PES O2 Task 3 A Question Book (no answers) PDF

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Practice SAC for accounting 3/4 VCE, received in 2021, google for answers please. Unit 3 Accounting VCE subject....

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PES Q2 Task 3 Question 1 (12 marks) SPORTS R US Trial Balance (extract) as at 31 December 2019 Account Capital Cash Sales Credit Sales Discount Revenue Drawings Inventory Loss

Debit

Credit 45 000 96 000 35 000 540

15 750 2 900

Additional Information Reports are prepared yearly on December 31. On 30th April 2019 the owner contributed Equipment to the business which had an agreed value of $7 000. On 15 December, Memo 6 was found noting that the owner had withdrawn inventory valued at $800 which had a selling price of $1 600 plus GST for personal use. This information has not yet been recorded. a. Prepare the General Journal entry to record Memo 6. A narration is not required 2 marks After completing all correcting entries, total expenses of $83 400 for the year were closed to the Profit and Loss Summary Account on 31 December 2019. b. Prepare the General Journal entry to close the revenue accounts to the Profit and Loss Summary account. A narration is not required 3 marks c. Complete the Profit and Loss Summary account and the Capital account at 31 December after all entries have been posted. 5 marks d.

Explain with reference to an accounting assumption, why revenue and expense accounts are closed to the Profit and Loss Summary account. 2 marks

1

Question 2 (9 marks)

The accountant provided the following Trial Balance as at 30 June 2019 after all balance day adjustments had been recorded. The business reports annually. Fiddes’ Flooring Trial Balance as at 30 June 2019 Account Advertising

Debit

Credit

4 500

Capital

59 100

Cartage Inwards

540

Cartage Outwards

830

Cash at Bank

9 270

Cash Sales Cost of Sales

28 740 29 675

Credit Sales

30 610

Accounts Payable

13 320

Accounts Receivable

19 900

Discount Revenue

420

Drawings

6 000

Equipment

38 000

General Expenses

1 060

GST Clearing Import Duties

2 105 1 220

Loan – Shark Bank Rent Expense Inventory

25 000 9 600 28 280

Inventory Gain

1 280

Wages

11 700

Totals

160 575

160 575

Additional Information $20 000 of the Loan is repaid annually. a. Prepare a classified Income Statement for year ended 30 June 2019.

5 marks

b.

4 marks

Prepare the Equities section of the Balance Sheet as at 30 June 2019.

2...