[SOLVED] Student Declaration for Completion of Work

The assignment is a student declaration form that requires students to certify their original work and acknowledge the faculty's duty to guard against plagiarism. The form includes a statement about possessing a copy of the submitted work, certifying it as their own work with proper citations, and acknowledging the business school's policy on academic misconduct.

Team Project Cover Sheet
UNIT NAME Financial Accounting UNIT CODE ACCT1101
............................................................................. ...........................
...........................
.
........................................................................... ...........................
...........................TITLE/TOPIC OF PROJECT
CHARLES BOUTIQUE BOOKS
PTY LTD
ACCOUNTING PRACTICE SET
.......................................................................... ...........................
...........................
............
TUTORIAL OR LECTURE DAY & TIME
(if applicable)
TEAM
NUMBER
(if applicable)
NAMEOFTUTOR (if applicable)
Late projects submitted outside office hours will be receipted at 8.30 a.m. the following working day.

2

CHARLES BOUTIQUE BOOKS
PTY LTD
–
ACCOUNTING PRACTICE SET

Table of Contents
INTRODUCTION................................................................................................................................................................ 6
Company Background................................................................................................................................................6
Accounting System Information.................................................................................................................................6
UNADJUSTED TRIAL BALANCE AND CHART OF ACCOUNTS...............................................................................7
As at 31 May 2020............................................................................................................................................7
SUBSIDIARY LEDGERS................................................................................................................................................... 8
Schedule of Accounts Receivable...............................................................................................................................8
As at 31 May 2020............................................................................................................................................8
Schedule of Accounts Payable....................................................................................................................................8
As at 31 May 2020............................................................................................................................................8
TRANSACTIONS................................................................................................................................................................ 9
For June 2020............................................................................................................................................................. 9
Instructions............................................................................................................................................................... 10
ADJUSTING ENTRIES..................................................................................................................................................... 11
Cash Receipts Journal...............................................................................................................................................15
Cash Payments Journal............................................................................................................................................. 16
Sales Journal............................................................................................................................................................. 18
Purchases Journal......................................................................................................................................................19
LEDGERS.......................................................................................................................................................................... 20
Accounts Receivable Subsidiary Ledger..................................................................................................................20
Accounts Payable Subsidiary Ledger.......................................................................................................................21
General Ledger......................................................................................................................................................... 22
WORKSHEET....................................................................................................................................................................31
FINANCIAL STATEMENTS............................................................................................................................................33
Schedules of Subsidiary Ledgers..............................................................................................................................33
Income Statement..................................................................................................................................................... 34
Statement of Changes in Equity................................................................................................................................36
Balance Sheet............................................................................................................................................................37
Post-closing Trial Balance........................................................................................................................................38
WRITTEN COMPONENT................................................................................................................................................. 39
STUDENT DECLARATION FOR COMPLETION OF WORK......................................................................................43

INTRODUCTION
The objective of this Accounting practice set is to provide students with an insight into the process of recording
transactions, completing adjusting and closing entries, and preparing financial statements for a retail business.
Company Background
Charles Boutique Books Pty Ltd has been in business in Melbourne since July, 2014. The company was
started by James Lowe and operates a shop which sells books on a wholesale basis to other businesses
on both credit and cash terms. The company's share capital consists of 162,000 ordinary shares, issued at
$1 each, that are owned by various members of the Lowe family. The company employs a combination of
sales and administration staff to operate the business.
Accounting System Information & Procedures
The company has a financial year end of 30 June and prepares adjusting entries at the end of the financial year.
To ensure efficiency of its accounting procedures, the company uses the following Special Journals to maintain
its accounting records:
1. Sales Journal (SJ): to record all sales of inventory on credit
2. Purchases Journal (PJ): to record all purchases of inventory on credit
3. Cash Receipts Journal (CRJ): to record all cash receipts
4. Cash Payments Journal (CPJ): to record all cash payments
5. General Journal (GJ): to record all transactions other than the above.
Business transactions are recorded for Charles Boutique Books on a daily basis in one of these five
journals in the accounts.
Additionally, the company maintains a general ledger to record postings from the journals. Subsidiary Ledgers
are used to record the separate details of Accounts Receivable and Accounts Payable. Transactions are posted
immediately to the relevant ledger account if they are entered into the general journal, the “other” column of the
Cash Receipts Journal or Cash Payments Journal, or if they affect any of the Accounts Receivable or Accounts
Payable subsidiary ledger accounts. Apart from these transactions, totals of the special journals are taken at the
end of the month and then posted to the appropriate accounts. The company uses a periodic inventory system.
In practice, the company would be required to collect and pay Goods and Services Tax (GST) on its sales and
purchases. However, for the purposes of this exercise, GST has been excluded.
Please Note: All amounts in this practice set should be rounded to the nearest dollar.

UNADJUSTED TRIAL BALANCE AND CHART OF ACCOUNTS
As at 31 May 2020
Acc. No. Account Debit ($) Credit ($)
100 Cash at Bank 87,804
101 Accounts Receivable Control 34,020
102 Stationery Supplies 21,573
103 Inventory 111,600
104 Prepaid Store Rent (paid 1 March 2020) 105,660
105 Prepaid Insurance (paid 1 Nov. 2019) 1,620
150 Showroom Fittings 72,900
151 Accumulated Depreciation – Showroom Fittings
160 Equipment 24,750
161 Accumulated Depreciation - Equipment 12,150
200 Accounts Payable Control 21,942
201 Interest Payable
202 Utilities Payable
203 Wages Payable
204 Salaries Payable
205 Tax Payable
206 Dividend Payable
250 Mortgage Loan (due 31 July 2044) 86,706
300 Share Capital 162,000
301 Retained Profits (1 July 2019) 137,646
302 Dividends Declared
303 Profit and Loss Summary
400 Sales Revenue 577,962
401 Sales Discounts (Discount Allowed) 4,437
402 Sales Returns and Allowances 1,251
500 Purchases 275,265
501 Purchase Discounts (Discount Received) 3,456
502 Purchase Returns and Allowances 1,449
600 Freight-Out 414
601 Wages Expense - Sales Staff 138,303
602 Depreciation Expense – Showroom Fittings
603 Depreciation Expense - Equipment
604 Stationery Expense
605 Rent Expense
606 Insurance Expense
607 Advertising Expense 6,264
608 Interest Expense
609 Utilities expense 8,352
610 Tax Expense
611 Sundry Expenses 432
612 Salaries Expense – Office Staff 108,666
613 Bad Debts Expense
1,003,311 1,003,311

SUBSIDIARY LEDGERS
Schedule of Accounts Receivable As at 31 May 2020
Note: Charles Boutique Books offers all customers Credit Terms 2/10, n/30, unless otherwise stated
Acc. No. Account Invoice
date
Amount ($)
101-1 Ashburton Books 28 May 13,608
101-2 Blackburn Books 18 May 6,876
101-3 Kewtown Books 25 April 9,306
101-4 Montrose Books 12 May 4,230
$34,020
Schedule of Accounts Payable As at 31 May 2020
Acc. No. Account Invoice
date
Credit terms Amount ($)
200-1 Portarlington Publishers 30 May 2/10, n/60 6,210
200-2 Quantum Publishing 24 May 1/10, n/45 15,732
$21,942

TRANSACTIONS
For June 2020
Date Transaction W
e
June 1 Ashburton Books paid the entire balance of its account that was still outstanding.
Delivered goods to Blackburn Books for $9,756 and issued invoice #827. Issued cheque #303 to pay
$1,060 for delivery costs of inventory to their premises.
June 4 Paid the amount owing to Portarlington Publishing. Cheque #304 was sent.
June 5 Total Cash Sales for the week were $2,754.
W
e
June 9 Kewtown Books paid $3,906 toward the amount it owes us.
June 10 Made a purchase from Quantum Publishing for $8,370 for inventory: Terms are 1/10, n/45 and
date of invoice was 10 June.
The firm issued cheque #305 for the purchase of stationery supplies amounting to $792.
June 11 Ashburton Books purchased inventory of $9,828. Invoice #828 was issued.
June 12 Some of the inventory purchased on 10 June from Quantum Publishing were the incorrect
Edition of the book. Returned inventory in exchange for a Credit Note of $2,700.
June 13 Total Cash Sales for the week were $3,762.
W
e
June 16 Purchased inventory from Portarlington Publishing for $13,770. The invoice was dated 16 June.
Credit terms are 2/10, n/30.
June 17 Sold inventory to Kewtown Books for $17,766 on invoice #829. Issued cheque #306 to pay
for delivery costs of $1,350.
June 17 Paid office staff salaries of $10,494. Cheque #307 was issued for payment.
Cheque #308 was issued to pay sales staff wages, $8,910.
June 19 The company issued cheque #309 to pay the amount still owing to Quantum Publishing
June 20 Total Cash Sales for the week were $3,573.
Week 4

June 23 Kewtown Books returned $3,366 of inventory purchased on 16 June. Issued a Credit Note for the
transaction.
June 24 Issued Cheque #310 for $1,800 to pay for the annual gift the company donates to the Victoria
Smith Family Charity Fund. The gift is to be recorded as a sundry expense in the accounts.
June 25 Purchased inventory from Quantum Publishing, worth $13,410. The terms were 1/10, n/45. Date of
the
invoice was 25 June. (pj)
June 26 Received the total amount owing from Kewtown Books.
June 27 Total Cash Sales for the week were $5,616.
W
e
June 29 Blackburn Books paid the entire balance of its still outstanding account.
June 29 Reduced $10,800 of the amount owing to Quantum Publishing and Cheque #311 was issued.
June 29 A dividend of $25,300 was declared to the company shareholders. However, the dividend will
not be paid until September 30, 2020.
Paid sales staff wages, $8,910 and Cheque #312 was issued to meet the payment.
June 30 Issued additional shares to the owners of the Company for cash, and $18,000 was received and
banked.
Total Cash Sales for the week were $3,348.

INSTRUCTIONS
1) Enter the transactions on pages 8-9 into the appropriate Journal for the month of June 2020, Remember to
post Journal transactions to the ledger accounts as specified in the “Account System Information” section of
the introduction.
2) Total all Special Journal columns and post to the appropriate ledger account at the end of the month.
3) Prepare the unadjusted Trial Balance as at 30 June 2020 on the Worksheet provided.
4) Prepare the adjusting entries shown on page10 in the General Journal and post to the relevant ledger accounts.
Now enter the adjustments in the relevant worksheet columns and prepare an adjusted Trial Balance.
5) A Stocktake on 30 June 2020 indicates that the balance of Closing Inventory is $202,356. Use this information
to complete the remaining columns of the worksheet.
6) Use the worksheet to prepare the Income Statement and Balance Sheet.
7) Complete the Schedule of Accounts Receivable and Schedule of Accounts Payable. Ensure the balances agree
with the totals in the control accounts.
8) Prepare closing entries and post to the relevant general ledger accounts.

9) Complete the post-closing Trial Balance as at June 2020.
ADJUSTING ENTRIES
a) The Showroom Fittings were installed on 1 July, 2019. They have a useful life of 9 years and no salvage
value.
b) The Equipment was installed on 1 July, 2014. They have a useful life of 10 years and estimated salvage value of $450.
c) Twelve months of store rent was prepaid on 1 March, 2020. Of the original prepaid amount, $35,219
worth of store rent has now expired.
d) A count of Stationery Supplies indicates that $12,195 still remain on hand at year end.
e) A one-year insurance policy was purchased on 1 November 2019 for $1,620.
f) Interest on the Westpac Bank Mortgage Loan is charged at 7% per annum and is paid annually on 1 August
(the interest expense should be rounded up to the nearest dollar). The Westpac Bank Mortgage Loan was originally
taken out on the 1 August, 2019.
g) The company has been informed that Montrose Books has been declared bankrupt and Charles Boutique
Books Pty Ltd has agreed to write off the amount owing as a bad debt. The company uses the direct write-off
method to account for any bad debts in the books.
h) A telephone bill for $918 for June was received on 4 July, 2020. The amount has not yet been recorded. The
company records them as a utilities expense.
i) Office Staff are paid once per month, $10,494. The Office Staff were last paid on the 15 June, 2020.
Exactly half of one month Office Staff wages are still owing.
j) Sales Staff are paid fortnightly and work 7 days per week. The sales staff were last paid on the 29 June,
2020. One day of the wages bill is still owed to the Sales Staff.
k) The estimated Tax Payable for the year ended 30 June, 2020 is $12,343. This amount is to be paid on 31 October, 2020.

Date Account Post Ref. Debit Credit
June 12 Accounts Payable Control/Wagner Violins 200/200-2 2,700
Purchase Returns and Allowance 502 2,700
Returned inventory in exchange for a credit
June 23 Sales Returns and Allowances 402 3,366
Accounts Receivable Control/Kewtown Books 100/101-3 3,366
Return Inventory issued s Credit Note for the transaction
June 29 Dividend Declared 302 25,300
Dividend Payable 206 25,300
Dividend declared to the company shareholders
June 30 Depreciation Expense – Showroom Fittings 602 9,756
Accumulated Depreciation-Showroom Fittings 151 9,756
Depreciated showroom fittings over 9 years
June 30
Depreciation Expenses - Equipment 603 2,835
Accumulated Depreciation – Equipment 161 2,835
Depreciated equipment over 10 years
June 30 Rent Expense 605 35,219
Prepaid Store Rent 104 35,219
Prepaid Store rent has expired
June 30 Supplies Expense 604 10,170
Stationary Supplies 102 10,170
Supplies used throughout the year

June 30 Insurance Expense 606 945
Prepaid Insurance 105 945
8 months of insurance has expired
June 30 Interest Expense 608 5564
Interest Payable 201 5564
interest of bank loan accrued since the 1 August 2017 is recorded
June 30 Bad Debt Expense 613 4230
Account Receivable Control 101 4230
Montrose Books account considered bad debt expense
June 30 Utilities Expense 609 918
Utilities Payable 202 918
Telephone bill recorded as utilities expense is accrued
June 30 Salaries Expense-Office Staff 612 5247
Salaries Payable-Office Staff 204 5247
Half a month of salaries expense
June 30 Wages Expense-Sales staff 601 636.43
Wages Payable-Sales staff 203 636.43
One day of wages expense
June 30 Tax Expense 610 12343
Tax Payable 205 12343
Estimated tax payable for year ended June 30 2020

June 30 Closing Inventory 103 202356
Sales 400 4045734
Purchase Discounts 501 24192
Purchases Returns & Allowance 502 10143
Profit & Loss Summary 303 4282425
To close off temporary accounts with a normal credit balance
June 30 Profit & Loss Summary 303 1200525
Opening Inventory 103 781200
Sales Discount 401 31059
Sales Returns & Allowance 402 8757
Purchases 500 275265
Freight out 600 1060
Wages Expense-Sales Staff 601 8910
Depreciation Expense-Showroom Fitting 602 9756
Depreciation Expense-Equipment 603 2835
Supplies Expense 604 10170
Rent Expense 605 35219
Insurance Expense 606 945
Advertising Expense 607
Interest Expense 608 5564
Utilities Expense 918
Tax Expense 12343
Sundry Expense 1800
Salaries Expense-Office Staff 10494
Bad Debts Expense 4230

To close off temporary accounts with a normal debit
balance
Profit & Loss Summary 137646
Retained Profits 137646
To close off profit to the retained profits account
Retained profits 25300
Dividends declared 25300
To close off Dividends Declared against Retained Profits

CASH RECEIPTS JOURNAL
Date Account Post.
Ref.
Cash at Bank (100)
DR
Sales Discounts
(401)
DR
Sales
(400)
CR
Accounts
Receivable (101)
CR
Other
CR
01/06/18 Ashburton Books 101-1 13608 13608
05/06/18 Sales Revenue 400 2754 2754
09/06/18 Kewtown books 101-3 3906 3906
13/06/18 Sales Revenue 400 3762 3762
20/06/18 Sales Revenue 400 3513 3513
26/06/18 Kewtown books 101-3 19800 19800
27/06/18 Sales Revenue 400 5616 5616
29/06/18 Blackburn books 101-2 16632 16632
30/06/18 Share Capital 300 18000 18000
30/06/18 Sales Revenue 400 3348 3348
TOTAL $90939 $18993 $53946 $18000

CASH PAYMENTS JOURNAL
Date Ac
co
un
t
Chq. No. Post
Ref.
Other DR Accounts Payable
(200)
DR
Purchases
(500)
DR
Cash at Bank
(100)
CR
Purchase
Discounts
(501)
CR
01/06/18 Freight-Out 600 1060 1060
04/06/18 Portarlington Publishers 200-1 6210
10/06/18 Stationary Supplies 102 792 792
17/06/18 Freight-Out 600 1350 1350
17/06/18 Salaries Expense – Office Staff 612 10494 10494
17/06/18 Wages Expense - Sales Staff 601 8910 8910
19/06/18 Quantum Publishing 200-2 23902
24/06/18 Sundry Expenses 611 1800 1800
29/06/18 Quantum Publishing 200-2 10800
29/06/18 Wages Expense - Sales Staff 601 8910 8910
TOTAL $33316 $40912 $33316 $

SALES JOURNAL
Date Invoice No. Account Post
Ref.
Amount
01/06/18 827 Blackburn books 101-2 9756
11/06/18 828 Ashburton books 101-1 9828
17/06/18 829 Kewtown books 101-3 17766
TOTAL 37350

PURCHASES JOURNAL
Date Invoice Date Account Terms Post
Ref.
Amount
10/06/1
8
10/06/18 Quantum publishing 1/10, n/45 200-2 8370
16/06/1
8
16/06/18 Portarlington publishers 2/10, n/30 200-1 13770
25/06/1
8
25/06/18 Quantum publishing 1/10, n/45 200-2 13410
TOTAL 35550

SUBSIDIARY LEDGERS
Accounts Receivable Subsidiary Ledger
Ashburton books 101-1
Date Explanation Post. Ref. Debit Credit Balance
31-May Balance 13608
1-June CRJ 13608 0
11-June SJ 9828 9828
Blackburn books 101-2
Date Explanation Post. Ref. Debit Credit Balance
31-May Balance 6876
1-June SJ 9756 16632
29-June CRJ 16632 0
Kewtown books 101-3
Date Explanation Post. Ref. Debit Credit Balance
31-May Balance 9306
9-June CRJ 3906 5400
17-June SJ 17766 23166
23-JuneSales Return &
Allowance
GJ 3366 19800
CRJ 19800 0
Montrose books 101-4
Date Explanation Post. Ref. Debit Credit Balance
31-May Balance 4230
30-June Adjusting E. GJ 4320 0

Accounts Payable Subsidiary Ledgers
Portarlington Publishers 200-1
Date Explanation Invoice
Date
Post. Ref. Debit Credit Balance
31-May Balance 6210
4-June 30-May CPJ 6210 0
16-June 15-June PJ 13770 13770
Quantum publishing 200-2
Date Explanation Invoice
Date
Post. Ref. Debit Credit Balance
31-May Balance 15732
10-June PJ 8370 24102
12-June Purchases
Returns &
Allowances
GJ 2700 21402
19-June CPJ 21402 0
25-june PJ 13410 13410
29-June CPJ 10800 2610
General Ledger
Cash at Bank 100
Date Explanation Post. Ref. Debit Credit Balance
31-May Balance 87,804
30-June EOM CRJ 90939 178743
30-June EOM CPJ 33316 145427
Accounts
Receivable
Control 101
Date Explanation Post. Ref. Debit Credit Balance
31-May Balance 34,020
23-June Sales Returns
And Allowances
GJ 3366 30654
30-June SJ 37350 68004
30-June CRJ 34146 33858
30-June Bad Debts
Expenses
GJ 4230 29628
Stationery Supplies 102
Date Explanation Post. Ref. Debit Credit Balance
31-May Balance 21,573

10-June PJ 792 22365
30-June Adjusting GJ 10170 12195
Inventory 103
Date Explanation Post. Ref. Debit Credit Balance
31-May Balance 111,600
30-June Closing 111600 0
30-June Closing 202356 202356

Prepaid Store
Rent 104
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 105,660
30-June Adjusting GJ 35219 70441
Prepaid
Insurance 105
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 1,620
30-June Adjusting GJ 945 675
Showroom Fittings 150
Date Explanation Post. Ref. Debit Credit Balance
31-May Balance 72,900
Accumulated Depreciation –
Showroom Fittings 151
Date Explanation Post. Ref. Debit Credit Balance
31-May Balance 0
30-JuneAdjusting GJ 9756 9756

Equipment 160
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 24,750
Accumulated Depreciation -
Equipment 161
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 12,150
30-JuneAdjusting GJ 2835 14985
Accounts Payable Control 200
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 21,942
12-June Adjusting GJ 2700 19242
30-June PJ 35550 54792
30-June CPJ 40912 13880
Interest Payable 201
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 0
30-JuneAdjusting GJ 5564 5564
Utilities Payable 202
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 0
30-JuneAdjusting GJ 918 918

Wages Payable 203
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 0
30-JuneAdjusting GJ 636.43 636.43
Salaries Payable 204
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 0
30-JuneAdjusting GJ 5247 5247
Tax Payable 205
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 0
30-JuneAdjusting GJ 12343 12343
Dividend
Payable 206
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 0
30-JuneAdjusting GJ 25300 25300
Mortgage
Loan 250
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 86,706

Share Capital 300
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 162,000
30-June CRJ 18000 18000
Retained Profits 301
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 137,646
30-June Closing GJ
30-June Closing GJ 25300
Dividends Declared 302
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 0
29-June Decl. GJ 25300 25300
30-JuneClosing GJ 25300 0
Profit & Loss Summary 303
Date Explanation Post.Ref. Debit Credit Balance
31-May balance 0
30-june closing GJ 4282425 4282425
closing GJ 1200525 137646
closing GJ 137646 0
Sales Revenue 400
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 577,962
30-June CRJ
SJ
30-June Closing GJ

Sales Discounts 401
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 4,437
30-June CRJ
30-June Closing GJ
Sales Returns & Allowances 402
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 1,251
23-June Adjusting GJ 3366 4617
30-June Closing GJ 4617 0
Purchases 500
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 275,265
30-June PJ 35550
30-June closing GJ 275265
Purchase Discounts 501
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 3,456
30-June CPJ 24192
30-June Closing GJ 24192
Purchase Returns & Allowances 502
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 1,449
12-June adjusting GJ 10413
30-June Closing GJ 10413

Freight-Out 600
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 414
1-june CPJ 1060
16-June CPJ 1350
30-JUne Closing GJ 1060
Wages Expense – Sales Staff 601
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 138,303
17-June CPJ 10494
29-june CPJ 8910
30-June Adjusting GJ 8910
30-June Closing GJ 8910
Depreciation Expense –
Showroom Fittings 602
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 0
30-June Adjusting GJ 9756
30-June Closing GJ 9756 0
Depreciation Expense –
Equipment 603
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 0
30-June Adjusting GJ 2835
30-June Closing GJ 2835 0
Stationery Expense 604
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance
30-June Adjusting GJ 10170

Rent Expense 605
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 0
30-June Adjusting GJ 35219
30-June Closing GJ 35219 0
Insurance Expense 606
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 0
30-June Adjusting GJ 945
30-June Closing GJ 945 0
Advertising Expense 607
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 6,264
30-June Closing GJ 6264 0
Interest Expense 608
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 0
30-June Adjusting GJ 5564
30-June Closing GJ 5564
Utilities Expense 609
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 8,352
30-June Adjusting GJ 918
30-June Closing GJ 918

Tax Expense 610
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 0
30-June Adjusting GJ 12343
30-June Closing GJ 12343 0
Sundry Expenses 611
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 432
24-June CPJ 1800
30-June Closing GJ 1800
Salaries Expense –
Office Staff 612
Date Explanation Post.Ref. Debit Credit Balance
31-May Balance 108,666
17-June CPJ 10494
30-June Adjusting GJ 5247
30-June Closing GJ 10494
Bad Debts Expense 613
Date Explanation Post.Ref. Debit Credit Balance
31-may Balance 0
30-June Adjusting GJ 4230
30-JuneClosing GJ 4230 0

WORKSHEET – 30 JUNE
2020
U
na
Adjustments Adjusted Trial Bal. Income Statement Balance Sheet
Account D
e
Debit Credit Debit Credit Debit Credit Debit Credit
145427
Cash at Bank 145427 145427 29628
Accounts Receivable Control 34146 29628 4230 12195
Stationery Supplies 22365 12195 10170 202356
Inventory 202356 202356 111600 202356 70441
Prepaid Store Rent (Paid 1 Mar.
2020)
105660 70441 35219 675
Prepaid Insurance (Paid 1 Nov.
2020)
1620 675 945 72900
Showroom Fittings 72900 72900 9756
Accumulated Depreciation –
Showroom Fittings
9756 24750
Equipment 24750 24750 14985
Accumulated Depreciation -
Equipment
12150 2835 13880
Accounts Payable Control 13880 5564
Interest Payable 5564 918
Utilities Payable 918 636.4
Wages Payable 636.43 5247
Salaries Payable 5247 12343
Tax Payable 12343 25300
Dividend Payable 25300
Mortgage Loan (due 31 Jul 2044) 86706
Share Capital 18000
Retained Profits (1 July 2019) 137646
Dividends Declared 25300
Profit and Loss Summary
Sales Revenue 577962
Sales Discounts 4437
Sales Returns and Allowances 4617 4617
Purchases 275265

Purchase Discounts 3456
Purchase Returns and Allowances 1449
Freight-Out 2824 2824
Wages Expense - Sales Staff 166617
Depreciation Expense - Showroom
Fittings
9756
Depreciation Expense - Equipment 2835
Stationery Expense 10170
Rent Expense 35219
Insurance Expense 945
Advertising Expense 6264
Interest Expense 5564
Utilities Expense 8352 9270
Tax Expense 12343
Sundry Expenses 2232 2232
Salaries Expense - Office Staff 119160
Bad Debts Expense 4230
TOTALS 938515 876549 944154 87863.43 583672 63330
PROFIT/(LOSS)

FINANCIAL STATEMENTS
Schedules of Subsidiary Ledgers
Schedule of Accounts Receivable
as at 30 June 2020
Acc. No. Account Amount ($)
101-1 Ashburton Books 9828
101-2 Blackburn Books 0
101-3 Kewtown Books 0
101-4 Montrose Books 0
TOTAL $9828
Schedule of Accounts Payable
as at 30 June 2020
Acc. No. Account Amount ($)
200-1 Portarlington Publishers 13770
200-2 Quantum Publishing 2610
TOTAL $16380

Income Statement
for the year ending 30 June 2020
Gross Sales 577962
Less: Sales Returns & Allowance 1251
Less: Sales Discounts 4437
Net Sales 572274
Cost of sales 68004
Beginning inventory 111600
Add: cost of purchase 275265
Less: purchases return and allowance 1449
Less: discount received 3456
Cost of goods available for sale 270360
Less: cost of ending inventory 202356
Cost of Goods Sold 68004
Gross Profit 301914
Other Revenue
Expenses
Selling Expenses
Freight outwards 1060
Advertising expense 6264
Wages Expense-Sales Staff 138303
Salaries Expense-Office Staff 108666
Total selling expense 246969
Administration Expenses
Depreciation Expense-Showroom Fittings -
Depreciation Expense-Equipment -
Insurance Expense -
Rent Expense
Utilities Expense -
Supplies Expense -
Sundry Expense 432
Total administration expense 432
Financial Expenses -
Interest Expense -
Bad Debts Expense -
Total financial expense -
Total Expenses 247401
Profit Before Income Tax 54513
Income Tax Expense 12343 $

Profit After Income Tax 42170

Statement of Changes in
Equity for the year ending
30 June 2020
Share Capital Retained Profits Total Equity
Opening Balance
as at 1 July 2019
162000 137646 299646
Share Issue 9756 - 9756
profit - - -
Dividends 25300 25300
Ending Balance as
at 30 June 2020
146456 264590

Statement of Financial Position
as at 30 June 2020
Current Assets $
Cash at bank 87804
Accounts receivable control 34020
Stationary Supplies 21573
Inventory 111600
Prepaid Store Rent 105660
Prepaid Insurance 1620
Total Current Assets 362277
Non-Current Assets
Showroom Fittings 72900
Less: accumulated depreciation-Showroom Fitting
Equipment 24750
Less: accumulated depreciation-Equipment 12150
12600
Total Non-Current Assets 97650
TOTAL ASSETS 459927
Current Liabilities
Accounts payable control 2700
Interest payable 5564
Utilities payable 2700
Wages payable 636.43
Salaries payable 5247
Tax payable 12343
Dividend payable
Total Current Liabilities 29190.43
Non-Current Liabilities
Mortgage loan 86706
Total Non-Current Liabilities 86706
TOTAL LIABILITIES 115896
Shareholder's Equity
Share capital 318731
Retained profits 25300
Total Shareholder's Equity
TOTAL LIABILITIES & EQUITY 459927

Post-closing Trial Balance
As at 30 June 2020
Acc.
No. Account Debit ($) Credit ($)
100 Cash at Bank 145427
101 Accounts Receivable Control 29628
102 Store Supplies 12195
103 inventory 202356
104 Prepaid Store Rent (paid 1 Mar. 2020) 70441
105 Prepaid Insurance (paid 1 Nov. 2019) 675
150 Showroom Fitting 72900
151 Accumulated Depreciation- Showroom Fitting 9756
160 Equipment 24750
161 Accumulated Depreciation-Equipment 14985
200 Account Payable Control 13880
201 Interest Payable 5564
202 Utilities Payable 918
203 Wages Payable 637
204 Salaries Payable 5247
205 Tax Payable 12343
206 Dividend Payable 25300
250 Mortgage Loan (due 31 Jul. 2042) 86706
300 Share Capital 18000
301 Retained Profit 365036
558372 558372

STUDENT DECLARATION FOR COMPLETION OF WORK
Academic misconduct as defined in the "Guidelines on Ethical Scholarship, Academic Literacy and Academic Misconduct" is any
activity or practice engaged in by a student that breaches explicit guidelines relating to the production of work for assessment, in
a manner that compromises or defeats the purpose of that assessment. Students must not engage in academic misconduct.
Penalties for academic misconduct vary according to seriousness of the case, and may include the requirement to do further
work or repeat work; deduction of marks; the award of zero marks for the assessment; failure of one or more units; suspension
from a course of study; exclusion from the University; non-conferral of a degree, diploma or other award towhich the student
would otherwise have been entitled. For further information on the rules and procedures in respect of appropriate academic
conduct you should visit:
http: //www.teachingandlearning.uwa.edu.au/tl4/for_uwa_staff /nolicies/student_related_policies/academic_conduct
Plagiarism is one example of academic misconduct
1. Plagiarism is taking someone else's thought, writing or invention and claiming it asyour own.
2. All references to other work must be properly cited in the text eg. (Smith 1996) and thee article must be fully described in a
references section including author's name,date, title, book/journal, volume/ page numbers.
The Faculty of Business has the following regulation on Plagiarism:
"The Faculty will promote the highest levels of probity and honesty amongst students and will provide instruction on ethical
conduct. By submitting projects and other work for assessment, students acknowledge Faculty's duty to guard against
plagiarism, including by electronic means such as Turnitin or Mydropbox. A lecturer may require students submitting
written or electronic work to sign a Plagiarism Declaration Form indicating that the work is original.”
No project will be accepted unless thefollowing statement is signed and dated:
"I certify that I possess a copy of the attached work submitted."
"I certify that the attached project/report is my own work and that all material drawn from other sources has
been fully acknowledged."
“I acknowledge that by submitting my project with this generic cover page and not the automated version available
to me that I will not receive an email receipt from the Business School.”
I
Signed Date