A part of Deeper Coral's income is earned from conducting diving lessons.
|
Level
|
Lesson Type
|
Fee per hour
|
|
I
|
Introductory
|
$40
|
|
II
|
Intermediate
|
$50
|
|
III
|
Advanced
|
$55
|
Each level contains 4 lessons, at one hour per lesson spread over 4 consecutive Saturday's. For example, a student would normally complete 12 lessons to graduate with a Level III Certificate in Diving. The lessons are quoted inclusive of GST. Joanna and Katerina conduct the lessons on Saturdays.
|
Name
|
Address
|
Account Balance
|
|
Dive's Manufacturing
|
Lot 5, Cooper Street, Spotswood
|
$1540
|
|
Artec Industries
|
425 Sydney Road, Coburg
|
$594
|
|
Right Coral Pty Ltd
|
Factory 11, Williamsville Business Complex
|
$880
|
|
GTK Publishers
|
87 Circular Drive, Spotswood
|
$1320
|
|
Stewart Screen Printing
|
Factory 5, Williamsville Business Complex
|
$220
|
Each of the above account balances represents deliveries of inventory received on February 25th. Both Dive's Manufacturing and Artec Industries offer Deeper Coral the following terms - 5% 10 days, net 30 days, while the other suppliers all offer 2% 15 days, net 30 days.
Customer Information:
Deeper Coral sells most of its inventory strictly on a cash basis, but the business has two credit customers. Terms of payment for these customers is 5% 10 days, net 30.
|
Name
|
Address
|
Date Last Invoice
|
Account Balance
|
|
Williamsville TAFE
|
14 Bligh Street, Williamsville, VIC 3292
|
Feb 27
|
$2350
|
|
Williamsville Secondary College
|
47 Buckley Road, Williamsville, VIC 3292
|
Feb 25
|
$1940
|
|
Trial Balance as at February 28th, 2011.
|
|
|
|
|
|
|
Account
|
Debit
|
Credit
|
|
|
|
|
|
Bank
|
16372
|
|
|
Stock
|
7026
|
|
|
Accounts Receivable
|
4290
|
|
|
Accounts Payable
|
|
4554
|
|
Motor Vehicle
|
22500
|
|
|
Accumulated Depreciation on MV.
|
|
6750
|
|
Diving Equipment and Boat
|
38900
|
|
|
Accumulated Depreciation on DE & B.
|
|
11670
|
|
Shop Fittings
|
5750
|
|
|
Accumulated Depreciation on SF.
|
|
575
|
|
GST Collected
|
|
4266
|
|
GST Paid
|
2837
|
|
|
Owners Capital
|
|
61252
|
|
Shop Lease
|
14400
|
|
|
Amortisation of Shop Lease
|
|
2400
|
|
Loan - ANZ Bank, Williamsville
|
|
20000
|
|
PAYG Tax Payable
|
|
540
|
|
Wages Payable
|
|
68
|
|
|
$112075
|
$112075
|
Required:
Part 1: Prepare the ledger accounts as per the trial balance with the opening balances including subsidiary ledgers..
Part 2: Record the transactions for the month of March 2011. Be careful to open any new accounts that you require.
Part 3: Prepare the following reports in one Excel file:
(i) Trial Balance as at March 31st, 2011 (after all adjustments)
(ii) Income Statement for March 2011.
(iii) Balance Sheet as at March 31st, 2011.
(iv) The General Ledger Accounts for
a. Cash at Bank
b. Accounts Receivable
c. Stock Asset
d. Accounts Payable
e. Tax Payable