Rishi Preetam Thiruthani Ltd is an established retail business.
Data from the 2018 financial statements has been extracted and entered for all of the opening balances with the exception of Retained earnings. You are required to calculate and enter the opening balance for Retained earnings.
Other current assets relate to prepaid selling & marketing expenses.
Other current liabilities are accrued expenses relating to administrative expenses.
The item Investments comprises a combination of long-term cash deposits and/or shares held in other entities. The following is a summary of transactions and events for the financial year ending on 30 June 2019
Event 1. Paid occupancy expenses of $555.
Event 2. Credit purchases of inventory were $3,553. There were no cash purchases.
Event 3. Loan repayments consisting of principal of $331 and interest of $231 were made during the year.
Event 4. Purchased equipment for $958 by paying $287 cash and borrowing an additional $671.
Event 5. Sales for the year comprised $1,879 for cash and $6,660 on credit.
Event 6. Payments of $3,570 were made to trade payables throughout the year.
Event 7. The sales had a cost price of $3,416
Event 8. Cash proceeds from a share issue were $204.
Event 9. Trade receivables paid $6,748 during the year.
Event 10. The benefits of the prepaid selling & marketing expenses from the previous period were used up during the current period. Event 11. Additional selling & marketing expenses of $869 were then paid during the current period. $299 of this amount relates to 3 months of an advertising campaign yet to be provided at the end of the reporting period.
Event 12. Depreciation of property, plant and equipment for the year was $295
Event 13. Payments for administrative expenses were $312 which included the accrued administrative expenses owing from the previous period.
Event 14. Another $188 of administrative expenses relating to office wages is still owing at the end of this period.
Event 15. Term deposits included as part of Investments earned interest of $256 which was received in full during the year.
Event 16. Tax instalments of $667 were paid during the year. A further $272 was assessed as owing at the end of the period.
Event 17. Paid $1,281 of dividends throughout the year.
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