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QUESTION 1 The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is...
QUESTION 1
The trial balance of The Parker Exclusive Mens Clubs at 31th May
2020 is as follows
GHS
Accumulated fund (1/06/2019)
30160800
Massage Palour inventory at beginning (1/06/2019)
5751000
Massage Palour Purchases
10820400
Building (Cost)
27306600
Equipment (Cost)
3408000
Furniture and fittings (Cost)
2130000
Subscriptions
2556000
Affiliation Fees
319500
Savings Account
7242000
Venue of the "Weekend in Paradise Trip"
149100
Executive Mens Club Entrance fees
255600
Massuer's Wages and Salaries
1065000
Accumulated Depreciation Building 10922640
Equipment 852000
Furniture and Fittings 213000
Salaries
1022400
Rent
408960
"Weekend in Paradise Trip" expenses
255600
Administrative expenses
741240
Interest on Savings account
404700
Sale of "Weekend in Paradise Trip" tickets
3237600
Bank account (Current)
5325000
Donation for "Weekend in Paradise Trip"
788100
Revenue from Massage Palour
16188000
Life membership fees
788100
Utilities
421740
132733080
Additional Information
1. Massage Palour inventory (31st May 2020)
1150200
2. Subscription paid in advance by member for the year
2020/2021
511200
3. Depreciation : Building 2% per annum, Equipment 25% 10% per
annum
4. Interest on saving includes an amount from the 2018/2019
year
21300
5. Affiliation fees was paid for the next 3 years on 1 June
2019
6. Utilities were prepaid at the end of the year
59640
7. Salaries were accrued at the end at the end of the year
85200
8. Parker Exclusive Mens Club organised a "Weekend in Paradise
Trip" for its members during the year
9. The Parker Exclusive Mens Club is affiliated to the
International Association of Executive Clubs
REQUIRED:
1. Prepare an Income and Expenditure Statement and a Statement of
Financial Position for the 2019/2020 Financial year
2. Use the information in 1. to fill the attached excel form.
QUESTION 2
You have been contacted by the owner of a Jewelery Retail shop,
Magna Qarta , to prepare their accounts. You observe that they do
not have a full set of accounts. However, you extract the following
data from their records
Balances as at 31/12/2019
Property, plant and equipment 1065000
Accumulated Depreciation 259434
inventories 383400
Receivables 213000
Pepayments-Rates 8520
Bank 42600
Cash 12780
Creditors 85200
Electricity Accrued 5325
Balances as at 31/12/2020
inventories 722070
Receivables 255600
Pepayments-Rates 9585
Bank overdraft 330150
Cash 12780
Creditors 97980
Electricity Accrued 6390
The records show cash and bank transactions as follow:
Cash Receipts Balance B/D 12780
Sales 319500
Cash Payments Deposit into bank 319500
Bank Receipts Balance B/D 42600
Accounts Receivable 2982000
5% Loan received 639000
Sale proceeds from sale of motor van 174660
Cash banked 319500
Bank Payments
Accounts Payables 2343000
Rates 191700
Electricity 42600
Telephone 31950
Loan Interest 31950
Insurance 21300
Wages and Salaries 426000
Drawings 532500
Property, Plant and Equipment 852000
Sundry Expenses 14910
ADDITIONAL INFORMATION
The loan was received on 1st January 2019 and depreciation for PPE
is at 20% per annum
Cost of motor van that was disposed off 213000
Accumulated Depreciation of the motor van that was disposed off
40470
Discount received during the year amounted to 42600
During the year the owner gifted a pair of earings to his daughter
worth 42600
REQUIRED:
1. Prepare an Income Statement and a Statement of Financial
Position for the 2020 Financial year
Solutions
Expert Solution
Question 1
Trailbalance
| UnAdjusted Trailbalance | Adjustments | Adjusted Trailbalance | ||||
| Account | Debit | Credit | Debit | Credit | Debit | Credit |
| Accumulated Fund (01/06/2019) | 3,01,60,800 | 3,01,60,800 | ||||
| Inventory (01/06/2019) | 57,51,000 | 46,00,800 | 11,50,200 | |||
| Purchases | 1,08,20,400 | 1,08,20,400 | - | |||
| Building | 2,73,06,600 | 2,73,06,600 | ||||
| Equipment | 34,08,000 | 34,08,000 | ||||
| Furniture and fittings | 21,30,000 | 21,30,000 | ||||
| Subscriptions | 25,56,000 | 5,11,200 | 20,44,800 | |||
| Subscription Received in Advance | 5,11,200 | 5,11,200 | ||||
| Affiliation Fees | 3,19,500 | 2,13,000 | 1,06,500 | |||
| Prepaid Affiliation fees | 2,13,000 | 2,13,000 | ||||
| Savings Account | 72,42,000 | 72,42,000 | ||||
| Venue of the "Weekend in Paradise Trip" | 1,49,100 | 1,49,100 | ||||
| Executive mens club members fees | 2,55,600 | 2,55,600 | ||||
| Massuers Salaries and wages | 10,65,000 | 10,65,000 | ||||
| Accummulated Depreciation Building | 1,09,22,640 | 5,46,132 | 1,14,68,772 | |||
| Equipment | 8,52,000 | 8,52,000 | 17,04,000 | |||
| Furniture and fittings | 2,13,000 | 2,13,000 | 4,26,000 | |||
| Cost of Goods Sold | 1,54,21,200 | 1,54,21,200 | ||||
| Salaries | 10,22,400 | 85,200 | 11,07,600 | |||
| Salaries Payable | 85,200 | 85,200 | ||||
| Rent | 4,08,960 | 4,08,960 | ||||
| "Weekend in Paradise Trip" expenses | 2,55,600 | 2,55,600 | ||||
| Administrative expenses | 7,41,240 | 7,41,240 | ||||
| Depreciation | 16,11,132 | 16,11,132 | ||||
| Interest on Savings account | 4,04,700 | 21,300 | 3,83,400 | |||
| Sale of "Weekend in Paradise Trip" tickets | 32,37,600 | 32,37,600 | ||||
| Bank account (Current) | 53,25,000 | 53,25,000 | ||||
| Interest of PY | 21,300 | 21,300 | ||||
| Donation for "Weekend in Paradise Trip" | 7,88,100 | 7,88,100 | ||||
| Revenue from Massage Palour | 1,61,88,000 | 1,61,88,000 | ||||
| Life membership fees | 7,88,100 | 7,88,100 | ||||
| Prepaid Utilites | 59,640 | 59,640 | ||||
| Utilities | 4,21,740 | 59,640 | 3,62,100 | |||
| Total | 6,63,66,540 | 6,63,66,540 | 1,79,22,672 | 1,79,22,672 | 6,80,62,872 | 6,80,62,872 |
Income and Expenditure Statement
| The Parker Exclusive Mens Clubs | ||
| Income and Expenditure Account | ||
| For the Year Ended 31st May 2020 | ||
| Particulars | Amount | Amount |
| Subscriptions | 20,44,800 | |
| Executive mens club members fees | 2,55,600 | |
| Interest on Savings account | 3,83,400 | |
| Sale of "Weekend in Paradise Trip" tickets | 32,37,600 | |
| Donation for "Weekend in Paradise Trip" | 7,88,100 | |
| Revenue from Massage Palour | 1,61,88,000 | |
| Life membership fees | 7,88,100 | 2,36,85,600 |
| Total Collections | 2,36,85,600 | |
| Expenses | ||
| Cost Of goods sold | 1,54,21,200 | |
| Affiliation Fees | 1,06,500 | |
| Massuers Salaries and wages | 10,65,000 | |
| Salary | 11,07,600 | |
| Rent | 4,08,960 | |
| "Weekend in Paradise Trip" expenses | 2,55,600 | |
| Administrative expenses | 7,41,240 | |
| Depreciation | 16,11,132 | |
| Utilites | 3,62,100 | |
| Total Expenses | 2,10,79,332 | |
| Surplus | 26,06,268 | |
 ekkarill92 answered 2 years agoRelated SolutionsQUESTION 1 The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is...
QUESTION 1
The trial balance of The Parker Exclusive Mens Clubs at 31th May
2020 is as follows
GHS
Accumulated fund (1/06/2019)
48002400
Massage Palour inventory at beginning (1/06/2019)
9153000
Massage Palour Purchases
17221200
Building (Cost)
43459800
Equipment (Cost)
5424000
Furniture and fittings (Cost)
3390000
Subscriptions
4068000
Affiliation Fees
508500
Savings Account
11526000
Venue of the "Weekend in Paradise Trip"
237300
Executive Mens Club Entrance fees
406800
Massuer's Wages and Salaries
1695000
Accumulated Depreciation
Building
17383920
Equipment
1356000
Furniture and...
QUESTION 1 The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is...
QUESTION 1
The trial balance of The Parker Exclusive Mens Clubs at 31th
May 2020 is as follows
GHS
Accumulated fund (1/06/2019)
5805600
Massage Palour inventory at beginning (1/06/2019)
1107000
Massage Palour Purchases
2082800
Building (Cost)
5256200
Equipment (Cost)
656000
Furniture and fittings (Cost)
410000
Subscriptions
492000
Affiliation Fees
61500
Savings Account
1394000
Venue of the "Weekend in Paradise Trip"
28700
Executive Mens Club Entrance fees
49200
Massuer's Wages and Salaries
205000
Accumulated Depreciation
Building
2102480
Equipment
164000
Furniture and...
QUESTION 1 The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is...
QUESTION 1
The trial balance of The Parker Exclusive Mens Clubs at 31th May
2020 is as follows
GHS
Accumulated fund (1/06/2019)
48002400
Massage Palour inventory at beginning (1/06/2019)
9153000
Massage Palour Purchases
17221200
Building (Cost)
43459800
Equipment (Cost)
5424000
Furniture and fittings (Cost)
3390000
Subscriptions
4068000
Affiliation Fees
508500
Savings Account
11526000
Venue of the "Weekend in Paradise Trip"
237300
Executive Mens Club Entrance fees
406800
Massuer's Wages and Salaries
1695000
Accumulated Depreciation
Building
17383920
Equipment
1356000
Furniture and...
QUESTION 1 The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is...QUESTION 1
The trial balance of The Parker Exclusive Mens Clubs at 31th May
2020 is as follows
GHS
Accumulated fund (1/06/2019) 28178400
Massage Palour inventory at beginning (1/06/2019) 5373000
Massage Palour Purchases 10109200
Building (Cost) 25511800
Equipment (Cost) 3184000
Furniture and fittings (Cost) 1990000
Subscriptions 2388000
Affiliation Fees 298500
Savings Account 6766000
Venue of the "Weekend in Paradise Trip" 139300
Executive Mens Club Entrance fees 238800
Massuer's Wages and Salaries 995000
Accumulated Depreciation Building 10204720
Equipment 796000
Furniture and...
QUESTION 1 The trial balance of The Parker Exclusive Mens Clubs at 31th May 2020 is...
QUESTION 1
The trial balance of The Parker Exclusive Mens Clubs at 31th May
2020 is as follows
GHS
Accumulated fund (1/06/2019)
6655200
Massage Palour inventory at beginning (1/06/2019)
1269000
Massage Palour Purchases
2387600
Building (Cost)
6025400
Equipment (Cost)
752000
Furniture and fittings (Cost)
470000
Subscriptions
564000
Affiliation Fees
70500
Savings Account
1598000
Venue of the "Weekend in Paradise Trip"
32900
Executive Mens Club Entrance fees
56400
Massuer's Wages and Salaries
235000
Accumulated Depreciation
Building
2410160
Equipment
188000
Furniture and...
The Skysong, Inc. opened for business on May 1, 2020. Its trial balance before adjustment on...The Skysong, Inc. opened for business on May 1, 2020. Its trial
balance before adjustment on May 31 is as follows.
Skysong, Inc.
Trial Balance
May 31, 2020
Account Number
Debit
Credit
101
Cash
$ 3,400
126
Supplies
2,050
130
Prepaid Insurance
3,000
140
Land
14,000
141
Buildings
59,400
149
Equipment
14,900
201
Accounts Payable
$ 11,900
208
Unearned Rent Revenue
3,100
275
Mortgage Payable
40,000
311
Common Stock
35,800
429
Rent Revenue
10,750
610
Advertising Expense
650
726
Salaries...
Linda Williams started her own consulting firm, WilliamsConsulting, on May 1, 2020. The trial balance...
Linda Williams started her own consulting firm, Williams
Consulting, on May 1, 2020. The trial balance at May 31 is as
follows.
WILLIAMS CONSULTING
Trial Balance
May 31, 2020
Account Number
Debit
Credit
101
Cash
$ 4,500
112
Accounts Receivable
6,100
126
Supplies
2,300
130
Prepaid Insurance
4,800
149
Equipment
10,800
201
Accounts Payable
$ 4,700
209
Unearned Service Revenue
2,100
301
Owner’s Capital
18,200
400
Service Revenue
8,300
726
Salaries and Wages Expense
3,400
729
Rent Expense
1,400
$33,300...
Metlock started her own consulting firm, Metlock, Inc., on May 1, 2020. The trial balance at May 31 is as follows.Practice Problem 01 a-c (Part Level
Submission)Metlock started her own consulting firm, Metlock, Inc., on May
1, 2020. The trial balance at May 31 is as follows.Metlock, Inc.Trial BalanceMay 31, 2020Account NumberDebitCredit101Cash$ 4,700112Accounts Receivable5,900126Supplies1,800130Prepaid Insurance2,400149Equipment10,200201Accounts Payable$ 4,800209Unearned Service Revenue2,100311Common Stock14,100400Service Revenue8,400726Salaries and Wages Expense3,300729Rent Expense1,100$29,400$29,400In addition to those accounts listed on the trial balance, the
chart of accounts for Metlock, Inc. also contains the following
accounts and account numbers: No. 150 Accumulated
Depreciation—Equipment, No. 212 Salaries and Wages Payable, No....
Ruth Lewis started her own consulting firm, Lewis Consulting, on May 1, 2020. The trial balance...
Ruth Lewis started her own consulting firm, Lewis Consulting,
on May 1, 2020. The trial balance at May 31 is as follows.
LEWIS CONSULTING
Trial Balance
May 31, 2020
Account Number
Debit
Credit
101
Cash
$ 4,700
112
Accounts Receivable
6,100
126
Supplies
1,900
130
Prepaid Insurance
4,800
149
Equipment
12,600
201
Accounts Payable
$ 4,800
209
Unearned Service Revenue
1,900
301
Owner’s Capital
20,000
400
Service Revenue
7,900
726
Salaries and Wages Expense
3,300
729
Rent Expense
1,200
$34,600...
The following trial balance of Bramble Co. does not balance Bramble Trial Balance June 30, 2020...The following trial balance of Bramble Co. does not balance
Bramble Trial Balance June 30, 2020
DEBIT CREDIT
Cash
$3,179
Accounts Receivable
$2,952
Supplies
1,109
Equipment
4,109
Accounts Payable
2,975
Unearned Service Revenue
1,509
Common Stock
6,309
Retained Earnings
3,309
Service Revenue
2,689
Salaries and Wages Expense
3,709
Office Expense
1,249
Totals
$14,637
$18,461
Each of the listed accounts should have a normal balance per the
general ledger. An examination of the ledger and journal reveals
the following errors.
1....
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