Texts: The following information is an unadjusted trial balance for Gippsland Farms, as at
30 April 2018
$ Dr $ Cr
Cash at bank 8,500
Accounts Receivable 20,200
Inventory 29,500
Prepaid Insurance 5,600
Fixtures & Fittings 320,000
Accumulated Depreciation - Fixtures & Fittings 56,000
Office Equipment 39,360
Accumulated Depreciation - Office Equipment 1,800
Motor Vehicle 87,000
Accumulated Depreciation - Motor Vehicle 18,000
Accounts Payable 27,437
Owner’s Equity 147,000
Drawings 27,000
Bank Loan (just taken & due 2025) 120,000
Sales 598,840
Cost of Goods Sold 293,500
Salaries 78,450
Rent 36,000
Electricity Expense 16,400
General Expenses 5,222
Advertising 2,345
__________ __________
969,077 969,077
Additional Information:
a) A stocktake revealed inventory on hand as at 30 April 2018 of $28,000.
b) Depreciation for ALL non-current assets is to be provided at 25% using the
straight-line method.
c) Insurance expired amounted to $1,800 as at balance date.
d) Salaries for the two employees, amounting to $3,000, were owed at balance
date and will be paid on 6 May 2018.
e) Electricity used but not paid for $1,230.