ACC5FAS – Individual Assignment

Running head: ACC5FAS – INDIVIDUAL ASSIGNMENT
ACC5FAS – Individual Assignment
Name of the Student:
Name of the University:
Author’s Note

1
ACC5FAS – INDIVIDUAL ASSIGNMENT
Table of Contents
1. Trial Balance:...............................................................................................................................2
2. Journal Report 30th September:....................................................................................................3
3. Profit and Loss report 1st September 2019 to 30th September 2019:............................................8
4. Balance Sheet Report 30th September:.........................................................................................9
5. Financial performance factors:..................................................................................................11
References:....................................................................................................................................14

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ACC5FAS – INDIVIDUAL ASSIGNMENT
1. Trial Balance:
Trial Balance
20165252 Gurleen kaur
As at 29 September 2019
Account Debit Credit YTD Debit YTD Credit
Revenue
Other Revenue (260) $14,800.00 $14,800.00
Sales revenue (200) $66,814.51 $1,50,024.51
Expenses
Bank Fees (404) $9.68 $9.68
Cost of Goods Sold (310) $33,720.35 $33,720.35
Fire Insurance expense (433) $0.00 $4,000.00
Freight & Courier (425) $168.18 $168.18
Interest expense – 8% annually (437) $0.00 $3,677.50
Miscellaneous office supplies (406) $680.00 $680.00
Salaries expense (477) $0.00 $50,160.00
Telecommunication expense (489) $0.00 $1,100.00
Warehouse rent expense (469) $0.00 $4,200.00
Warranty claims (405) $1,408.00 $1,408.00
Assets
Accounts Receivable (610) $32,130.63 $1,23,661.63
Advance online advertisements (615) $8,850.00 $8,850.00
Allowance for Doubtful Debts – 10% (612) $0.00 $8,321.00
Cash at bank (600) $6,481.57 $76,557.92
Computer (740) $2,830.00 $2,830.00
Delivery Van (720) $0.00 $69,300.00
Less Accumulated Depreciation on Delivery Van
(721) $0.00 $35,805.00
Inventory (630) $27,871.18 $82,549.92
Investment account @ 2.5% (614) $50,000.00 $50,000.00
Plastic welding machinery (730) $38,000.00 $38,000.00
Prepaid Fire insurance (611) $0.00 $20,000.00
Product liability insurance policy (613) $5,000.00 $5,000.00
Store Building (710) $0.00 $5,40,000.00
Less Accumulated Depreciation on Store Building
(711) $0.00 $2,72,250.00
Liabilities
Accounts Payable (800) $2,573.83 $59,555.13
GST (820) $3,135.75 $61,175.36
Loan payable – Building Head Office (900) $0.00 $2,75,812.40
Northern Bank on a short-term loan (806) $40,000.00 $40,000.00
Provision for warranty – 5% (805) $0.00 $4,160.50
Texaco Petrol businesses debit card (807) $880.00 $880.00
Unearned delivery revenue (802) $0.00 $18,700.00

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ACC5FAS – INDIVIDUAL ASSIGNMENT
Unearned service revenue (803) $12,000.00 $12,000.00
Equity
Capital (970) $0.00 $2,86,500.00
Total $1,73,676.8
4
$1,73,676.8
4
$11,77,928.5
4
$11,77,928.5
4
2. Journal Report 30th September:
Journal Report
20165252 Gurleen kaur
From 30 Sep 2019 to 30 Sep 2019
ID 171 Insurance expense, Fire insurance (Manual Journal: Posted by Gurleen kaur on 6 Oct
2019)
30 Sep
2019
Account Debit Credit
Fire Insurance expense (433) $2,000.00
Prepaid Fire insurance (611) $2,000.00
$2,000.00 $2,000.00
ID 170 Reversed: Insurance expense, Fire insurance (Manual Journal: Posted by Gurleen kaur
on 6 Oct 2019) Reversal of #169
30 Sep
2019
Account Debit Credit
Fire Insurance expense (433) $2,200.00
Prepaid Fire insurance (611) $2,200.00
$2,200.00 $2,200.00
ID 169 Insurance expense, Fire insurance (Manual Journal: Posted by Gurleen kaur on 6 Oct
2019)
30 Sep
2019
Account Debit Credit
Fire Insurance expense (433) $2,200.00
Prepaid Fire insurance (611) $2,200.00
$2,200.00 $2,200.00
ID 168 Reversed: Insurance expense, Fire insurance (Manual Journal: Posted by Gurleen kaur
on 6 Oct 2019) Reversal of #167
30 Sep
2019
Account Debit Credit
Prepaid Fire insurance (611) $2,200.00
Fire Insurance expense (433) $2,200.00
$2,200.00 $2,200.00