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Question - The following is a trial Balance from the ledger of Lunatiques as at 30 June 2018
Lunatiques Trail Balance as at 30 June 2018
Accounts Receivable 28,500
Bank 19,500
Inventory 69,160
Buildings 314,830
Office Equipment 4,750
Accounts Payable 32,000
GST Payable 3,000
Capital 413,415
Drawings 5,000
Sales 172,965
Commission Income 4,035
Cost of Goods Sold 105,590
Delivery Expense (outwards) 2,375
Electricity 7,660
Insurance 16,140
Rates 11,190
Rent 2,420
Salaries 27,350
Telephone 10,950
$625,415 $625,415
Required -
a) Prepare the closing general journal entries including the transfer of net profit (loss) and the transfer of drawing to capital.
b) Post the general journal entries to the trading account and profit and loss account in the general ledger. The perpetual inventory system is used.
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