prepare the ledger accounts-trial balance-balance sheet , Accounting Basics

A part of Deeper Coral's income is earned from conducting diving lessons. 


Lesson Type

Fee per hour










Each level contains 4 lessons, at one hour per lesson spread over 4 consecutive Saturday's.  For example, a student would normally complete 12 lessons to graduate with a Level III Certificate in Diving.  The lessons are quoted inclusive of GST.  Joanna and Katerina conduct the lessons on Saturdays.



Account Balance

Dive's Manufacturing

Lot 5, Cooper Street, Spotswood


Artec Industries

425 Sydney Road, Coburg


Right Coral Pty Ltd

Factory 11, Williamsville Business Complex


GTK Publishers

87 Circular Drive, Spotswood


Stewart Screen Printing

Factory 5, Williamsville Business Complex


Each of the above account balances represents deliveries of inventory received on February 25th.  Both Dive's Manufacturing and Artec Industries offer Deeper Coral the following terms - 5% 10 days, net 30 days, while the other suppliers all offer 2% 15 days, net 30 days.

Customer Information:

Deeper Coral sells most of its inventory strictly on a cash basis, but the business has two credit customers.  Terms of payment for these customers is 5% 10 days, net 30.



Date Last Invoice

Account Balance

Williamsville TAFE

14 Bligh Street, Williamsville, VIC 3292

Feb 27


Williamsville Secondary College

47 Buckley Road, Williamsville, VIC 3292

Feb 25


Trial Balance as at February 28th, 2011.

















Accounts Receivable



Accounts Payable



Motor Vehicle



Accumulated Depreciation on MV.



Diving Equipment and Boat



Accumulated Depreciation on DE & B.



Shop Fittings



Accumulated Depreciation on SF.



GST Collected



GST Paid



Owners Capital



Shop Lease



Amortisation of Shop Lease



Loan - ANZ Bank, Williamsville



PAYG Tax Payable



Wages Payable







Part 1: Prepare the ledger accounts as per the trial balance with the opening balances including subsidiary ledgers..

Part 2: Record the transactions for the month of March 2011.  Be careful to open any new accounts that you require.

Part 3: Prepare  the following reports in  one Excel file:

(i)  Trial Balance as at March 31st, 2011 (after all adjustments)

(ii)  Income Statement for March 2011.

(iii) Balance Sheet as at March 31st, 2011.

(iv) The General Ledger Accounts for

a.    Cash at Bank

b.    Accounts Receivable

c.    Stock Asset

d.    Accounts Payable

e.    Tax Payable

Posted Date: 3/12/2013 2:59:53 AM | Location : United States

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