2021 SM2 Tutorial 02 In Class Solution PDF

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Summary

Tutorial with the answer. Use it for revision...

Description

ARA GALLERIES PTY LTD – TRANSACTION WORKSHEET FOR THE YEAR ENDED 30 JUNE 2021 Cash on Hand

Receivables

Op bal

9,000

30,000

1

(6,000)

#

Trade

Inventory

15,000

(30,000)

4 5

Property, Plant & Equipment

2,000

45,000

Other Current Liabilities

Loans

20,000

7,000

50,000

20,000

Opening balance Income

Expenses

(2,000)

3,000

(27,000)

Dividends

200,000 (62,000)

(62,000)

(7,000)

8

(1,000)

(1,000)

9

(38,000)

2,000

10

(11,000)

11

105,000

12

(14,000)

13

(60,000)

14

2,000

15

5,000

14,000

7,000

(40,000) (11,000)

(105,000) (10,000)

(4,000)

(60,000) 2,000 5,000

16

(6,000)

(6,000)

(20,000)

(20,000)

18

15,000

(15,000) 202,000

14,000

4,000

55,000

7

Cl bal

Retained earnings

Equity

120,000

6

17

Contributed

(2,000)

55,000 80,000

Trade Payables

(6,000)

2 3

Other Current Assets

45,000

8,000

3,000

53,000

15,000

24,000

40,000

(167,000)

(20,000)

25,000 Retained earnings

19,000

ARA GALLERIES PTY LTD STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 30 JUNE 2021 $ Sales revenue

200,000

Cost of sales

(62,000)

Gross profit

138,000

Other revenue

2,000

Rent

(29,000)

Wages

(40,000)

Utilities

(11,000)

Interest

(4,000)

Depreciation

(6,000)

Profit before tax

50,000

Income tax expense NET PROFIT / (LOSS)

(15,000) 35,000...