Prepare the balance sheet and statement of change in equity

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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.

Account

Debit ($)

Credit ($)

Cash at Bank

42,000

 

Prepaid rent

10,000

 

Accounts receivable

92,600

 

GST Receivable

  9,200

 

Office Supplies

11,400

 

Land

600,000

 

Building

1,520,000

 

Accumulated depreciation- Building

 

640,000

Office Equipment

234,000

 

Accumulated depreciation - Office equipment

 

64,200

Accounts Payable

 

79,600

Unearned consulting fees

 

15,600

GST Payable

 

20,000

Mortgage payable

 

886,000

D. penny, Capital

 

714,900

D.penny, Drawings

527,800

 

Consulting fees revenue

 

1,568,600

Insurance expense

16,600

 

Salaries expense

879,400

 

Electricity Expense

7,600

 

Interest expense

20,900

 

Telecommunication expense

17,400

 

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.

Verified Expert

This assignment deals with preparing a 10-column worksheet for a consulting firm along-with preparing all the required financial statements and closing journal entries

Reference no: EM131032898

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