P
The following information is available for Open Store for the month ended 30 June 2016:
• The adjusted ledger bank balance $9,830.00 Dr.
• Balance as per bank statement $10,200.00 Cr.
• Cheque 699 was correctly recorded on the bank statement for $1,420 but incorrectly recorded in the cash receipts journal for $1,240.
• Unpresented cheques:
628 $3,068.75
630 $ 125.10
632 $2,135.15
• A deposit of $4,959.00 had not yet been recorded by the bank.
• Included on the bank statement was a dishonoured cheque written by T. Rafter to Open Store for $389.
• A bank statement credit on 21 June indicated an electronic transfer of $1,642 for a loan repayment (includes interest revenue of $42).
• The bank statement showed account fees of $15.
Prepare a bank reconciliation statement at 30 June 2016 to reconcile the adjusted ledger bank balance with the bank statement balance.
P
The following information relates to Universe CDs. They are using periodic inventory system to account for its inventory. The following information relates to the three month period ending 30 June 2016. All costs are net of GST. At 1 April 2016 beginning inventory was 100 CDs with an average cost price of $40 each.

Units
purchased Total cost of
purchases
$
Units sold
Total sales
$
April Sales 1,000 60,000
Purchases 1,200 49,200
May Sales 550 35,750
Purchases 1,300 52,650
June Sales ______ ______ 800 49,600
2,500 units $101,850 2,350 units $145,350
A physical stocktake counted 250 CDs on hand on 30 June 2016.
Using the periodic system, calculate the cost of the inventory of CDs on hand at 30 June 2016 using:
a) the weighted average method.
b) the first-in-first-out (FIFO) method.
P
Success Advertising has a balance in the allowance for doubtful debts account of $5,000 Cr, before the adjustment at the year ended 30th June 2016 for debts not expected to be recovered.
Ageing Schedule of Accounts Receivable at 30th June 2016
Accounts Estimated %
Receivable Uncollectable
Not yet due $510,000 0.5 %
1 - 30 days overdue 90,000 1.5 %
31 – 60 days overdue 15,000 3.0 %
Over 60 days overdue 10,200 20.0 %
a) Calculate estimated bad debts from the above information.
b) Prepare a general journal entry to provide for doubtful debts (ignore GST).
P
ACCPACC TRAINING
Cash at Bank
2016 $ $
Dec 31 Balance 138,540
Accounts Receivable
2016 $ $
Dec 31 Balance 30,250
Gym Equipment
2016 $ $
Dec 31 Balance 100,000
Accumulated Depreciation Gym Equipment
$ 2016 $
Dec 31 Balance 12,500
GST Collections
$ 2016 $
Dec 31 Balance 10,200
GST Outlays
2016 $ $
Dec 31 Balance 8,200
Accounts Payable
$ 2016 $
Dec 31 Balance 38,000
Accrued Wages & Salaries
$ 2016 $
Dec 31 Balance 5,500
Fees Earned
2016 $
Dec 31 Balance 450,000
Wages and Salaries
2016 $
Dec 31 Balance 85,000

Depreciation of Gym Equipment
2016 $
Dec 31 Balance 6,250

Other Expenses
2016 $
Dec 31 Balance 395,000

Drawings by Owner
2016 $
Dec 31 Balance 20,000
ACCPACC TRAINING, Capital account
2016 $
Dec 31 Balance 267,040

Profit & Loss Summary account

a) Post the closing entries necessary in the ledger of ACCPACC TRAINING for the year ended 31 December 2016. Use the T-accounts provided.
b) Prepare a general journal entry on 1 January 2017 for the adjusting entry that needs to be reversed.
P
The following trial balance was prepared from the ledger accounts of Teanes Enterprises, a service business.
Teanes Enterprises
Trial Balance
as at 31 December 2016

Debit
$
Credit
$
Bank overdraft 3,100
Prepaid insurance 8,500
Office equipment and fittings 300,000
Accumulated depreciation, office equipment 30,000
Accounts payable 21,600
GST collections 3,700
GST outlays 1,800
Accounts receivable 49,000
Income earned 315,000
Salaries 85,000
Internet service provider 1,000
Utilities expense 8,500
Rent expense 10,000
Interest expense 1,000
Capital – Orong Tea 1 January 2016 94,400
Drawings – Orong Tea 3,000
$467,800 $467,800
Adjustments:
1) Insurance expired for the year was $2,500.
2) Depreciation of office equipment is at 10% per annum using the straight line method.
3) Salaries owing at 31 December 2016 were $4,500.
a) Prepare general journal entries for the balance day adjustments. Narrations are not required.
b) Prepare Profit & Loss Statement for the year ended 31 December 2016 and
c) Statement of Financial Position as at 31 December 2016
P
Laguna Pty Ltd purchased a machine for cash for $152,000 on January 1, 2016. At the time of purchase it was estimated that the useful life of the machine would be 10 years and it is expected to produce 100,000 units. At the end of ten years of useful life it was calculated that the machine could be sold for $22,000 (the residual value). The accounting period for Laguna Pty Ltd is the financial year (it follows a 1 July to 30 June accounting period).
The actual units produced by the machine were as follows:
Year ending 30 June:
2016 5,100 units
2017 10,000 units
2018 9,800 units
a) Calculate the depreciation for the years ending 30th June 2016 to 30 June 2018 using the units of production method.
b) Prepare general journal entries to record the depreciation, using the straight-line method, for the period 1 January 2016 to 30 June 2018.
P
The Good Bank agrees to issue $180,000 of 3-month notes payable to Rory Company on 1 March 2016. The notes are interest-bearing at the rate of 10%.
Prepare the journal entries to record
a. the notes on issue date.
b. the repayment of the notes including the interest, on due date.