Reference no: EM132646052
Question - The following is a list of balances from the ledger of Raj Kumar after trading for the year ended 30 June 2018
Land & Buildings 783,000
Motor Vehicles 45,000
Plant & Machinery 194,000
Bank Overdraft 65,400
Office Furniture and equipment 24,600
Accounts Receivable 70,000
Accumulated Depreciation - Plant & Machinery 10,000
Accumulated Depreciation - Office Furniture 1,800
Accumulated Depreciation - Motor Vehicle 2,000
Sales 1,110,800
Inventory 30 June 2018 36,000
Depreciation 2,800
Cost of Good Sold 921,000
Mortgage 168,000
Bad Debts recovered 1,000
Salaries - Office Staff 30,000
Accounts Payable 40,000
GST Payable 29,600
Capital 768,420
Insurance 1,400
Advertising 5,000
Office Expenses 11,400
Long Service Leave Expenses 800
Bad Debts 1,420
Drawings 18,000
Salaries - Sales Staff 54,000
Accured Income 800
Prepaid Expenses 1,500
Provision for Long Service Leave 2,500
Rent Income 1,200
The Perpetual Inventory system is used
Required -
1. Prepare classified Income statement for the year ended 30 June 2018.
2. Prepare classified balance sheet as at 30th June 2018.