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Question - Benji Ltd began operations on 1 July 2018. The adjusted trial balance on 30 June 2020 are shown below:
Benji Ltd - Adjusted Trial Balance as at 30 June 2020
Account names
Dr
Cr
Cash
122,000
Prepaid Insurance
8,800
Supplies
9,600
Motor Vehicles
580,000
Accumulated Depreciation - Motor Vehicles
7,200
Equipment
134,400
Accumulated Depreciation - Equipment
22,800
Accounts Payable
37,600
Salaries Payable
2,400
Interest Payable
8,400
Loan Payable
280,000
Share Capital
200,000
Retained Earnings - 1 July 2019
Interest Revenue
85,600
Depreciation Expense
17,200
Insurance Expense
3,600
Interest Expense
Salaries Expense
34,400
Supplies Expense
5,600
Total
$924,000
Required -
Prepare an income statement and a calculation of retained earnings for the 12 month ended 30 June 2020.
Prepare a statement of financial position as at 30 June 2020.
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