Reference no: EM131032898
Assessment -
The ledger of Daniel Penny, Financial consultant, contains the following account balances on 30th June 2015 and additional information for adjusting accounts. You are required to:
(A) Prepare a 10-column worksheet for the year ended 30 June 2015.
(B) Prepare the income statement, balance sheet and statement of change in equity.
(C) Journalise the closing entries.
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Account
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Debit ($)
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Credit ($)
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Cash at Bank
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42,000
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Prepaid rent
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10,000
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Accounts receivable
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92,600
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GST Receivable
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9,200
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Office Supplies
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11,400
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Land
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600,000
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Building
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1,520,000
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Accumulated depreciation- Building
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640,000
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Office Equipment
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234,000
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Accumulated depreciation - Office equipment
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64,200
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Accounts Payable
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79,600
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Unearned consulting fees
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15,600
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GST Payable
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20,000
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Mortgage payable
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886,000
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D. penny, Capital
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714,900
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D.penny, Drawings
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527,800
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Consulting fees revenue
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1,568,600
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Insurance expense
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16,600
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Salaries expense
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879,400
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Electricity Expense
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7,600
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Interest expense
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20,900
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Telecommunication expense
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17,400
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The following information is also available:
1. The rent was paid in advance for 12 months on 1st April 2015
2. The physical count of office supplies reveals that supplies totalling $4,200 are on hand at 30th June.
3. The balance in the unearned consulting fees account includes $ 12,000 earned for services rendered in the last week of June.
4. Estimated depreciation on the office equipment is $21,400. Depreciation on the building is $87,600
5. A 12-month insurance policy was purchased on 1 April for $7,800 plus GST.
6. The June monthly mortgage payment of $9,000 has not been paid or recorded. In each payment, $2,200 is attributable to interest.
7. The June telecommunications costs for $3,200 are unrecorded. No tax invoice has been received.
8. Salaries of $9,800 were owing to employees at 30 June 2015.
9. Office expenses of $2,000 incurred but not paid until 30 June 2015.
10. At the end of the year consultation services of $150,000 were provided but Daniel did not receive any cash for this yet.
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