Reference no: EM133137830

Question - ABC Company had the following transactions during March 2021:

Receipts:

1 March: Started business with $5,500 cash.

2 March: Borrowed $8,000 from NAB.

10 March: Sold goods for cash $660 including GST.

22 March: Sold goods for cash $110 including GST.

30 March: Received $1,500 from John.

Payments:

16 March: Bought goods for cash costing $8,800 including GST.

20 March: Paid wages $600.

25 March: Paid Officeworks $2,200 in full settlement of the account.

Sales:

3 March: Sold goods on credit to John for $9,900 including GST.

4 March: John returned goods valued at $110 including GST.

Purchases:

7 March: Bought equipment on credit from Officeworks costing $2,200 including GST.

12 March: Bought goods on credit from XYZ Suppliers costing $1,100 including GST.

13 March: Returned goods to XYZ Suppliers valued at $110 including GST.

Required -

1. Develop a trial balance as at 31 March 2021.

2. Close all the revenue and expenses and prepare the post-closing trial balance. The profit should be transferred to the account of Capital.