The ledger of Daniel Penny, Financial consultant, contains the following account balances on 30th June 2015 and additional information for adjusting accounts. You are required to:
(A) Prepare a 10-column worksheet for the year ended 30 June 2015. Marks 6
(B) Prepare the income statement, balance sheet and statement of change in equity.
Marks 6
(C) Journalise the closing entries. Marks 3
|
Account |
Debit ($) |
Credit ($) |
|
Cash at Bank |
42,000 |
|
|
Prepaid rent |
10,000 |
|
|
Accounts receivable |
92,600 |
|
|
GST Receivable |
9,200 |
|
|
Office Supplies |
11,400 |
|
|
Land |
600,000 |
|
|
Building |
1,520,000 |
|
|
Accumulated depreciation- Building |
|
640,000 |
|
Office Equipment |
234,000 |
|
|
Accumulated depreciation – Office equipment |
|
64,200 |
|
Accounts Payable |
|
79,600 |
|
Unearned consulting fees |
|
15,600 |
|
GST Payable |
|
20,000 |
|
Mortgage payable |
|
886,000 |
|
D. penny, Capital |
|
714,900 |
|
D.penny, Drawings |
527,800 |
|
|
Consulting fees revenue |
|
1,568,600 |
|
Insurance expense |
16,600 |
|
|
Salaries expense |
879,400 |
|
|
Electricity Expense |
7,600 |
|
|
Interest expense |
20,900 |
|
|
Telecommunication expense |
17,400 |
|
The following information is also available:
1. The rent was paid in advance for 12 months on 1st April 2015
2. The physical count of office supplies reveals that supplies totalling $4,200 are on hand at 30th June.
3. The balance in the unearned consulting fees account includes $ 12,000 earned for services rendered in the last week of June.
4. Estimated depreciation on the office equipment is $21,400. Depreciation on the building is $87,600
5. A 12-month insurance policy was purchased on 1 April for $7,800 plus GST.
6. The June monthly mortgage payment of $9,000 has not been paid or recorded. In each payment, $2,200 is attributable to interest.
7. The June telecommunications costs for $3,200 are unrecorded. No tax invoice has been received.
8. Salaries of $9,800 were owing to employees at 30 June 2015.
9. Office expenses of $2,000 incurred but not paid until 30 June 2015.
10. At the end of the year consultation services of $150,000 were provided but Daniel did not receive any cash for this yet.
Assignment Marking Criteria
The following assignment criteria are designed to give the student a guide as to what markers are looking for in the assignment:
|
Requirement A Evidence of analytical skills of identifying, calculating, organizing and presenting data in worksheet |
6.0 All adjustments are presented & calculated successfully,accurate profit or loss is calculated by transferring income and expenses and balance sheet is prepared in the worksheet. 4.0 Most adjustments are presented & calculated successfully, however, inaccurate profit or loss is calculated by transferring income and expenses and balance sheet is prepared in the worksheet. 3.0 Few adjustments are presented & calculated successfully, however, inaccurate profit or loss is calculated by transferring income and expenses and balance sheet is prepared in the worksheet. 1.0Very few adjustments are presented & calculated successfully, however, inaccurate profit or loss is calculated by transferring income and expenses and balance sheet is prepared in the worksheet. 0.0 No attempt was made to do the adjustments and prepare income statement and balance sheet in the worksheet.
|
|
Requirement B Evidence of analytical skills of identifying, calculating, organizing and presenting financial data in the financial statements |
6.0 All data are presented & calculated successfully in the Financial Statements 4.0 Most data are presented & calculated successfully in the Financial Statements. 3.0 Few data are presented & calculated successfully in the Financial Statements. 2.0 Very Few data are presented & calculated successfully in the Financial Statements. 0.0 No attempt was made to present & calculated successfully in the Financial Statements. |
|
Requirement C Evidence of analytical skills of identifying, calculating, presenting, organizing and interpreting financial data in the General Journal for closing entry |
3.0 All data are presented & calculated successfully in the journal as per required by GAAP. 2.0Most data are presented & calculated successfully in the journal as per required by GAAP. 1.0Few data are presented & calculated successfully in the journal as per required by GAAP. 0.0 No attempt was made to present & calculate successfully in the journal as per required by GAAP. |
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