ACC1AIS Individual XERO Assignment: Trial Balance - May 2019

This document presents the trial balance for Abdulla AlHashimi's ACC1AIS individual XERO assignment as of May 31, 2019. The trial balance includes a detailed list of accounts, their codes, account types, and debit/credit balances. It encompasses various revenue, direct costs, expenses, assets, liabilities, and equity accounts. The assignment requires setting up a new business in XERO, recording transactions for May 2019, and generating financial statements. The initial capital contribution was $500,000, along with a bank loan of $300,000. The document is intended to showcase the practical application of XERO in managing and reporting financial data, adhering to specific instructions and guidelines provided within the assignment brief. Desklib provides students access to similar documents and study tools.

Trial Balance Abdulla AlHashimi - 19215217
Trial Balance
Abdulla AlHashimi - 19215217
As at 31 May 2019
ACCOUNT CODE ACCOUNT ACCOUNT TYPE DEBIT CREDIT 31 MAY 2018
200 Sales Revenue 29,841.10 -
270 Interest Income Revenue 3,750.00 -
310 Cost of Goods Sold Direct Costs 27,618.66 -
400 Advertising Expense 1,000.00 -
416 Depreciation Expense 4,052.36 -
425 Freight & Courier Expense 200.00 -
429 General Expenses Expense 474.00 -
433 Insurance Expense 200.00 -
437 Interest Expense Expense 1,750.00 -
453 Office Expenses Expense 300.00 -
469 Rent Expense 10,000.00 -
472 Fuel Expesne Expense 900.00 -
477 Wages and Salaries Expense 8,000.00 -
506 DOubtful debt Expense 190.00 -
Cash at bank Bank 125,933.56 -
610 Accounts Receivable Current Asset 1,900.25 -
619 Office supplies Current Asset 250.00 -
620 Prepayments Current Asset 3,981.82 -
621 Prepaid Rent Current Asset 99,090.91 -
622 Interest receivable Current Asset 3,750.00 -
630 Inventory Current Asset 262,354.07 -
710 Office Equipment Fixed Asset 50,000.00 -
711
Less Accumulated
Depreciation on Office
Equipment
Fixed Asset 416.00 -
731 Delivery Van Fixed Asset 23,181.82 -
732 Les Acc dep Delivery vanFixed Asset 3,636.36 -
751 Investment Non-current Asset 250,000.00 -
632 Interest Payable Current Liability 1,750.00 -
633 Prov fro doubtful debt Liability 190.00 -
701 fuel expense payable Liability 330.00 -
800 Accounts Payable Current Liability 71,830.00 -
804 Wages Payable - Payroll Current Liability 8,000.00 -
820 GST Current Liability 44,616.01 -
900 Loan Non-current Liability 300,000.00 -
970 Owner A Share Capital Equity 500,000.00 -
Total 919,743.46 919,743.46 -