Tax Payable 
Liability
Credit
Current Liability
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Superannuation Payable
Liability
Credit
Current Liability
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Private health Payable
Liability
Credit
Current Liability
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Wages Payable
Liability
Credit
Current Liability
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

I Hornet, Capital
Equity
Credit
Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

I Hornet, Drawings
Equity
Debit
Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Sales Revenue 
Revenue
Credit
Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Discount Received
Revenue
Credit
Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Interest Revenue
Revenue
Credit
Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Cost of Sales
Expenses
Debit
Cost of Goods Sold
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Electricity & Gas Expense
Expenses
Debit
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Bad Debts expense
Expenses
Debit
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Discount Allowed Expense
Expenses
Debit
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Salary & Wages Expense
Expenses
Debit
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Supplies Expense
Expenses
Debit
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Rent Expense
Expenses
Debit
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Insurance Expense
Expenses
Debit
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Depreciation Expense
Expenses
Debit
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Income Summary
Temporary only
N/A
Temporary only
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

CASH RECEIPTS JOURNAL—JUNE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Date
Particulars
Debits
Credits
 
 
 
 
 
 
 
 
 
 
 
 

Cash at Bank
Cost of Sales
Discount Allowed Expense
Accounts Receivable  (inc GST)
Inventory 
Sales Revenue
Interest Revenue
Other Accounts
GST Collected
 
 
 
 
 
 

 
 
 
 
 
 

GST Collected
Net
Account Name
Amt ex GST
 
 
 
 
 
 

 
 
 
 
 
 

01-Jun
Est business
                                                                                  2,25,000.00
 
 
 
 
 
 
 
 Capital 
  2,25,000.00
 
 
 
 
 
 
 

07-Jun
SP & CC sale
                                                                                        5,820.00
                                              1,648.50
 
 
 
           1,648.50
            5,290.91
 
 
 
               529.09
 
 
 
 
 
 

08-Jun
CC sale
                                                                                        2,200.00
                                              1,037.25
 
 
 
           1,037.25
            2,000.00
 
 
 
               200.00
 
 
 
 
 
 

09-Jun
SP sale
                                                                                        4,290.00
                                              1,948.50
 
 
 
           1,948.50
            3,900.00
 
 
 
               390.00
 
 
 
 
 
 

13-Jun
CC & SP sale
                                                                                        7,870.00
                                              3,373.50
 
 
 
           3,373.50
            7,154.55
 
 
 
               715.45
 
 
 
 
 
 

20-Jun
RR sale
                                                                                        3,790.00
                                              1,728.57
 
 
 
           1,728.57
            3,445.45
 
 
 
               344.55
 
 
 
 
 
 

26-Jun
Hot Rot’s Club
                                                                                        5,241.50
 
                      2.59
              25.91
                         5,270.00
 
 
 
 
 
 
 
 
 
 
 
 

26-Jun
RR & CC sale
                                                                                        8,600.00
                                              3,999.78
 
 
 
           3,999.78
            7,818.18
 
 
 
               781.82
 
 
 
 
 
 

29-Jun
Receipt of Interest
                                                                                        1,307.00
 
 
 
 
 
 
                  1,307.00
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

    Total columns here 
 
                                                                                  2,64,118.50
                                             13,736.10
                      2.59
               25.91
                          5,270.00
         13,736.10
           29,609.09
                   1,307.00
 
   2,25,000.00
            2,960.91
 
 
 
 
 
 

 
 
 
 
 
   2,77,883.10
 
 
 
 
 
 
      2,77,883.10
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

CASH PAYMENTS JOURNAL—JUNE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Date
Details
Cheq no
Credits
Debits

Cash at Bank
Discount Received
Wages
Accounts Payable     (inc GST)
Inventory
Prepaid Rent
Supplies
Wage Expense
Drawings
Prepaid Insurance
Elect & Gas
GST Paid

GST Paid
Net
PAYG Tax Payable
Private Health Payable
Employer Super Payable

05-Jun
RevCo supplies
 
             2,200.00
 
 
 
 
 
 
 
 
  2,000.00
 
 
 
 
     200.00

06-Jun
RevHeads Expo
 
             3,872.00
 
 
 
 
 
 
        3,520.00
 
 
 
 
 
 
     352.00

07-Jun
Totyota
 
             8,870.00
 
 
 
 
 
            8,870.00
 
 
 
 
 
 
 
 

07-Jun
Salaries & Wages
 
             3,193.00
 
 
           1,074.00
                  39.00
                      409.07
 
 
 
 
             4,715.07
 
 
 
 

07-Jun
Insurance
 
             9,100.00
 
 
 
 
 
 
 
 
 
 
 
 8,272.73
 
     827.27

12-Jun
Pro Power
 
             7,173.44
              20.17
                             201.69
 
 
 
            7,395.30
 
 
 
 
 
 
 
 

12-Jun
Panorama
 
             4,730.00
 
 
 
 
 
 
        4,300.00
 
 
 
 
 
 
     430.00

13-Jun
Totyota
 
             8,870.00
 
 
 
 
 
            8,870.00
 
 
 
 
 
 
 
 

14-Jun
Rent
 
             6,600.00
 
 
 
 
 
 
 
           6,000.00
 
 
 
 
 
     600.00

14-Jun
Salaries & Wages
 
             3,391.00
 
 
           1,074.00
                  39.00
                      427.88
 
 
 
 
             4,931.88
 
 
 
 

21-Jun
Salaries & Wages
 
             3,495.00
 
 
           1,136.00
                  39.00
                      443.65
 
 
 
 
             5,113.65
 
 
 
 

28-Jun
Salaries & Wages
 
             3,547.00
 
 
           1,150.00
                  39.00
                      449.92
 
 
 
 
             5,185.92
 
 
 
 

29-Jun
Gas & Electricity
 
                 290.00
 
 
 
 
 
 
 
 
 
 
 
 
     263.64
       26.36

30-Jun
Drawings
 
                 920.00
 
 
 
 
 
 
 
 
 
 
     920.00
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
Total columns here 
 
            66,251.44
               20.17
                             201.69
           4,434.00
                 156.00
                   1,730.52
           25,135.30
         7,820.00
            6,000.00
   2,000.00
           19,946.52
     920.00
  8,272.73
     263.64
  2,435.64

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

SALES JOURNAL—JUNE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
Credit
Debit
Credit
Debit
 
 
 
 
 
 
 
 
 
 

Date
Invoice Number
Details
 Sales Revenue
GST Collected
Accounts Receivable
Inventory
Cost of Sales
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 

17-Jun
 
Hot Rod’s Club
             2,590.91
            259.09
                         2,850.00
           1,299.00
            1,299.00
 
 
 
 
 
 
 
 
 
 

21-Jun
 
Rob’s Classic Cars
             7,090.91
            709.09
                         7,800.00
           3,578.00
            3,578.00
 
 
 
 
 
 
 
 
 
 

22-Jun
 
Hot Rod’s Club
             2,200.00
            220.00
                         2,420.00
           2,212.42
            2,212.42
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
    Total columns here 
 
            11,881.82
         1,188.18
                       13,070.00
           7,089.42
             7,089.42
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

PURCHASES JOURNAL —JUNE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
Debit
Debit
Credit
 
 
 
 
 
 
 
 
 

Date
Details
Inventory 
Vehicles
Tech & Security
Equip&Tools
 
GST Paid
Accounts Payable
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 

02-Jun
Tools R Us purchases
 
 
 
                       26,363.64
 
            2,636.36
                29,000.00
 
 
 
 
 
 
 
 
 

02-Jun
Pro Power
                                              6,723.00
 
 
 
 
                672.30
                  7,395.30
 
 
 
 
 
 
 
 
 

04-Jun
Digital sys
 
 
      28,627.27
 
 
            2,862.73
                31,490.00
 
 
 
 
 
 
 
 
 

04-Jun
Toyota
 
           32,254.55
 
 
 
            3,225.45
                35,480.00
 
 
 
 
 
 
 
 
 

07-Jun
Pro Power
                                              3,150.00
 
 
 
 
                315.00
                  3,465.00
 
 
 
 
 
 
 
 
 

19-Jun
Pro Power
                                              9,050.00
 
 
 
 
                905.00
                  9,955.00
 
 
 
 
 
 
 
 
 

23-Jun
Pro Power
                                              4,660.00
 
 
 
 
                466.00
                  5,126.00
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
Total columns here
                                             23,583.00
            32,254.55
      28,627.27
                       26,363.64
                        –  
           11,082.85
             1,21,911.30
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
       1,21,911.30
             1,21,911.30
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

GENERAL JOURNAL
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Date
Details
Debit
Credit
 
 
 
 
 
 
 
 
 
 
 
 
 
 

ADJUSTING ENTRIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 

June
30
Supplies Expense
                                                   620.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Supplies   
 
                  620.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Supplies used up during the year 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

June
30
Bad Debts expense
                                                   312.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Provision for Doubtful Debts
 
                  312.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Provision made @ 4% for doubtful debts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

June
30
Insurance Expense
                                                   477.27
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Prepaid Insurance
 
                  477.27
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
One month insurance expensed off
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

June
30
Rent Expense
                                               1,000.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Prepaid Rent
 
              1,000.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
One month rent expensed off
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

June
30
Depreciation Expense
                                               2,033.03
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Accum Dep – Equip’t & Tools
 
                  615.15
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Accum Dep – Tech & Security
 
                  477.12
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Accum Dep – Vehicles
 
                  940.76
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Depreciation charge for the month
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

June
30
Salary & Wages Expense
                                               3,378.86
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
PAYG Tax Payable 
 
                  654.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Superannuation Payable
 
                  293.14
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Private health Payable
 
                    27.86
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Wages Payable
 
              2,403.86
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Wages payable for 6 days from 24th to 30th June
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
                                               7,821.16
              7,821.16
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

CLOSING ENTRIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

June
30
Sales Revenue 
                                             41,490.91
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Discount Received
                                                   201.69
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Interest Revenue
                                               1,307.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Income Summary
 
            42,999.60
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Amount transferred to Income statement
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

June
30
Income Summary
                                             48,882.74
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Cost of Sales
 
            20,825.52
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Electricity & Gas Expense
 
                  263.64
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Bad Debts expense
 
                  312.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Discount Allowed Expense
 
                    25.91
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Salary & Wages Expense
 
            23,325.38
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Supplies Expense
 
                  620.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Rent Expense
 
              1,000.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Insurance Expense
 
                  477.27
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Depreciation Expense
 
              2,033.03
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Amount transferred to Income statement debited.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

June
30
Capital
                                               5,883.14
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Income Summary
 
              5,883.14
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Loss debited to capital.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

June
30
Capital
                                                   920.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Drawings
 
                  920.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Drawings closed to Capital.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
                                             98,685.49
            98,685.49
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Schedule of Accounts Receivable
 
 
Schedule of Accounts Payable
 
 
 
 
 
 
 
 

as at 30 June 2017
 
 
 
as at 30 June 2017
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Account Name
Amount
4%
 
 
 
 
Account Name
Amount
 
 
 
 
 
 
 
 

Hot Rod’s Club
0.00
 
 
 
 
 
TOOLS R US
29,000.00
 
 
 
 
 
 
 
 

Rob’s Classic Cars
7,800.00
 
 
 
 
 
PRO POWER
18,546.00
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
DIGITAL SYS
31,490.00
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
TOYOTA
17,740.00
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
0.00
 
 
 
 
 
 
 
 

Total
7,800.00
312.00
 
 
 
 
Total
96,776.00
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Amount showing in Accounts Receivable General Ledger Trial Balance
 
 
                                               7,800.00
 
 
 
 
Amount showing in Accounts Payable General Ledger Trial Balance
      96,776.00
 
 
 
 
 
 
 

Difference between Schedule total and General Ledger balance
 
 
0
 
 
 
 
Difference between Schedule total and General Ledger balance
0
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
 
 
ACCOUNTS PAYABLE SUBSIDIARY LEDGER
 
 
 
 
 

Hot Rod’s Club
 
 
 
 
 
 
 
TOOLS R US
 
 
 
 
 
 
 
 
 
 

Date
Details
Invoice No.
Debit
Credit
Balance
 
 
Date
Details
Invoice No.
Debit
Credit
Balance
 
 
 
 
 

17-Jun
2x Sports SP
xx
2,850.00
 
2,850.00
 
 
02-Jun
tools & other equipt
xx
 
29,000.00
29,000.00
 
 
 
 
 

22-Jun
2x Racer CC
xx
2,420.00
 
5,270.00
 
 
 
 
 
 
 
29,000.00
 
 
 
 
 

26-Jun
Cash received
 
 
5,270.00
0.00
 
 
 
 
 
 
 
29,000.00
 
 
 
 
 

 
 
 
 
 
0.00
 
 
 
 
 
 
 
29,000.00
 
 
 
 
 

 
 
 
 
 
0.00
 
 
 
 
 
 
 
29,000.00
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Rob’s Classic Cars
 
 
 
 
 
 
 
PRO POWER
 
 
 
 
 
 
 
 
 
 

Date
Details
Invoice No.
Debit
Credit
Balance
 
 
Date
Details
Invoice No.
Debit
Credit
Balance
 
 
 
 
 

21-Jun
4x Sports SP & 1x RR
xx
7,800.00
 
7,800.00
 
 
02-Jun
Inventory purchased
xx
 
7,395.30
7,395.30
 
 
 
 
 

 
 
 
 
 
7,800.00
 
 
07-Jun
Inventory purchased
xx
 
3,465.00
10,860.30
 
 
 
 
 

 
 
 
 
 
7,800.00
 
 
12-Jun
Cash paid
 
7,395.30
 
3,465.00
 
 
 
 
 

 
 
 
 
 
7,800.00
 
 
19-Jun
Inventory purchased
xx
 
9,955.00
13,420.00
 
 
 
 
 

 
 
 
 
 
7,800.00
 
 
23-Jun
Inventory purchased
xx
 
5,126.00
18,546.00
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
18,546.00
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
ACCOUNTS PAYABLE SUBSIDIARY LEDGER
 
 
 
 
 

Date
Details
Invoice No.
Debit
Credit
Balance
 
 
DIGITAL SYS
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
Date
Details
Invoice No.
Debit
Credit
Balance
 
 
 
 
 

 
 
 
 
 
 
 
 
04-Jun
Computer and security system
xx
 
31,490.00
31,490.00
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
31,490.00
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
31,490.00
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
31,490.00
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
31,490.00
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
ACCOUNTS PAYABLE SUBSIDIARY LEDGER
 
 
 
 
 

 
 
 
 
 
 
 
 
TOYOTA
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
Date
Details
Invoice No.
Debit
Credit
Balance
 
 
 
 
 

 
 
 
 
 
 
 
 
04-Jun
Vehicle purchased
xx
 
35,480.00
35,480.00
 
 
 
 
 

 
 
 
 
 
 
 
 
07-Jun
Repayment
 
8,870.00
 
26,610.00
 
 
 
 
 

 
 
 
 
 
 
 
 
13-Jun
Repayment
 
8,870.00
 
17,740.00
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
17,740.00
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
17,740.00
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
ACCOUNTS PAYABLE SUBSIDIARY LEDGER
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
Date
Details
Invoice No.
Debit
Credit
Balance
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Inventory Reconciliation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

30-Jun-17
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Item Number
 
On Hand $
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

SP
MAGIC SPORTS SP
                                                                                        2,035.29
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

RR
MAGIC RETRO RR
                                                                                        1,728.57
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

CC
MAGIC RACER CC
                                                                                        6,813.63
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Total
 
                                                                                      10,577.48
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Link to General Ledger Inventory
                                                                                      10,577.48
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
Difference
                                                                                                     –  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

MAGIC SPORTS SP
Purchases
Cost of Goods Sold
Inventory on Hand
 
 
 
 
 
 
 
 
 

Date
Unit No.
Unit Cost
Total
Unit No.
Unit Cost
Total
Unit No.
Unit Cost
Total
 
 
 
 
 
 
 
 
 

 
Cost
Cost
 Cost    
 
 
 
 
 
 
 
 
 

02-Jun
7
675
4,725.00
 
 
 
7
675.00
4,725.00
 
 
 
 
 
 
 
 
 

06-Jun
3
590
1,770.00
 
 
 
10
649.50
6,495.00
 
 
 
 
 
 
 
 
 

07-Jun
 
 
 
1
649.50
649.50
9
649.50
5,845.50
 
 
 
 
 
 
 
 
 

09-Jun
 
 
 
3
649.50
1,948.50
6
649.50
3,897.00
 
 
 
 
 
 
 
 
 

13-Jun
 
 
 
2
649.50
1,299.00
4
649.50
2,598.00
 
 
 
 
 
 
 
 
 

17-Jun
 
 
 
2
649.50
1,299.00
2
649.50
1,299.00
 
 
 
 
 
 
 
 
 

19-Jun
5
690
3,450.00
 
 
 
7
678.43
4,749.00
 
 
 
 
 
 
 
 
 

21-Jun
 
 
 
4
678.43
2,713.71
3
678.43
2,035.29
 
 
 
 
 
 
 
 
 

29-Jun
 
 
 
 
 
 
3
678.43
2,035.29
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
3
678.43
2,035.29
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
3
678.43
2,035.29
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
3
678.43
2,035.29
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
3
678.43
2,035.29
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
3
678.43
2,035.29
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

MAGIC RETRO RR
Purchases
Cost of Goods Sold
Inventory on Hand
 
 
 
 
 
 
 
 
 

Date
Unit No.
Unit Cost
Total
Unit No.
Unit Cost
Total
Unit No.
Unit Cost
Total
 
 
 
 
 
 
 
 
 

 
Cost
Cost
 Cost    
 
 
 
 
 
 
 
 
 

06-Jun
2
875
1750.00
 
 
 
2
875.00
1,750.00
 
 
 
 
 
 
 
 
 

12-Jun
5
860
4,300.00
 
 
 
7
864.29
6,050.00
 
 
 
 
 
 
 
 
 

20-Jun
 
 
 
2
864.29
1,728.57
5
864.29
4,321.43
 
 
 
 
 
 
 
 
 

21-Jun
 
 
 
1
864.29
864.29
4
864.29
3,457.14
 
 
 
 
 
 
 
 
 

26-Jun
 
 
 
2
864.29
1,728.57
2
864.29
1,728.57
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
2
864.29
1,728.57
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
2
864.29
1,728.57
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
2
864.29
1,728.57
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
2
864.29
1,728.57
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
2
864.29
1,728.57
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
2
864.29
1,728.57
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
2
864.29
1,728.57
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
2
864.29
1,728.57
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
2
864.29
1,728.57
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
2
864.29
1,728.57
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
2
864.29
1,728.57
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

MAGIC RACER CC
Purchases
Cost of Goods Sold
Inventory on Hand
 
 
 
 
 
 
 
 
 

Date
Unit No.
Unit Cost
Total
Unit No.
Unit Cost
Total
Unit No.
Unit Cost
Total
 
 
 
 
 
 
 
 
 

 
Cost
Cost
 Cost    
 
 
 
 
 
 
 
 
 

02-Jun
2
999
1,998.00
 
 
 
2
999.00
1,998.00
 
 
 
 
 
 
 
 
 

07-Jun
 
 
 
1
999.00
999.00
1
999.00
999.00
 
 
 
 
 
 
 
 
 

07-Jun
3
1,050
3,150.00
 
 
 
4
1037.25
4,149.00
 
 
 
 
 
 
 
 
 

08-Jun
 
 
 
1
1,037.25
1,037.25
3
1037.25
3,111.75
 
 
 
 
 
 
 
 
 

13-Jun
 
 
 
2
1,037.25
2,074.50
1
1037.25
1,037.25
 
 
 
 
 
 
 
 
 

19-Jun
5
1,120
5,600.00
 
 
 
6
1106.21
6,637.25
 
 
 
 
 
 
 
 
 

22-Jun
 
 
 
2
1,106.21
2,212.42
4
1106.21
4,424.83
 
 
 
 
 
 
 
 
 

23-Jun
4
1165
4,660.00
 
 
 
8
1135.60
9,084.83
 
 
 
 
 
 
 
 
 

26-Jun
 
 
 
2
1135.60
2,271.21
6
1135.60
6,813.63
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
6
1135.60
6,813.63
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
6
1135.60
6,813.63
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
6
1135.60
6,813.63
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
6
1135.60
6,813.63
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
6
1135.60
6,813.63
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
6
1135.60
6,813.63
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
6
1135.60
6,813.63
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

ASSETS
 
LIABILITIES
 
OWNERS’ EQUITY
 
 

Cash at bank
 
Accounts Payable
 
Capital 
 
 

Date
Details 
 Debit 
 Credit 
 Balance 
 
Date
Details 
 Debit 
 Credit 
 Balance 
 
Date
Details 
 Debit 
 Credit 
 Balance 
 
 

30-Jun
Cash Receipts Journal
                                                             2,64,118.50
 
      2,64,118.50
 
30-Jun
Purchase Journal
 
         1,21,911.30
     1,21,911.30
 
01-Jun
Cash Receipts Journal
 
########
########
 
 

30-Jun
Cash Payments Journal
 
                                 66,251.44
      1,97,867.06
 
30-Jun
Cash Payments Journal
        25,135.30
 
        96,776.00
 
30-Jun
General Journal
          5,883.14
 
########
 
 

 
 
 
 
      1,97,867.06
 
 
 
 
 
        96,776.00
 
30-Jun
General Journal
            920.00
 
########
 
 

 
 
 
 
      1,97,867.06
 
 
 
 
 
        96,776.00
 
 
 
 
 
########
 
 

 
 
 
 
      1,97,867.06
 
 
 
 
 
        96,776.00
 
 
 
 
 
########
 
 

 
 
 
 
      1,97,867.06
 
 
 
 
 
        96,776.00
 
 
 
 
 
########
 
 

 
 
 
 
      1,97,867.06
 
 
 
 
 
        96,776.00
 
 
 
 
 
########
 
 

 
 
 
 
      1,97,867.06
 
 
 
 
 
        96,776.00
 
 
 
 
 
########
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Accounts Receivable
 
GST Collected
 
Drawings
 
 

Date
Details 
 Debit 
 Credit 
 Balance 
 
Date
Details 
 Debit 
 Credit 
 Balance 
 
Date
Details 
 Debit 
 Credit 
 Balance 
 
 

30-Jun
Sales Journal
                                                                13,070.00
 
        13,070.00
 
30-Jun
Cash Receipts Journal
 
              2,960.91
         2,960.91
 
30-Jun
Cash Payments Journal
            920.00
 
    920.00
 
 

30-Jun
Cash Receipts Journal
 
                                   5,270.00
          7,800.00
 
30-Jun
Cash Receipts Journal
                2.59
 
         2,958.32
 
30-Jun
General Journal
 
    920.00
          –  
 
 

 
 
 
 
          7,800.00
 
30-Jun
Sales Journal
 
              1,188.18
         4,146.50
 
 
 
 
 
          –  
 
 

 
 
 
 
          7,800.00
 
 
 
 
 
         4,146.50
 
 
 
 
 
          –  
 
 

 
 
 
 
          7,800.00
 
 
 
 
 
         4,146.50
 
 
 
 
 
          –  
 
 

 
 
 
 
          7,800.00
 
 
 
 
 
         4,146.50
 
 
 
 
 
          –  
 
 

 
 
 
 
          7,800.00
 
 
 
 
 
         4,146.50
 
 
 
 
 
          –  
 
 

 
 
 
 
          7,800.00
 
 
 
 
 
         4,146.50
 
 
 
 
 
          –  
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Provision for Doubtful Debts
 
PAYG Tax Payable
 
 
 
 
 
 
 
 

Date
Details 
 Debit 
 Credit 
 Balance 
 
Date
Details 
 Debit 
 Credit 
 Balance 
 
 
 
 
 
 
 
 

30-Jun
General Journal
 
                                      312.00
             312.00
 
30-Jun
Cash Payments Journal
 
              4,434.00
         4,434.00
 
 
 
 
 
 
 
 

30-Jun
 
 
 
             312.00
 
30-Jun
General Journal
 
                654.00
         5,088.00
 
 
 
 
 
 
 
 

 
 
 
 
             312.00
 
 
 
 
 
         5,088.00
 
 
 
 
 
 
 
 

 
 
 
 
             312.00
 
 
 
 
 
         5,088.00
 
 
 
 
 
 
 
 

 
 
 
 
             312.00
 
 
 
 
 
         5,088.00
 
 
 
 
 
 
 
 

 
 
 
 
             312.00
 
 
 
 
 
         5,088.00
 
 
 
 
 
 
 
 

 
 
 
 
             312.00
 
 
 
 
 
         5,088.00
 
 
 
 
 
 
 
 

 
 
 
 
             312.00
 
 
 
 
 
         5,088.00
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Supplies
 
Superannuation Payable
 
 
 
 
 
 
 
 

Date
Details 
 Debit 
 Credit 
 Balance 
 
Date
Details 
 Debit 
 Credit 
 Balance 
 
 
 
 
 
 
 
 

30-Jun
Cash Payments Journal
                                                                  2,000.00
 
          2,000.00
 
30-Jun
Cash Payments Journal
 
              1,730.52
         1,730.52
 
 
 
 
 
 
 
 

30-Jun
General Journal
 
                                      620.00
          1,380.00
 
30-Jun
General Journal
 
                293.14
         2,023.66
 
 
 
 
 
 
 
 

 
 
 
 
          1,380.00
 
 
 
 
 
         2,023.66
 
 
 
 
 
 
 
 

 
 
 
 
          1,380.00
 
 
 
 
 
         2,023.66
 
 
 
 
 
 
 
 

 
 
 
 
          1,380.00
 
 
 
 
 
         2,023.66
 
 
 
 
 
 
 
 

 
 
 
 
          1,380.00
 
 
 
 
 
         2,023.66
 
 
 
 
 
 
 
 

 
 
 
 
          1,380.00
 
 
 
 
 
         2,023.66
 
 
 
 
 
 
 
 

 
 
 
 
          1,380.00
 
 
 
 
 
         2,023.66
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Inventory
 
Private Health Payable
 
 
 
 
 
 
 
 

Date
Details 
 Debit 
 Credit 
 Balance 
 
Date
Details 
 Debit 
 Credit 
 Balance 
 
 
 
 
 
 
 
 

30-Jun
Cash Payments Journal
                                                                  7,820.00
 
          7,820.00
 
30-Jun
Cash Payments Journal
 
                156.00
            156.00
 
 
 
 
 
 
 
 

30-Jun
Purchase Journal
                                                                23,583.00
 
        31,403.00
 
30-Jun
General Journal
 
                  27.86
            183.86
 
 
 
 
 
 
 
 

30-Jun
Cash Receipts Journal
 
                                 13,736.10
        17,666.90
 
 
 
 
 
            183.86
 
 
 
 
 
 
 
 

30-Jun
Sales Journal
 
                                   7,089.42
        10,577.48
 
 
 
 
 
            183.86
 
 
 
 
 
 
 
 

 
 
 
 
        10,577.48
 
 
 
 
 
            183.86
 
 
 
 
 
 
 
 

 
 
 
 
        10,577.48
 
 
 
 
 
            183.86
 
 
 
 
 
 
 
 

 
 
 
 
        10,577.48
 
 
 
 
 
            183.86
 
 
 
 
 
 
 
 

 
 
 
 
        10,577.48
 
 
 
 
 
            183.86
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Prepaid Insurance
 
Wages Payable
 
 
 
 
 
 
 
 

Date
Details 
 Debit 
 Credit 
 Balance 
 
Date
Details 
 Debit 
 Credit 
 Balance 
 
 
 
 
 
 
 
 

30-Jun
Cash Payments Journal
                                                                  8,272.73
 
          8,272.73
 
30-Jun
General Journal
 
              2,403.86
         2,403.86
 
 
 
 
 
 
 
 

30-Jun
General Journal
 
                                      477.27
          7,795.45
 
 
 
 
 
         2,403.86
 
 
 
 
 
 
 
 

 
 
 
 
          7,795.45
 
 
 
 
 
         2,403.86
 
 
 
 
 
 
 
 

 
 
 
 
          7,795.45
 
 
 
 
 
         2,403.86
 
 
 
 
 
 
 
 

 
 
 
 
          7,795.45
 
 
 
 
 
         2,403.86
 
 
 
 
 
 
 
 

 
 
 
 
          7,795.45
 
 
 
 
 
         2,403.86
 
 
 
 
 
 
 
 

 
 
 
 
          7,795.45
 
 
 
 
 
         2,403.86
 
 
 
 
 
 
 
 

 
 
 
 
          7,795.45
 
 
 
 
 
         2,403.86
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Prepaid Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Date
Details 
 Debit 
 Credit 
 Balance 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

30-Jun
Cash Payments Journal
                                                                  6,000.00
 
          6,000.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 

30-Jun
General Journal
 
                                   1,000.00
          5,000.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
          5,000.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
          5,000.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
          5,000.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
          5,000.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
          5,000.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
          5,000.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

GST Paid
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Date
Details 
 Debit 
 Credit 
 Balance 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

30-Jun
Cash Payments Journal
                                                                  2,435.64
 
          2,435.64
 
 
 
 
 
 
 
 
 
 
 
 
 
 

30-Jun
Cash Payments Journal
 
                                       20.17
          2,415.47
 
 
 
 
 
 
 
 
 
 
 
 
 
 

30-Jun
Purchase Journal
                                                                11,082.85
 
        13,498.31
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        13,498.31
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        13,498.31
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        13,498.31
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        13,498.31
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        13,498.31
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Equipment & Tools
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Date
Details 
 Debit 
 Credit 
 Balance 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

30-Jun
Purchase Journal
                                                                26,363.64
 
        26,363.64
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        26,363.64
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        26,363.64
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        26,363.64
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        26,363.64
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        26,363.64
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        26,363.64
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        26,363.64
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Accum Dep – Equip’t & Tools
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Date
Details 
 Debit 
 Credit 
 Balance 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

30-Jun
General Journal
 
                                      615.15
             615.15
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
             615.15
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
             615.15
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
             615.15
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
             615.15
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
             615.15
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
             615.15
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
             615.15
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Technology & Security
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Date
Details 
 Debit 
 Credit 
 Balance 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

30-Jun
Purchase Journal
                                                                28,627.27
 
        28,627.27
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        28,627.27
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        28,627.27
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        28,627.27
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        28,627.27
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        28,627.27
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        28,627.27
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        28,627.27
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Accum Dep – Tech & Security
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Date
Details 
 Debit 
 Credit 
 Balance 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

30-Jun
General Journal
 
                                      477.12
             477.12
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
             477.12
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
             477.12
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
             477.12
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
             477.12
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
             477.12
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
             477.12
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
             477.12
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Vehicles
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Date
Details 
 Debit 
 Credit 
 Balance 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

30-Jun
Purchase Journal
                                                                32,254.55
 
        32,254.55
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        32,254.55
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        32,254.55
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        32,254.55
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        32,254.55
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        32,254.55
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        32,254.55
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
        32,254.55
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Accum Dep – Vehicles
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Date
Details 
 Debit 
 Credit 
 Balance 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

30-Jun
General Journal
 
                                      940.76
             940.76
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
             940.76
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
             940.76
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
             940.76
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
             940.76
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
             940.76
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
             940.76
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
             940.76
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Trial Balance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

As At 30/6/2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Account Name
Dr
Cr
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Cash at Bank
  1,97,867.06
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Accounts Receivable
       7,800.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Provision for Doubtful Debts
 
                                                              312.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Supplies
       1,380.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Inventory
     10,577.48
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Prepaid Insurance
       7,795.45
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Prepaid Rent
       5,000.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

GST Paid
     13,498.31
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Equipment & Tools
     26,363.64
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Accum Dep – Equip’t & Tools
 
                                                              615.15
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Technology & Security
          28,627.27
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Accum Dep – Tech & Security
 
                                                              477.12
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Vehicles
          32,254.55
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Accum Dep – Vehicles
 
                                                              940.76
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Accounts Payable
 
                                                         96,776.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

GST Collected
 
                                                           4,146.50
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

PAYG Tax Payable 
 
                                                           5,088.00
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Superannuation Payable
 
                                                           2,023.66
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Private health Payable
 
                                                              183.86
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Wages Payable
 
                                                           2,403.86
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

I Hornet, Capital
 
                                                      2,18,196.86
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

I Hornet, Drawings
                       –  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Sales Revenue 
 
                                                                      –  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Discount Received
 
                                                                      –  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Interest Revenue
 
                                                                      –  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Cost of Sales
                       –  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Electricity & Gas Expense
                       –  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Bad Debts expense
                       –  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Discount Allowed Expense
                       –  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Salary & Wages Expense
                       –  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Supplies Expense
                       –  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Rent Expense
                       –  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Insurance Expense
                       –  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Depreciation Expense
                       –  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
       3,31,163.76
                                                           3,31,163.76
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Worksheet for Financial year end 30 June
 
 
 
 

 
Unadj Trial Balance
 
Adjustments
 
Adjusted Trial Balance
 
Income Statement
 
Balance Sheet
 
 
 
 

 
Debit
Credit
 
Debit
Credit
 
Debit
Credit
 
Debit
Credit
 
Debit
Credit
 
 
 
 

Cash at Bank
                 1,97,867.06
 
 
 
 
 
         1,97,867.06
 
 
 
 
 
##########
 
 
 
 
 

Accounts Receivable
                      7,800.00
 
 
 
 
 
              7,800.00
 
 
 
 
 
     7,800.00
 
 
 
 
 

Provision for Doubtful Debts
 
                                                                                                      –  
 
 
              312.00
 
 
                   312.00
 
 
 
 
 
                   312.00
 
 
 
 

Supplies
                      2,000.00
 
 
 
              620.00
 
              1,380.00
 
 
 
 
 
     1,380.00
 
 
 
 
 

Inventory
                    10,577.48
 
 
 
 
 
            10,577.48
 
 
 
 
 
   10,577.48
 
 
 
 
 

Prepaid Insurance
                      8,272.73
 
 
 
              477.27
 
              7,795.45
 
 
 
 
 
     7,795.45
 
 
 
 
 

Prepaid Rent
                      6,000.00
 
 
 
           1,000.00
 
              5,000.00
 
 
 
 
 
     5,000.00
 
 
 
 
 

GST Paid
                    13,498.31
 
 
 
 
 
            13,498.31
 
 
 
 
 
   13,498.31
 
 
 
 
 

Equipment & Tools
                    26,363.64
 
 
 
 
 
            26,363.64
 
 
 
 
 
   26,363.64
 
 
 
 
 

Accum Dep – Equip’t & Tools
 
                                                                                                      –  
 
 
              615.15
 
 
                   615.15
 
 
 
 
 
                   615.15
 
 
 
 

Technology & Security
                    28,627.27
 
 
 
 
 
            28,627.27
 
 
 
 
 
   28,627.27
 
 
 
 
 

Accum Dep – Tech & Security
 
                                                                                                      –  
 
 
              477.12
 
 
                   477.12
 
 
 
 
 
                   477.12
 
 
 
 

Vehicles
                    32,254.55
 
 
 
 
 
            32,254.55
 
 
 
 
 
   32,254.55
 
 
 
 
 

Accum Dep – Vehicles
 
                                                                                                      –  
 
 
              940.76
 
 
                   940.76
 
 
 
 
 
                   940.76
 
 
 
 

Accounts Payable
 
                                                                                         96,776.00
 
 
 
 
 
              96,776.00
 
 
 
 
 
              96,776.00
 
 
 
 

GST Collected
 
                                                                                           4,146.50
 
 
 
 
 
                4,146.50
 
 
 
 
 
                4,146.50
 
 
 
 

PAYG Tax Payable 
 
                                                                                           4,434.00
 
 
              654.00
 
 
                5,088.00
 
 
 
 
 
                5,088.00
 
 
 
 

Superannuation Payable
 
                                                                                           1,730.52
 
 
              293.14
 
 
                2,023.66
 
 
 
 
 
                2,023.66
 
 
 
 

Private health Payable
 
                                                                                              156.00
 
 
                27.86
 
 
                   183.86
 
 
 
 
 
                   183.86
 
 
 
 

Wages Payable
 
                                                                                                      –  
 
 
           2,403.86
 
 
                2,403.86
 
 
 
 
 
                2,403.86
 
 
 
 

I Hornet, Capital
 
                                                                                      2,25,000.00
 
 
 
 
 
           2,25,000.00
 
 
 
 
 
           2,25,000.00
 
 
 
 

I Hornet, Drawings
                         920.00
 
 
 
 
 
                 920.00
 
 
 
 
 
        920.00
 
 
 
 
 

Sales Revenue 
 
                                                                                         41,490.91
 
 
 
 
 
              41,490.91
 
 
         41,490.91
 
 
 
 
 
 
 

Discount Received
 
                                                                                              201.69
 
 
 
 
 
                   201.69
 
 
              201.69
 
 
 
 
 
 
 

Interest Revenue
 
                                                                                           1,307.00
 
 
 
 
 
                1,307.00
 
 
           1,307.00
 
 
 
 
 
 
 

Cost of Sales
                    20,825.52
 
 
 
 
 
            20,825.52
 
 
              20,825.52
 
 
 
 
 
 
 
 

Electricity & Gas Expense
                         263.64
 
 
 
 
 
                 263.64
 
 
                   263.64
 
 
 
 
 
 
 
 

Bad Debts expense
                                –  
 
 
                    312.00
 
 
                 312.00
 
 
                   312.00
 
 
 
 
 
 
 
 

Discount Allowed Expense
                           25.91
 
 
 
 
 
                   25.91
 
 
                     25.91
 
 
 
 
 
 
 
 

Salary & Wages Expense
                    19,946.52
 
 
                 3,378.86
 
 
            23,325.38
 
 
              23,325.38
 
 
 
 
 
 
 
 

Supplies Expense
                                –  
 
 
                    620.00
 
 
                 620.00
 
 
                   620.00
 
 
 
 
 
 
 
 

Rent Expense
                                –  
 
 
                 1,000.00
 
 
              1,000.00
 
 
                1,000.00
 
 
 
 
 
 
 
 

Insurance Expense
                                –  
 
 
                    477.27
 
 
                 477.27
 
 
                   477.27
 
 
 
 
 
 
 
 

Depreciation Expense
                                –  
 
 
                 2,033.03
 
 
              2,033.03
 
 
                2,033.03
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
                 3,75,242.62
                                                                                      3,75,242.62
 
                 7,821.16
           7,821.16
 
         3,80,966.51
           3,80,966.51
 
              48,882.74
         42,999.60
 
##########
           3,37,966.91
 
 
 
 

Profit or Loss
 
 
 
 
 
 
 
 
 
 0 
           5,883.14
 
     5,883.14
 0 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
              48,882.74
         48,882.74
 
##########
           3,37,966.91
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

FINANCIAL STATEMENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Magic Mufflers
 
Magic Mufflers
 
Magic Mufflers
 
 
 
 
 
 

Income Statement
 
Statement of Changes in Equity
 
Balance Sheet
 
 
 
 
 
 

For the period ended on 30 June 2017
 
For the Period ended on 30 June 2017
 
As at 30 June 2017
 
 
 
 
 
 

Particulars
 
 
 
Amount
 
Particulars
Amount
 
Particulars
 
 
Amount
 
 
 
 
 
 

SALES
 
 
 
 
 
Opening Capital
 $                     –  
 
ASSETS
 
 
 
 
 
 
 
 
 

 
Sales Revenue 
 
 $                                         41,490.91
 
 
Capital introduced
 $  2,25,000.00
 
 
 
 
 
 
 
 
 
 
 

 
Discount Received
 
 $                                               201.69
 
 
Drawings made
-$           920.00
 
Non-Current Assets:
 
 
 
 
 
 
 
 
 

 
Interest Revenue
 
 $                                            1,307.00
 $        42,999.60
 
Loss incurred
-$       5,883.14
 
 Equipment & Tools 
 $       26,363.64
 
 
 
 
 
 
 
 

 
 
 
 
 
 
Closing Capital
 $  2,18,196.86
 
 Accum Dep – Equip’t & Tools 
 $             615.15
 $   25,748.48
 
 
 
 
 
 
 

 
 Less: Cost of Sales 
 
 
 $        20,825.52
 
 
 
 
 Technology & Security 
 $       28,627.27
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 Accum Dep – Tech & Security 
 $             477.12
 $   28,150.15
 
 
 
 
 
 
 

 
 Gross Profit 
 
 
 $        22,174.08
 
 
 
 
 Vehicles 
 $       32,254.55
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 Accum Dep – Vehicles 
 $             940.76
 $   31,313.79
 $      85,212.42
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

EXPENSES
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 

 
Administrative Expenses
 
 
 
 
 
 
 
 Cash at Bank 
 
###########
 
 
 
 
 
 
 

 
Electricity & Gas Expense
 $                                                                                         263.64
 
 
 
 
 
 
 Accounts Receivable 
 $          7,800.00
 
 
 
 
 
 
 
 

 
Discount Allowed Expense
 $                                                                                           25.91
 
 
 
 
 
 
 Provision for Doubtful Debts 
 $             312.00
 $     7,488.00
 
 
 
 
 
 
 

 
Salary & Wages Expense
 $                                                                                   23,325.38
 
 
 
 
 
 
 Supplies 
 
 $     1,380.00
 
 
 
 
 
 
 

 
Supplies Expense
 $                                                                                         620.00
 
 
 
 
 
 
 Inventory 
 
 $   10,577.48
 
 
 
 
 
 
 

 
Rent Expense
 $                                                                                     1,000.00
 
 
 
 
 
 
 Prepaid Insurance 
 
 $     7,795.45
 
 
 
 
 
 
 

 
Insurance Expense
 $                                                                                         477.27
 
 
 
 
 
 
 Prepaid Rent 
 
 $     5,000.00
 
 
 
 
 
 
 

 
Depreciation Expense
 $                                                                                     2,033.03
 $                                         27,745.23
 
 
 
 
 
 GST Paid 
 
 $   13,498.31
 $  2,43,606.31
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
Financial Expenses
 
 
 
 
 
 
 
Total Assets
 
 
 $  3,28,818.73
 
 
 
 
 
 

 
Bad Debts expense
 $                                                                                         312.00
 $                                               312.00
 $        28,057.23
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
LIABILITIES
 
 
 
 
 
 
 
 
 

 Loss for the period 
 
 
 
-$          5,883.14
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
Accounts Payable
 
 $   96,776.00
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
GST Collected
 
 $     4,146.50
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
PAYG Tax Payable 
 
 $     5,088.00
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
Superannuation Payable
 
 $     2,023.66
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
Private health Payable
 
 $         183.86
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
Wages Payable
 
 $     2,403.86
 $  1,10,621.88
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
Total Liabilities
 
 
 $  1,10,621.88
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
Net Assets
 
 
 $  2,18,196.86
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
OWNER’S EQUITY
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
Capital
 
 
 $  2,18,196.86
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
Total Equity
 
 
 $  2,18,196.86
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
Credit
Debit
 
 
 
 
 
 
 
 

07-06-2017
Pay Date
per week
per hour
no. hours
Gross Pay
Less PAYG
P Health
Net Pay
Em’r Super
Wage Exp
 
 
 
 
 
 
 
 

 
F Spark
 $                                                                                     2,090.00
 
 
 $     2,090.00
 $                         578.00
 $              22.00
 $         1,490.00
 $                  198.55
 $          2,288.55
 
 
 
 
 
 
 
 

 
L Hornet
 $                                                                                     1,880.00
 
 
 $     1,880.00
 $                          496.00
 $              17.00
 $          1,367.00
 $                   178.60
 $          2,058.60
 
 
 
 
 
 
 
 

 
B Heat
 
28
12
 $         336.00
 $                                   –  
 $                     –  
 $             336.00
 $                     31.92
 $             367.92
 
 
 
 
 
 
 
 

 
C McQueen
 
22
0
 $                  –  
 
 $                     –  
 $                       –  
 $                            –  
 $                       –  
 
 
 
 
 
 
 
 

 
Wage Payable
 
 
 
 
 $                      1,074.00
 $              39.00
 $          3,193.00
 $                   409.07
 $          4,715.07
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
Credit
Debit
 
 
 
 
 
 
 
 

14-06-2017
Pay Date
per week
per hour
no. hours
Gross Pay
Less PAYG
P Health
Net Pay
Em’r Super
Wage Exp
 
 
 
 
 
 
 
 

 
F Spark
 $                                                                                     2,090.00
 
 
 $     2,090.00
 $                          578.00
 $              22.00
 $          1,490.00
 $                   198.55
 $          2,288.55
 
 
 
 
 
 
 
 

 
L Hornet
 $                                                                                     1,880.00
 
 
 $     1,880.00
 $                          496.00
 $              17.00
 $          1,367.00
 $                   178.60
 $          2,058.60
 
 
 
 
 
 
 
 

 
B Heat
 
28
12
 $         336.00
 $                                   –  
 $                     –  
 $             336.00
 $                     31.92
 $             367.92
 
 
 
 
 
 
 
 

 
C McQueen
 
22
9
 $         198.00
 $                                   –  
 $                     –  
 $             198.00
 $                     18.81
 $             216.81
 
 
 
 
 
 
 
 

 
Wage Payable
 
 
 
 
 $                      1,074.00
 $              39.00
 $          3,391.00
 $                   427.88
 $          4,931.88
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
Credit
Debit
 
 
 
 
 
 
 
 

21-06-2017
Pay Date
per week
per hour
no. hours
Gross Pay
Less PAYG
P Health
Net Pay
Em’r Super
Wage Exp
 
 
 
 
 
 
 
 

 
F Spark
 $                                                                                     2,090.00
 
 
 $     2,090.00
 $                          578.00
 $              22.00
 $          1,490.00
 $                   198.55
 $          2,288.55
 
 
 
 
 
 
 
 

 
L Hornet
 $                                                                                     1,880.00
 
 
 $     1,880.00
 $                          496.00
 $              17.00
 $          1,367.00
 $                   178.60
 $          2,058.60
 
 
 
 
 
 
 
 

 
B Heat
 
28
3
 $           84.00
 $                                   –  
 $                     –  
 $                84.00
 $                        7.98
 $                91.98
 
 
 
 
 
 
 
 

 
C McQueen
 
22
28
 $         616.00
 $                            62.00
 $                     –  
 $             554.00
 $                     58.52
 $             674.52
 
 
 
 
 
 
 
 

 
Wage Payable
 
 
 
 
 $                      1,136.00
 $              39.00
 $          3,495.00
 $                   443.65
 $          5,113.65
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
Credit
Debit
 
 
 
 
 
 
 
 

28-06-2017
Pay Date
per week
per hour
no. hours
Gross Pay
Less PAYG
P Health
Net Pay
Em’r Super
Wage Exp
 
 
 
 
 
 
 
 

 
F Spark
 $                                                                                     2,090.00
 
 
 $     2,090.00
 $                          578.00
 $              22.00
 $          1,490.00
 $                   198.55
 $          2,288.55
 
 
 
 
 
 
 
 

 
L Hornet
 $                                                                                     1,880.00
 
 
 $     1,880.00
 $                          496.00
 $              17.00
 $          1,367.00
 $                   178.60
 $          2,058.60
 
 
 
 
 
 
 
 

 
B Heat
 
28
3
 $           84.00
 $                                   –  
 $                     –  
 $                84.00
 $                        7.98
 $                91.98
 
 
 
 
 
 
 
 

 
C McQueen
 
22
31
 $         682.00
 $                            76.00
 $                     –  
 $             606.00
 $                     64.79
 $             746.79
 
 
 
 
 
 
 
 

 
Wage Payable
 
 
 
 
 $                      1,150.00
 $              39.00
 $          3,547.00
 $                   449.92
 $          5,185.92
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

30-06-2017
 
 
 
 
 
Credit
Debit
 
 
 
 
 
 
 
 

 
Pay Date
per week
per hour
no. hours
Gross Pay
Less PAYG
P Health
Net Pay
Em’r Super
Wage Exp
 
 
 
 
 
 
 
 

 
F Spark
 $                                                                                     2,090.00
 
 
 $     1,492.86
 $                          353.00
 $              15.71
 $          1,124.14
 $                   141.82
 $          1,634.68
 
 
 
 
 
 
 
 

 
L Hornet
 $                                                                                     1,880.00
 
 
 $     1,342.86
 $                          301.00
 $              12.14
 $          1,029.71
 $                   127.57
 $          1,470.43
 
 
 
 
 
 
 
 

 
B Heat
 
28
5
 $         140.00
 $                                   –  
 $                     –  
 $             140.00
 $                     13.30
 $             153.30
 
 
 
 
 
 
 
 

 
C McQueen
 
22
5
 $         110.00
 $                                   –  
 $                     –  
 $             110.00
 $                     10.45
 $             120.45
 
 
 
 
 
 
 
 

 
Wage Payable
 
 
 
 
 $                          654.00
 $              27.86
 $          2,403.86
 $                   293.14
 $          3,378.86
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Depreciation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
R/B rate
R/Val
Life/yrs
Net value
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Equip & Tools
 
 $                                                                                    1,000.00
10
 $        26,363.64
 
 
 
 
 
 
 
 
 
 
 
 
 
 

R/B
Rate
B/Val
Dep/yr
Acc Dep
C/V
 
 
 
 
 
 
 
 
 
 
 
 
 

1
28.00%
 $                                                                                  26,363.64
 $                                           7,381.82
 $          7,381.82
 $  18,981.82
 
 
 
 
 
 
 
 
 
 
 
 
 

2
28.00%
 $                                                                                  18,981.82
 $                                           5,314.91
 $        12,696.73
 $  13,666.91
 
 
 
 
 
 
 
 
 
 
 
 
 

3
28.00%
 $                                                                                  13,666.91
 $                                           3,826.73
 $        16,523.46
 $     9,840.17
 
 
 
 
 
 
 
 
 
 
 
 
 

4
28.00%
 $                                                                                    9,840.17
 $                                           2,755.25
 $        19,278.71
 $     7,084.93
 
 
 
 
 
 
 
 
 
 
 
 
 

5
28.00%
 $                                                                                    7,084.93
 $                                           1,983.78
 $        21,262.49
 $     5,101.15
 
 
 
 
 
 
 
 
 
 
 
 
 

6
28.00%
 $                                                                                    5,101.15
 $                                           1,428.32
 $        22,690.81
 $     3,672.83
 
 
 
 
 
 
 
 
 
 
 
 
 

7
28.00%
 $                                                                                    3,672.83
 $                                           1,028.39
 $        23,719.20
 $     2,644.43
 
 
 
 
 
 
 
 
 
 
 
 
 

8
28.00%
 $                                                                                    2,644.43
 $                                               740.44
 $        24,459.64
 $     1,903.99
 
 
 
 
 
 
 
 
 
 
 
 
 

9
28.00%
 $                                                                                    1,903.99
 $                                               533.12
 $        24,992.76
 $     1,370.87
 
 
 
 
 
 
 
 
 
 
 
 
 

10
28.00%
 $                                                                                    1,370.87
 $                                               383.84
 $        25,376.61
 $        987.03
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Technology & Security – all
 
S/Val
Life/hrs
Net value
 
 
 
 
 
 
 
 
 
 
 
 
 
 

S/L
 
 $                                                                                                  –  
5
 $        28,627.27
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Actual
Dep/yr
Acc Dep
C/V
 
 
 
 
 
 
 
 
 
 
 
 
 

1
20.00%
 $                                                                                   28,627.27
 $                                            5,725.45
 $           5,725.45
 $  22,901.82
 
 
 
 
 
 
 
 
 
 
 
 
 

2
20.00%
 $                                                                                   28,627.27
 $                                            5,725.45
 $        11,450.91
 $  17,176.36
 
 
 
 
 
 
 
 
 
 
 
 
 

3
20.00%
 $                                                                                   28,627.27
 $                                            5,725.45
 $        17,176.36
 $  11,450.91
 
 
 
 
 
 
 
 
 
 
 
 
 

4
20.00%
 $                                                                                   28,627.27
 $                                            5,725.45
 $        22,901.82
 $     5,725.45
 
 
 
 
 
 
 
 
 
 
 
 
 

5
20.00%
 $                                                                                   28,627.27
 $                                            5,725.45
 $        28,627.27
 $                  –  
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
R/B rate
R/Val
Life/yrs
Net value
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Vehicles 
 
 $                                                                                    1,000.00
8
 $        32,254.55
 
 
 
 
 
 
 
 
 
 
 
 
 
 

R/B
Rate
B/Val
Dep/yr
Acc Dep
C/V
 
 
 
 
 
 
 
 
 
 
 
 
 

1
35.00%
 $                                                                                   32,254.55
 $                                         11,289.09
 $        11,289.09
 $   20,965.45
 
 
 
 
 
 
 
 
 
 
 
 
 

2
35.00%
 $                                                                                   20,965.45
 $                                            7,337.91
 $        18,627.00
 $   13,627.55
 
 
 
 
 
 
 
 
 
 
 
 
 

3
35.00%
 $                                                                                   13,627.55
 $                                            4,769.64
 $        23,396.64
 $     8,857.90
 
 
 
 
 
 
 
 
 
 
 
 
 

4
35.00%
 $                                                                                     8,857.90
 $                                            3,100.27
 $        26,496.91
 $     5,757.64
 
 
 
 
 
 
 
 
 
 
 
 
 

5
35.00%
 $                                                                                     5,757.64
 $                                            2,015.17
 $        28,512.08
 $     3,742.46
 
 
 
 
 
 
 
 
 
 
 
 
 

6
35.00%
 $                                                                                     3,742.46
 $                                            1,309.86
 $        29,821.94
 $     2,432.60
 
 
 
 
 
 
 
 
 
 
 
 
 

7
35.00%
 $                                                                                     2,432.60
 $                                               851.41
 $        30,673.35
 $     1,581.19
 
 
 
 
 
 
 
 
 
 
 
 
 

8
35.00%
 $                                                                                     1,581.19
 $                                               553.42
 $        31,226.77
 $     1,027.77
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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