September 2023 BENCHTOP STOVES R US 508 Darling St Moonee Ponds VIC 3039 TIM TIDY

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BENCHTOP STOVES R US 508 Darling St Moonee Ponds VIC 3039 TIM TIDY 2023

BENCHTOP STOVES R.US. 508 Darling St., Moonee Ponds VIC. 3039 TIM TIDY, a semi-retired cleaner started a retail business on 1 July 2015, supplying two grades Bench top stoves for office cleaning purposes. They are A1. BENCHTOP STOVES and DELUX BENCHTOP STOVES . As most of his customers are city offices, Tim is not required to provide delivery services. Therefore, he did not have to invest in motor vehicles. Instead, she invested in equipment for servicing the bench top stoves by paying $20,000 cash on the day of commencement of business. Tim sees great potential in this business and endeavours to maintain double entry accounting records. It has been two months since the start of business and now, he has engaged your service as an accountant to develop the double entry recording system. As there are small expenses paid directly by Tim, you recommended a Petty Cash Advance be established and a Petty Cash Book maintained. The trial balance below shows the summary of transactions in the first two months of business, now carried forward to the 1 st of SEPTEMBER 2015. BENCHTOP STOVES R.US. TRIAL BALANCE AS AT 1 SEPTEMBER 2015 ACCOUNT  DEBIT $  CREDIT $ Cash at bank  30,640 Accounts Receivable 93,000 Inventory A1. Benchtop Stoves 30,000 Delux Benchtop Stoves 10,000 Equipment (paid cash on 1 July 2015) 20,000 Accounts Payable  50,000 Loan from Sunny Bank Ltd 83,340 Capital – TIM TIDY 40,000 Drawings – TIM TIDY 10,000 Sales 132,000 Cost of Sales – A1. Benchtop Stoves 60,000 Cost of Sales – Delux Benchtop Stoves  30,000 Electricity expense 3,000 Equipment Running Costs 400 Insurance expense – Equipment  600 Interest expense 2,000 Office Supplies 300 Rent expense 12,000 Telephone expense 400 Wagesexpense  3,000 TOTAL $ 305,340 $ 305,340 Information relating to opening trial balance: 1. The Purchases and Sales history for the past two months is as follows: Purchases Sales A1. BENCHTOP STOVES 150 @ $600 each 100 @ $900 each DELUX BENCHTOP STOVES 40 @ $1,000 each 30 @ $1,400 each NOTE : Purchases and Sales are a combination of cash and credit transactions. Inventory balances as at 1 st September: A1. BENCHTOP STOVES 50 @ $600 each DELUX BENCHTOP STOVES 10 @ $1,000 each Cost of Sales for two months ending 31 st August 2015 A1. BENCHTOP STOVES 100 @ $600 each DELUX BENCHTOP STOVES 30 @ $1,000 each 2. FIFO method of accounting for inventory is used. 3. Accounts Receivable as at 1 SEPTEMBER 2015 consisted of: Top Shelf Ltd $45,000 Real Deal Ltd  $48,000 4. Accounts Payable as at 1 SEPTEMBER 2015 consisted of: Keener Prices Ltd  $50,000 5. Loan from Centrality Banking Corp. for the amount of $100,000 was effective from 1 July 2015. Interest rate of 12% per annum applies. An amount of $9,330 per month is payable on the last day of each month, of which, $8,330 accounts for loan repayment and $1,000 accounts for interest expense. CENTRALITY BANKING CORPORATION Statement of Account for : BENCHTOP STOVES R.US. 508 Darling St., Moonee Ponds VIC. 3039 Moonee Ponds, Victoria SEPTEMBER 2015 Statement Particulars Debit $ Credit $ Balance $ 1 SEPTEMBER Open. Balance 1 SEPTEMBER Cheque No. 119 6 SEPTEMBER Cheque No.120 12 SEPTEMBER C&C 16 SEPTEMBER Cheque No. 122 17 SEPTEMBER C&C 18 SEPTEMBER Cheque No. 121 20 SEPTEMBER Cheque No. 124 26 SEPTEMBER Cheque No. 126 28 SEPTEMBER Cheque No.123 29 SEPTEMBER Cheque No.128 30 SEPTEMBER Bank Fees 200 300 1000 50,000 1,000 170 300 1,000 30 48,000 8,400 30,640 30,440 30,140 78,140 77,140 85,540 35,540 34,450 34,370 34,070 33,070 33,040 Date of Issue: 30 SEPTEMBER 2015 TRANSACTIONS FOR THE MONTH OF SEPTEMBER 2015 1 SEPTEMBER Drew Cheque no. 119 to establish Petty Cash Advance of $200. 1 SEPTEMBER Paid Insurance on Equipment by Cheque no. 120 for the amount of $300. 2 SEPTEMBER Purchased 100 A1. Benchtop Stoves on credit from Keener Prices Ltd at $660 each – Invoice no. 16110. 4 SEPTEMBER Returned 2 defective A1. Benchtop Stoves that were purchased from Keener Prices Ltd on 2nd of SEPTEMBER 2015. 5 SEPTEMBER Received $48,000 from customer, Real Deal Ltd – Receipt No.12 was issued. 8 SEPTEMBER Sold 80 A1. Benchtop Stoves @ $900 each to Sally Ltd on credit – Invoice No 10003. 9 SEPTEMBER Paid $50 for plastic covers from petty cash – voucher no. 1 was raised. 10 SEPTEMBER Sold 6 Delux Benchtop Stoves for $8,400 to customer, Handy Andy Ltd who paid cash, online, direct into bank account. Receipt no. 13 was issued. 11 SEPTEMBER Paid supplier Keener Prices Ltd by Cheque no. 121 for the amount of $50,000. 13 SEPTEMBER Paid $120 for signage from petty cash – voucher no. 2 was raised. 15 SEPTEMBER Paid wages by Cheque no. 122 for the amount of $1,000. 18 SEPTEMBER Paid Electricity account by Cheque no. 123 for the amount of $300. 20 SEPTEMBER Tim Tidy, the owner withdrew $1,000 for personal use by Cheque no. 124. 21 SEPTEMBER Purchase 20 Delux Benchtop Stoves from a new supplier – Happy Customers Ltd, for $990 each. 23 SEPTEMBER Sold 8 Delux Benchtop Stoves to a new customer – Heady Prices Ltd for $1,450.00 each, Invoice No 1004. Paid $170 to Real Oils by Cheque No. 125 for lubricating oil for equipment. 26 SEPTEMBER Reimbursed petty cash with Cheque no. 126. 27 SEPTEMBER Paid $240 to Voda by Cheque No.127 for telephone services. Purchase 4 A1Benchtop Stoves from Heady Prices Ltd for $610 each 28 SEPTEMBER Paid wages by Cheque no. 128 for the amount of $1,000. 29 SEPTEMBER Received $44,100 from customer, Top Shelf Ltd and 2% discount was allowed for early payment – Receipt No. 14 was issued. 29 SEPTEMBER Paid Rent for October with Cheque no. 129 for the amount of $4,000. Using the asset method ADDITIONAL INFORMATION AS AT 30 SEPTEMBER 2015 Equipment is to be depreciated on a reducing balance at 12% per annum. Repayment of Loan from Centrality Banking Corp for the month of SEPTEMBER 2015 is yet to be paid. Rent for the amount of $4,000 was paid in advance for the month of October 2015, using a Prepaid Rent account. Employees are owed wages of $300:00 on balance day. A physical stock take as at 30 th September 2015 revealed: 17 A1 Benchtop Stoves and 13 Delux Benchtop Stoves. STUDENTS ARE ALLOWED TO USE MS EXCEL SPREADSHEETS OR MS WORD OR MYOB OR ANY OTHER SUITABLE COMPUTERISED PROGRAM TO PREPARE THE FOLLOWING: General and Special Journals to record: Opening balances, all transactions for the month of SEPTEMBER 2015, all balance day adjustments, closing entries and reversing entries as required. Post all Journals to General Ledgers and Subsidiary Ledgers for Accounts Payable and Accounts Receivable. Post transactions to the Inventory Cards for A1 Benchtop Stoves and the Delux Benchtop Stoves. Bank Reconciliation Statement as at 30 SEPTEMBER 2015. Unadjusted Trial Balance, Adjusted Trial Balance, and Post Closing Trial Balance as at 30 SEPTEMBER 2015. An Income for the three months ended 30 SEPTEMBER 2015 and Balance Sheet as at 30 SEPTEMBER 2015. BENCHTOP STOVES R.US.. MARKING SCHEME STUDENTS ARE NOT PENALISED FOR SUBSEQUENT ERRORS. THAT IS WHY THE MARKS FOR THE JOURNALS ARE SO HIGH. JOURNALS CASH RECEIPTS JOURNAL 8 CASH PAYMENTS JOURNALS 25 GENERAL JOURNALS 46 SALES JOURNALS 3 PURCHASES JOURNALS 3 PURCHASES RETURNS JOURNALS 3 PETTY CASH BOOK 6 INVENTORY CARDS. SUBSIDIARY ACC. RECEIVABLE LED. AND REPORT 20 8 SUBSIDIARY ACC. PAYABLE LED. AND REPORT 7 GENERAL LEDGER 29 BANK RECONCILITATION 7 UNADJUSTED TRIAL BALANCE 24 ADJUSTED TRIAL BALANCE 8 POST CLOSING TRIAL BALANCE 3 INCOME STATEMENT 10 BALANCE SHEET 10 TOTAL 220 FINAL GRADE 20%

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