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Prepare the closing general journal entries

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Reference no: EM132627719

The following is a trial Balance from the ledger of Lunatiques as at 30th June 2018

Lunatiques

Trial Balance as at 30 June 2018

Accounts receivable                     28,500

Bank                                          19,500

Inventory                                    69,160

Buildings                                    314,830

Office equipment                            4,750

Accounts Payable                        32,000

GST Payable                                  3,000

Capital                                       413,415

Drawings                                      5,000

Sales                                         172,965

Commission Income                         4,035

Cost of goods sold                      105,590

Delivery Expense (outwards)            2,375

Electricity                                   7,660

Insurance                                   16,140

Rates                                         11,190

Rent                                         2,420

Salaries                                      27,350

Telephone                                         10,950

625,415                                          625,415

Question a) Prepare the closing General Journal entries including the transfer of net profit(Loss) and the transfer of drawings to capital

Question b) post the general journal entries to the trading account and profit & loss account in the general ledger

The perpetual inventory system is used

Reference no: EM132627719

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