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.

 

  1. Prepare an appropriately organised Trial Balance.

 

  1. Prepare Closing Entries.

 

 

  1. Prepare a post-closing Trial Balance

 

  1. Prepare an Income Statement ended on 30 June 2016 including the Statement of Change in Equity
  2. Prepare Balance Sheet as on30 June 2016.

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