Question

Date	Debit Card and Credit Card	Cash Sale	Deposited cash in Bank
15/9/2020	$2,956.00	0
16/9/2020	$1,848.00	$477.50	17/9/2020
17/9/2020	$3,240.00	$350.50	18/9/2020
18/9/2020	$1,259.50	0
19/9/2020	$1,729.50	0
20/9/2020	$1,404.50	0
22/9/2020	$2,327.00	$140.50	23/9/2020
23/9/2020	$3,140.50	$330.50	24/9/2020
24/9/2020	$2,890.00	0
25/9/2020	$1,448.00	0
26/9/2020	$3,240.00	$347.00	28/9/2020
27/9/2020	$1,269.50	$332.00	28/9/2020
29/9/2020	$1,829.50	0
30/9/2020	$3,104.50	$277.00	Not yet deposited

Credit Card Transactions:

	From	Payee
10/9/2020	Dandenong City Council	Council Rates	$880.00
15/9/2020	India Bazar	Rice, Wheat, Pulse and Spices	$770.50
15/9/2020	Cookers	Oil	$491.00
15/9/2020	AAMI	Work Cover Insurance	$900.00
15/9/2020	House	Kitchen Supplies	$425.00
15/9/2020	House	Uniform	$550.00
15/9/2020	Bunnings	Cleaning Supplies	$429.00
16/9/2020	Eastern Butcher	Meats	$2,250.90
16/9/2020	Farm Fresh	Vegetables	$595.00
16/9/2020	Kou Her	Herbs	$70.00
16/9/2020	British Petroleum	Ice	$10.00
16/9/2020	Coles	Groceries	$192.00
16/9/2020	Office Works	Stationary	$99.00
22/9/2020	India Bazar	Rice, Wheat, Pulse and Spices	$770.50
22/9/2020	JJ Richards	Waste Removal	$110.00
23/9/2020	Cookers	Oil	$521.00
24/9/2020	Coles	Groceries	$210.00
25/9/2020	Maintenance of Hood	Blue Repairs	$220.00
26/9/2020	India Bazar	Rice, Wheat, Pulse and Spices	$660.50
26/9/2020	Coles Express	Fuel	$75.20
27/9/2020	Eastern Meats	Meats	$2,550.90
27/9/2020	Farm Fresh	Vegetables	$610.00
29/9/2020	Kou Her	Herbs	$70.00

September26: Credit card payment $9,000.

September28: Paid net wages to 4 employees @$1082 each after withholding tax of @$118 per employee. Guaranteed super is 9.5% on gross salary. You will mention the name of each employed as a payee.

September 28: Received Electricity bill $231 including GST. The bill is not yet paid.

September 30: Bank charged account fees $10.        

1. Prepare Profit and Loss Statement for the month ended on 30th September2020 and Balance Sheet at 30th September2020.

Answer 1

The Profit and Loss Statement and the Balance Sheet as per the given information is as follows:

Profit and Loss Statement

Particulars	Note No.	Amount	Amount
Revenue from operations	1		$33,941.50
Cost of Goods Sold	2		($11,251.50)
Gross Profit			$22,690.00
Operating Expenses	3	$1,451
Salaries and Commissions	4	$5,256.00
Stationary Expenses		$99
Insurance Expenses		$900
Total Expenses		$7,706	($7,706)
Earning before taxes			$14,984.00
Less: Taxes
Earnings After Taxes			$14,984.00

Balance Sheet

Particulars	Note No.	Amount
Equity and Liabilities
Earnings		$14,984.00
Credit Card	5	4460.5
Tax witheld on Salaries		$472
Super Guarantee Charges Outstanding		$456
Electricity bill outstanding		$231
Total		$20,603.50
Assets
Bank Account	6	$20,326.50
Cash not deposited in Bank		$277.00
Total		$20,603.50

Notes to accounts:

1. Revenue from Operations

Sales:
Cash Sales	$1,978.00
Card Sales	$31,687
Cash - Not Deposited	$277.00
Total	$33,941.50

2. Cost of Goods Sold:

Cost of Goods Sold
Purchase:
Rice, Wheat, Pulse and Spices	$2,201.50
Oil	$1,012
Kitchen Supplies	$425
Uniform	$550
Cleaning Supplies	$429
Meats	$2,250.90
Vegetables	$1,205
Herbs	$140
Ice	$10
Groceries	$402
Fuel	$75.20
Meats	$2,550.90
Total	$11,251.5

3. Operating Expenses

Operating Expenses
Waste Removal	$110
Blue Repairs	$220
Electricity Bill outstanding	$231
Bank charges	$10
Council Rates	$880
Total	$1,451

4. Salaries and Commissions:

Salaries and Commissions
Net Wages paid ($1082 x 4)	$4,328
Tax witheld on Wages paid ($118 x 4)	$472
Super Guarantee Charge [9.5% x (4328+472)]	$456.0
Total	$5,256.00

5. Credit Card Balance

Expenses made	$13,461
(-) Card payment	($9,000)
Balance	$4,461

6. Bank Account Balance

Sales	$33,664.50
Less:
Credit Card payment	($9,000)
Bank Charges	($10)
Salaries paid	($4,328)
Closing	$20,326.50