ACC1AMD Accounting for Management Decisions

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July 12, 2018
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Question 1 (4 marks)

You have been provided (next page) with the unadjusted and adjusted trial balance for KayLee Limited’s operations at 30 June 2017. You are required to:

(a) Record the opening balance of each account in the correct T.Account(ie. Before adjusting entries) (b) Record the adjusting entries in the General Journal using the following format:

Date Account name (narration)

Post

$$ Ref

Debit

Credit

(e) Prepare a Statement of Profit and Loss, Statement of Changes in Owners’ Equity and a Statement of Financial Position (Balance Sheet) – please use the Net Asset Balance Sheet Format.

NOTE: to maximise your mark you must include correct titles, narrations, dates etc. This is an assignment, not under exam conditions, therefore attention to detail is expected.

KAYLEE LIMTED TRIAL BALANCE AT 30 JUNE 2017

		Unadjusted								Adjusted
No.	Account Name	Dr				Cr				Dr				Cr
100	Cash		9	15,600					–		9	15,600						–
110	Accounts Receivable			43,200					–		1	03,200						–
120	Prepaid Rent		1	80,000					–		1	20,000						–
130	Supplies			72,000					–			36,000						–
150	Equipment		9	60,000					–		9	60,000						–
151	Accumulated Depreciation – Equipment				–				–				–			48,000
200	Accounts Payable				–			153,600					–		1	53,600
210	Salaries Payable				–				–				–			86,400
220	Interest Payable				–				–				–				7,200
230	Comm Rev. Rec’d in Advance	–				96,000				–				43,200
250	Bank Loan				–			720,000					–			720,000
300	Share Capital				–			840,000					–			840,000
310	Retained Earnings				–				–				–					–
311	Dividends			24,000					–			24,000						–
400	Service Revenue				–			621,600					–			681,600
410	Commission Revenue				–			360,000					–			412,800
500	Salaries Expense			434,400					–		520,800							–
510	Rent Expense			120,000					–		180,000							–
520	Depreciation Expense				–				–			48,000						–
530	Supplies Expense				–				–			36,000						–
540	Electricity Expense			42,000					–			42,000						–
550	Interest Expense				–				–		7,200							–


			2,791,200				2,791,200				2,992,800				2,992,800

Question 2 (5 marks)

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ACC1AMD Accounting for Management Decisions

Question 1 (4 marks)

Question 2 (5 marks)

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