1. Business
  2. Accounting
  3. fill out extract of the general ledgers balance day adjustments...

Question: fill out extract of the general ledgers balance day adjustments...

Question details

 

 

fill out Extract of the General Ledgers

 

 

 

 

 

Balance Day Adjustments  

  1. Complete General Journal entries of Flybuys Ltd for the following end of period adjustments that are to be recorded on the 30/6/2017.

 

  1. Wages due but not paid $1800
  2. Electricity bill due but not paid amounting to $450
  3. Insurance had been paid for the period 1 April 2017 to 31 March 2018 for an amount of $3,600.
  4. Interest earned but not yet received of $750
  5. Depreciation – Van $1,400
  6. Rent received in advance $3,000
  7. Bad Debts to be written off for $1,320.00 including GST.
  8. Doubtful debts totalling $1200
  9. Create Provision for Long Service Leave $5,000
  10. Long Service Leave taken $1,500
  11. Obsolete stock during stocktake amounting $550 which needs to be written off.
  12. Th Credit sales occurring during the current period amounting to $440 (inclusive GST) were not recorded. e cost of sales was $250.

 

1

Wages 

1800

 

 

Accrued expenses 

 

1800

 

*Balance day adjustment

 

 

 

 

 

 

2

Electricity (cash)

450

 

 

Accounts expense  

 

450

 

*Electricity due but not paid 

 

 

 

 

 

 

3

Prepaid insurance 

2700

 

 

Insurance 

 

2700

 

*insurance paid in advance 

 

 

 

 

 

 

4

Accrued revenue 

750

 

 

Intrest 

 

750

 

*interest earned but not yet received 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

Depreciation - van 

1400

 

 

Accumulated depreciation - van 

 

1400

 

*depreciation 

 

 

 

 

 

 

6

Rent 

3000

 

 

Prepaid revenue 

 

3000

 

*revenue received in advanced 

 

 

 

 

 

 

7

Bad debts expense 

1200

 

 

GST collected 

120

 

 

Accounts receivable 

 

1320

 

*bad debts written off 

 

 

 

 

 

 

8

Bad debts 

1200

 

 

Allowance for Doubtful debts

 

1200

 

*Doubtful debts

 

 

 

 

 

 

9

Long service leave expense 

5000

 

 

Provision for long service leave 

 

5000

 

*long service leave entitlement not yet taken by employees 

 

 

 

 

 

 

10

Provision for Long service leave 

1500

 

 

Bank

 

1500

 

*long service leave been taken 

 

 

 

 

 

 

11

Allowance for obsolete stock 

550

 

 

inventory

 

550

 

 *inventory needs to be written off

 

 

 

 

 

 

12

Accounts payable   

250

 

 

GST collected 

190

 

 

Sales 

 

440

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOTE:  THERE IS PLENTY OF SPACE TO ENTER YOUR JOURNALS. ENSURE THAT YOU INCLUDE NOTATIONS AND SPACE BETWEEN EACH JOURNAL.

 

  1. The extract from the general ledgers have been provided below and you are required to post the journals into the respective expenses and income ledger accounts. You are also required to complete the trading and profit and loss general ledger account.

 

Please write down the gross profit amount and net profit amount separately after finishing the ledger 

 

Extract of the General Ledgers

 

 

WAGES

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

 30/6

Balance

 

 

6,000 dr

1

Accrued expenses 

1800

 

7800 dr   

 

 

 

 

 

 

 

 

 

 

ELECTRICITY 

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

 30/6

Balance

 

 

7,000 dr

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INSURANCE 

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

 30/6

Balance

 

 

3,000 dr

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST INCOME 

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

 30/6

Balance

 

 

6,000 cr

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEPRECIATION 

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

 30/6

 Accumulated depreciation

1400 

 

1,400 dr 

 

 

 

 

 

 

 

 

 

 

 

RENT INCOME 

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

30/6

Balance

 

 

11,200 cr

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BAD DEBTS 

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

30/6

Balance

 

 

800 dr

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DOUBTFUL DEBTS 

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

 30/6

 Provision for doubtful debts

1200

 

1200 dr 

 

 

 

 

 

 

 

 

 

 

LONG SERVICE LEAVE 

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

 30/6

Provision for long service leave

5000 

 

5000 dr 

 

 

 

 

 

COGS 

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

 30/6

Balance

 

 

12,000 dr

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SALES

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

30/06

Balance

 

58000

58000 cr

 

 

 

 

 

 

 

 

 

 

 

Trading

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

30/06

Sales

 

58000

58000 cr

 

 

 

 

 

 

 

 

 

 

 

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution