Hi Fi Way (Simranjeet Kaur) Assignment 2022

HI FI WAY (SIMRANJEET KAUR)
525 BARBERIES DRIVE MELBOURNE VIC 3000 AUSTRALIA
Aged Payables [Summary]
1/31/2019
Name Total Due 0 - 30 31 - 60 61 - 90 90+
MOON MEGASYSTEM $19,942.00 $12,242.00 $7,700.00 $0.00
PONY $28,798.00 $6,864.00 $21,934.00 $0.00
Total: $48,740.00 $19,106.00 $29,634.00 $0.00
Ageing Percent: 39.20% 60.80% 0.00%
HI FI WAY (SIMRANJEET KAUR)
525 BARBERIES DRIVE MELBOURNE VIC 3000
AUSTRALIA
Aged Receivables [Summary]
1/31/2019
Name Total Due 0 - 30 31 - 60 61 - 90 90+
JERRY TECHNOLOGY $5,200.00 $5,200.00 $0.00 $0.00 $0.00
RADIO HUT $4,290.00 $4,290.00 $0.00 $0.00 $0.00
TURBO TECH $59,664.00 $42,174.00 $17,490.00 $0.00 $0.00
Total: $69,154.00 $51,664.00 $17,490.00 $0.00 $0.00
Ageing Percent: 74.70% 25.30% 0.00% 0.00%

HI FI WAY (SIMRANJEET KAUR)
525 BARBERIES DRIVE MELBOURNE VIC 3000 AUSTRALIA
Balance Sheet
As of January 2019
Assets
Current Assets
Cash On Hand $82,195.00
ACCOUNTS RECEIVABLE $69,154.00
Less Prov'n for Doubtful Debts ($2,111.00)
Inventory $68,230.00
OFFICE SUPPLIES $1,386.00
PREPAID RENT $5,833.00
Total Current Assets $224,687.00
NON CURRENT ASSETS
PROPERTY & EQUIPMENT $27,538.00
Total NON CURRENT ASSETS $27,538.00
Total Assets $252,225.00
Liabilities
Current Liabilities
ACCOUNTS PAYABLE $48,740.00
GST Liabilities $7,620.00
Payroll Liabilities $3,090.00
INTEREST PAYABLE $60.00
SHORT TERM LOANS $12,000.00
Total Current Liabilities $71,510.00
Long-Term Liabilities
BANK LOAN $40,000.00
Total Long-Term Liabilities $40,000.00
Total Liabilities $111,510.00
Net Assets $140,715.00
Equity
SHARE CAPITAL $55,000.00
Retained Earnings $55,775.00
Current Year Earnings $29,940.00
Total Equity $140,715.00

HI FI WAY (SIMRANJEET KAUR)
525 BARBERIES DRIVE MELBOURNE VIC 3000 AUSTRALIA
Cash Disbursements Journal
1/1/2019 To 1/31/2019
ID# Acct# Account Name Debit Credit Job No.
CD 1/2/2019 OFFICE SUPPLIES
WAREHOUSE
4014 1-1110 Cheque Account $2,750.00
4014 1-3110 PROPERTY &
EQUIPMENT at
Cost
$2,500.00
4014 2-1330 GST Paid $250.00
CD 1/4/2019 DISCOUNT OFFICE SUPPLIES
4016 1-1110 Cheque Account $1,760.00
4016 1-1400 OFFICE SUPPLIES $1,600.00
4016 2-1330 GST Paid $160.00
CD 1/6/2019 BIG TELCO
4017 1-1110 Cheque Account $10,362.00
4017 2-1200 ACCOUNTS
PAYABLE
$10,362.00
CD 1/8/2019 MOON MEGASYSTEM
4015 1-1110 Cheque Account $3,400.00
4015 2-1200 ACCOUNTS
PAYABLE
$3,400.00
CD 1/15/2019 BIG TELCO
4018 1-1110 Cheque Account $8,217.00
4018 2-1200 ACCOUNTS
PAYABLE
$8,217.00
CD 1/15/2019 AMY WRONG REAL ESTATE
4019 1-1110 Cheque Account $7,700.00
4019 1-1500 PREPAID RENT $7,000.00
4019 2-1330 GST Paid $700.00
CD 1/30/2019 BIG TELCO
4020 1-1110 Cheque Account $5,280.00
4020 2-1200 ACCOUNTS
PAYABLE
$5,280.00
CD 1/31/2019 MATHER ORLANDO
4021 1-1110 Cheque Account $2,890.00
4021 6-1930 SALARIES
EXPENSES
$3,400.00
4021 2-1420 PAYG Withholding
Payable
$510.00

CD 1/31/2019 MANPREET KAUR
4022 1-1110 Cheque Account $3,060.00
4022 6-1930 SALARIES
EXPENSES
$3,600.00
4022 2-1420 PAYG Withholding
Payable
$540.00
CD 1/31/2019 INTEGER ENERGY
4023 1-1110 Cheque Account $1,430.00
4023 6-2420 Electricity $1,300.00
4023 2-1330 GST Paid $130.00
CD 1/31/2019 VOPSTRA
4024 1-1110 Cheque Account $1,320.00
4024 6-2200 Telephone $1,200.00
4024 2-1330 GST Paid $120.00
CD 1/31/2019 BITI BANK
4025 1-1110 Cheque Account $200.00
4025 9-1000 Interest Expense $200.00
CD 1/31/2019 TRANSACTION FEES
SC013119 1-1110 Cheque Account $14.00
SC013119 6-2500 BANK CHARGES $14.00
Grand Total: $49,433.00 $49,433.00
HI FI WAY (SIMRANJEET KAUR)
525 BARBERIES DRIVE MELBOURNE VIC 3000 AUSTRALIA
Cash Receipts Journal
1/1/2019 To 1/31/2019
ID#
Acct
#
Account
Name Debit Credit Job No.
CR 1/2/2019 RECEIVED AMOUNT FROM UNCLE
LENNOX
CR000001 1-
1180
Undeposited
Funds
$12,000.00
CR000001 2-
1800
SHORT
TERM
LOANS
$12,000.00
CR 1/4/2019 Payment; RADIO HUT