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FND100 – ACCOUNTING Trimester 3, 2022
发布时间：2022-12-16
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FND100 – ACCOUNTING
Trimester 3, 2022
Henry’s Hospitality Store is a retail entity, using the perpetual system to account for purchases and sales of inventory. The entity accounts for GST
This is a continuing business, so there are beginning balances in the some of the ledger accounts
Question 1
Journalise the following transactions in the general journal provided
Narrations are not required
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Aug 2 |
Invested $30 000 cash into the business (No GST) |
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3 |
Paid monthly store rent $2 200 (includes GST) |
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7 |
Purchased $1 100 office supplies on credit from Officeworks (includes GST) |
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8 |
Purchased inventory on credit from Hotel Wholesale Ltd $3 300 (includes GST) |
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12 |
Sold inventory on credit to Hilton Accommodation $2 200 (includes GST) Cost of sale $550 (No GST) |
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14 |
Cash sales $1 100 (includes GST) Cost of sale $275 (No GST) |
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22 |
Received bank interest $200 (No GST) |
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23 |
Paid electricity account $220 (includes GST) |
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24 |
Paid account owing to Hotel Wholesale Ltd (8th Aug) (No GST) |
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26 |
Received the amount owing from Hilton Accommodation (12th Aug) (No GST) |
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Question 2
Post the above journal entries to their relevant ‘column format’ ledger accounts, provide your own balance of each ledger account. Please note some ledger accounts have beginning balances as this is a continuing business. If you DO NOT balance with the given balances, you need to go back and double check your question 1 journal entries
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Cash |
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Reference |
Dr $ |
Cr $ |
Balance $ |
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Aug 1 |
Balance |
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20 500 Dr |
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31 |
Balance |
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48 280 Dr |
Question 3
Use the provided ledger account balances from question 2 to prepare the following Trial Balance
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Henry’s Hospitality Store Trial Balance For the month ended 31st August |
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Dr $ |
Cr $ |
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Cash |
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Accounts receivable |
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Office supplies |
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Gst receivable |
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Inventory |
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Equipment |
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Accumulated depreciation equipment |
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Accounts payable |
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Gst payable |
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Bank Loan (5 years) |
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Capital |
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Sales revenue |
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Cost of sales |
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Interest revenue |
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Electricity expense |
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Rent expense |
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YOUR TOTALS |
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Totals |
$82 400 |
$82 400 |
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Question 4
Prepare a fully classified retail income statement and balance sheet in the T format
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Henry’s Hospitality Store Income Statement for the month ended 31st August |
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Question 5
Calculate and comment on Henry’s Hospitality Store’s level of liquidity and leveraging
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Liquidity – Current ratio = CA/CL
Comment
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Leveraging – Debt to assets ratio TL/TA x 100 Comment |
