Smart Solutions (Pty) Ltd is an IT solution company working in Sydney CBD. The company is offering end to end IT solutions to both corporate and non-corporate sector.
The company started its operations on 1st July 2015. The company has just hired you as a Junior Accountant. The manager has provided you a list of account balances as on 30 June 2016.
| Account name
|
Amount |
| Sales | $120,729 |
| Electricity | $1,100 |
| Accounts Receivable | $350 |
| Land | $247,000 |
| Wages | $49,000 |
| Advertising | $625 |
| Accumulated Depreciation-Building | $750 |
| Accumulated depreciation- Moor vehicle | $24,190 |
| Building | $450,000 |
| Cash at Bank | $12,375 |
| GST Paid | $395 |
| GST Payable | $3,096 |
| Accounts Payable | $1,580 |
| Long Term Loan | $145,800 |
| Motor Vehicle | $96,750 |
| Telephone | $1,250 |
| Depreciation (Building) | $750 |
| Depreciation (Motor Vehicle) | $24,190 |
| Motor Vehicle maintenance | $9,360 |
| Capital | $600,000 |
| Drawings | $3,000 |
Tasks:
Please follow AASB standard (where applicable) to complete the following tasks.
- Prepare an appropriately organised Trial Balance.
- Prepare Closing Entries.
- Prepare a post-closing Trial Balance
- Prepare an Income Statement ended on 30 June 2016 including the Statement of Change in Equity
- Prepare Balance Sheet as on30 June 2016.
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