SkatesOn Adjusted trial balance as at 30 June 20XX Account no. Account Debit Cre
ID: 2491443 • Letter: S
Question
SkatesOn
Adjusted trial balance
as at 30 June 20XX
Account no.
Account
Debit
Credit
Cash at bank
$21,023
Accounts receivable
12,301
Inventory
24,016
Prepaid insurance
3,322
Shop equipment (cost)
42,420
Accumulated depreciation - shop equipment
$707
Accounts payable
23,212
Wages payable
402
PAYG withholding payable
41
Bank loan
38,485
Capital
27,400
Drawings
930
Sales income
32,169
Sales returns and allowances
460
Discount received
1,040
Cost of sales
14,696
Depreciation
707
Discount allowed
302
Insurance
302
Interest expense
185
Rent
1,880
Wages
912
$123,456
$123,456
SkatesOn
Statement of profit or loss
for the period 1 June to 30 June 20XX
Revenue
Sales revenue
Net sales revenue
Gross profit
Other revenue:
Expenses
Total expenses
Net profit / (loss)
SHOW LIST OF ACCOUNTS
SHOW ANSWER
(b)
SkatesOn
Balance sheet
as at 30 June 20XX
Assets
Current assets
Total current assets
Non-current assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Total current liabilities
Non-current liabilities
Total non-current liabilities
Total liabilities
Net assets
Equity
Total equity
The transactions above have been journalised and posted. The adjusted trial balance is below.SkatesOn
Adjusted trial balance
as at 30 June 20XX
Account no.
Account
Debit
Credit
100Cash at bank
$21,023
110Accounts receivable
12,301
120Inventory
24,016
130Prepaid insurance
3,322
171Shop equipment (cost)
42,420
172Accumulated depreciation - shop equipment
$707
200Accounts payable
23,212
210Wages payable
402
220PAYG withholding payable
41
230Bank loan
38,485
300Capital
27,400
310Drawings
930
400Sales income
32,169
410Sales returns and allowances
460
420Discount received
1,040
500Cost of sales
14,696
600Depreciation
707
610Discount allowed
302
620Insurance
302
630Interest expense
185
640Rent
1,880
650Wages
912
$123,456
$123,456
Explanation / Answer
Answer: (a)
Answer:(b)
Revenue: Sales Revenue: Sales income 32169 Less: Sales return and allowances 460 Net sales Revenue 31709 Less:Cost of sales 14696 Gross Profit 17013 Other revenue: Discount receivedd 1040 1040 Total revenue 18053 Expenses: Depreciation 707 Discount allowed 302 Insurance 302 Interest expense 185 Rent 1880 Wages 912 Total expenses 4288 Net Profit (Loss) 13765Related Questions
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