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

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

Level

Lesson Type

Fee per hour

I

Introductory

$40

II

Intermediate

$50

III

Advanced

$55

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.

Name

Address

Account Balance

Dive's Manufacturing

Lot 5, Cooper Street, Spotswood

$1540

Artec Industries

425 Sydney Road, Coburg

$594

Right Coral Pty Ltd

Factory 11, Williamsville Business Complex

$880

GTK Publishers

87 Circular Drive, Spotswood

$1320

Stewart Screen Printing

Factory 5, Williamsville Business Complex

$220

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.

Name

Address

Date Last Invoice

Account Balance

Williamsville TAFE

14 Bligh Street, Williamsville, VIC 3292

Feb 27

$2350

Williamsville Secondary College

47 Buckley Road, Williamsville, VIC 3292

Feb 25

$1940

Trial Balance as at February 28th, 2011.

 

 

 

 

Account

Debit

Credit

 

 

 

Bank

16372

 

Stock

7026

 

Accounts Receivable

4290

 

Accounts Payable

 

4554

Motor Vehicle

22500

 

Accumulated Depreciation on MV.

 

6750

Diving Equipment and Boat

38900

 

Accumulated Depreciation on DE & B.

 

11670

Shop Fittings

5750

 

Accumulated Depreciation on SF.

 

575

GST Collected

 

4266

GST Paid

2837

 

Owners Capital

 

61252

Shop Lease

14400

 

Amortisation of Shop Lease

 

2400

Loan - ANZ Bank, Williamsville

 

20000

PAYG Tax Payable

 

540

Wages Payable

 

 68

 

$112075

$112075

Required:

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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