Complete the general and special journals

Reference no: EM131222534

MOONEE PONDS 3039

Max Matters is a semi-retired physical education teacher and is starting a wholesale home gym sales business on the 1st September 2016, he is contributing the following assets and liabilities to commence the business: Cash at Bank $4,000, Motor Vehicles $60,000, Office Supplies $600, Motor Vehicles Financing Loan $20,000.

The terms of the Loan are: interest rate of 12% per annum payable at the end of each month and repayment of principle of $180 at the end of each month.

He has employed your accounting firm to design and set up the accounting journals and ledgers, and to complete the financial statements for the month ended 30'n September 2016.

Max supplies two types of Home Gym Sets. All sales are on credit. Rock n' Roll Home Gym Sets are sold at $1,400.00 per unit and Blues Home Gym Sets are sold at $900.00 per unit, credit terms are 2/10 30 nett.

Ail purchases of Home Gym Sets are also on credit.

All major costs are paid by cheque and a Petty Cash fund is used for minor expenses.

Transactions for the month of September 2016:

1ft September Drew cheque no. 1001 to establish a Petty Cash Advance of $400.

2nd September Paid annual Insurance on Motor Vehicles by cheque $600, and two months rent amounting to $16,000.

3rd September Purchased on credit from Tiger King Gyms Ltd Invoice No 7595, 80 units of Rock n' Roll Home Gym sets at $1,000 each, credit terms 3/10 nett 60. Also purchased credit 300 units of Blues Home Gym from Best Gyms Ltd at $900 each, invoice Number 8490, credit terms 5/15 nett30.,

4th September Sold 60 Rock n' Roll Home Gym sets to Foxy Ladies Ltd Invoice no. 4001 and 200 Blues Home Gym to Creative Gym Ltd.

5th September Returned 4 defective Rock n' Roll Home Gym sets to the supplier and received Credit Note no. 6789.

6th September Paid for taxi from petty cash and voucher No 1001 was issued for $150.00

7th September Received payment in full and granted discount to Foxy Ladies Ltd, issuing Receipt No 2501.

8th September Sold 12 Rock n' Roll Home Gym sets to Exercise is Us.

9th September Paid Tiger King Gyms Ltd in full.

10th September Paid for signage with petty cash $190.00.

15th September Drew two cheques to pay for Wages $2,000, and Electricity $600.

17th September Sold 4 Rock n' Roll Home Gym sets to a new customer Exercise Feast same price and credit terms.

18th September Exercise Feast returned two Rock n' Roll Home Gym sets and was issued Credit Note No. 9001.

18th September Matt withdrew $2,000 using the business Cheque Book.

19th September Purchase 24 Rock n' Roll Home Gym sets from a new supplier: Best Gyms Ltd at $1020 per unit, credit terms 5/10 nett 30 days and received invoice Number 30020. Paid by cheque, Auto Smart Servicing for servicing the motor vehicles, $340

21st September Reimbursed petty cash and increased the Petty Cash Advance to $500.

22nd September Drew two cheques to pay for Wages $2,000 and Telephone services $480.

23rd September Received from commission of $1000 for a promotional event to take place late October.

WESTERN BANK LTD

Statement of Account for: Home Gym LTD 17 Hall Street MOONEE PONDS 3039 SEPTEMBER 2016 PARTICULARS	DEBIT $	CREDIT $	BALANCE$
1⁵¹ September Opening Balance			4,000 Cr
2^nd September Ch. No. 1001	400		3,600 Cr
3^rd September Ch. No. 1003	16,000		12,400 Dr
4^th September Ch. No. 1002	600		13,000 Dr
8^th September C&C		82,320	69,320 Cr
16^th September Ch. No. 1006	600		68,720 Cr
18^th September Ch. No. 1005	2,000		66,720 Cr
20^th September Ch. No. 1007	2,000		64,720 Cr
22 ^rid September Ch. No. 1008	340		64,380 Cr
23^rd September Ch. No. 1010	2,000		62,380 Cr
24^th September FBT	20		62,360 Cr
25^th September Ch. No 1011	480		61,880 Cr
26^th September Bank account fee	50		61,830 Cr
30^th September Exercise Feast		2,800	64,630 Cr

ADDITIONAL INFORMATION AS AT 30TH SEPTEMBER 2016

1. The Motor Vehicles contributed were acquired on the 30th August 2016 and are to be depreciated on a reducing balance at 12% per annum.

2 The repayment of the loan and interest due for the month of September is yet to be made.

3. Wages of $1,200 have accrued as at balance day.

4. Office Supplies on Hand as at 30th September are valued at $200.

5. Create an Allowance for Doubtful Debts equal to 1% of Accounts Receivables as at 30th September 2016.

6. A physical stock take of inventory reveals:

25 Rock n' Roll Home Gym Sets and
100 Blues Home Gym Drum Sets.

Your accounting firm is required to complete the following:

1. General and Special Journals to record all transactions, balance day adjustments, closing and reversing entries where required.
2. Inventory cards.
3. A Bank Reconciliation Statement.
4. The three trial balances required.
5. A fully classified Income Statement for the month and a Balance Sheet including Net Assets.

Individually you are required to:

1. Enter into the drop box on collaborate for your tutor, your progress report at the end of week 9.

2. Enter into the drop box on collaborate for your tutor, a reflective journal highlighting the trials and tribulations of group work, word limit 150 words. This report must be submitted at the end of week 11.

Reference no: EM131222534

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