Reference no: EM132620118
The following is a list of balances from the ledger of Raj Kumar after trading for the year ended 30 June 2018
Land and buildings $783,000
Motor vehicles 45,000
Plant & Machinery 194,000
Bank overdraft 64,400
Office Furniture & Equipment 24,600
Accounts Receivable 70,000
Accumulated Depreciation - Plant & Machinery 10,000
Accumulated Depreciation - Office furniture and eq 1,800
Accumulated Depreciation - Motor vehicle 2,000
Sales 1,110,800
Inventory 30 June 2018 36,000
Depreciation 2,800
Cost of goods sold 921,000
Mortgage 168,000
Bad Debts recovered 1,000
Salaries - Office Staff 30,000
Accounts Payable 40,000
GST Payable 29,600
Capital 768,420
Insurance 1,400
Advertising 5,000
Office Expenses 11,400
Long Service Leave Expense 800
Bad Debts 1,420
Drawings 18,000
Salaries - Sales Staff 54,000
Accrued Income 800
Prepaid expenses 1,500
Provision for long service leave 2,500
Rent Income 1,200
Note the perpetual inventory system is used
required
Question a) prepare classified income statement for the year end 30 June 2018
Question b) Prepare classified Balance sheet as at 30 June 2018