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Accounting for Business

05 / 03 / 2018 Assignment

This paper circulates around the core theme of Accounting for Business together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 238. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.

Rupert has emailed you the following list of account information related to the year ended 30 June 2016:

(1)The Shop Furniture is expected to have a useful life of seven years and have a $1 300 residual value (calculate and record the depreciation expense for the year).

(2)The Office Supplies on hand at 30 June 2015 was $843.

(3)The 12 month Insurance policy (policy #247786) of $3 840 was paid on February 1 2016.

(4)The Motor Vehicle is expected to have a useful life of five years and have a zero scrap value (calculate and record the depreciation expense for the year).

(5)$12 314 of the recorded sales represent receipts for catering at the Nutwood Music Festival which is not until the 4th August 2015.

(6)On 30th June, Rupert estimated $50 of Accounts Receivable will not be collected as the amount has been outstanding for 240 days. 

(7)Staff wages payable but not recorded as at 30 June are $1 886.  Of this $848 was bookkeepers wages payable whilst the remaining amount of $1 038 was shop staff wages payable.

(8)The bank has approved an overdraft facility for $10 000 for The Whistle Fish.

(9)The refrigeration equipment has a useful life of 10 years with a residual value of $4,000.

REQUIRED:

It is now the end of the financial year and Rupert requires you to undertake the following:

a.Prepare the Balance Day Adjustment Journals for The Whistle Fish where required.  Include narration (explanation) for each journal entry.  

b.Post the journals from (a) above to the General Ledger provided.  

c.Complete the attached Adjusted Trial Balance provided for the account balances calculated in the General Ledger from (b) above.

 



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