ACC201 Financial Accounting - Post-Closing Trial Balance (VTA3q)

This document presents a detailed solution to a post-closing trial balance exercise from a manual accounting practice set, specifically the Technology Boutique, Australasian Edition 3 (VTA3q). The solution includes the preparation of the post-closing trial balance as of June 30, 2018, with all account balances listed in their respective debit and credit columns. The practice set involves recording and posting various business transactions, preparing a bank reconciliation statement, completing an accounting worksheet, and constructing financial statements. The solution serves as a reference for students to verify their work and understand the correct application of accounting principles in preparing a post-closing trial balance. Desklib offers a wide range of solved assignments and study resources for students.

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Manual Accounting Practice Set
Technology Boutique, Australasian Edition 3
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Now that the closing entries have been journalised and posted, you are required to prepare a post-closing trial balance. This
trial balance is prepared as a final check that closing entries have been journalised and posted correctly.
Instructions for post-closing trial balance
Using the general ledger, create a post-closing trial balance as at the end of June.
Remember to enter all answers to the nearest whole dollar.
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(Q=960.Post closing trial balance)
Intermaweb Computer
Post-closing trial balance
As at 30/06/2018
Account No. Name Debit Credit

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($) ($)
100 Cash at Bank 145222 0
102 Short-term Investments 25000 0
110 ARC - Accounts Receivable Control 164668 0
112 Interest Receivable 125 0
120 Inventory 76810 0
130 Office Supplies 1780 0
135 GST Outlays 21133 0
140 Prepaid Rent 1200 0
141 Prepaid Advertising 4000 0
142 Prepaid Insurance 2600 0
150 Cash Registers 7000 0
151 Accum Depn: Cash Registers 0 1833
160 Store Fixtures 39000 0
161 Accum Depn: Store Fixtures 0 11674
210 APC - Accounts Payable Control 0 17094
220 Wages Payable 0 11220
221 Electricity Payable 0 408
222 Water Payable 0 225
225 Interest Payable 0 440
240 GST Collections 0 53828
250 Bank Loan Payable 0 44000
300 Share Capital 0 50000
301 Retained Earnings 0 297816
Total 488538 488538
Feedback
Intermaweb Computer
Post-closing trial balance
As at 30/06/2018
Account No. Name Debit
($)
Credit
($)
100 Cash at Bank 145,222
102 Short-term Investments 25,000

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110 ARC - Accounts Receivable Control 164,668
112 Interest Receivable 125
120 Inventory 76,810
130 Office Supplies 1,780
135 GST Outlays 21,133
140 Prepaid Rent 1,200
141 Prepaid Advertising 4,000
142 Prepaid Insurance 2,600
150 Cash Registers 7,000
151 Accum Depn: Cash Registers 1,833
160 Store Fixtures 39,000
161 Accum Depn: Store Fixtures 11,674
210 APC - Accounts Payable Control 17,094
220 Wages Payable 11,220
221 Electricity Payable 408
222 Water Payable 225
225 Interest Payable 440
240 GST Collections 53,828
250 Bank Loan Payable 44,000
300 Share Capital 50,000
301 Retained Earnings 297,816
Total 488,538 488,538
Manual Accounting Practice Set
Technology Boutique, Australasian Edition 3 (VTA3q)
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