Question

QUESTION 2

The list of accounts and balances for Stewart Car Servicing Pty Ltd for the year ended 30 June 2015 is presented below.

ACCOUNT	$
Accounts Payable	8,000
Accumulated Depreciation - Building	12,000
Bank Loan	80,000
Building	70,000
Capital	20,000
Cash	33,000
Cost of Sales	30,000
Depreciation Expense	4,000
Dividends	2,000
Inventory	26,000
Land	80,000
Other Expenses	18,000
Rent Revenue	30,000
Rent Revenue Received in Advance	2,000
Retained Earnings 1/7/2014	74,000
Salaries Expense	25,000
Sales Revenue	62,000

Required:

Prepare a Statement of Profit or Loss for the year.                                                                     

Prepare a Calculation of Retained Earnings for the year.                                                            

Prepare a classified Statement of Financial Position for the year.                                               

Stewart Car Servicing Pty Ltd Statement of Profit or Loss for the year ended 30 June 2015
	$	$
Revenues:
Expenses:

Stewart Car Servicing Pty Ltd Calculation of Retained Earnings for the year ended 30 June 2015
	$

Stewart Car Servicing Pty Ltd
Statement of Financial Position
as at 30 June 2015
	$	$	$
Current Assets:
Total Current Assets
Non-Current Assets:
Total Non-Current Assets
Total Assets
Current Liabilities:
Total Current Liabilities
Non-Current Liabilities
Total Non-Current Liabilities
Total Liabilities
Net Assets
Equity
Total Equity

(Total marks for Question 2 = 17 marks)

Answer 1

STEWART CAR SERVICING PVT LTD.
STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 30 JUNE 2015
PARTICULARS	AMOUNT ($)	AMOUNT ($)	AMOUNT ($)
CURRENT ASSETS
CASH	33000
INVENTORY	26000
TOTAL CURRENT ASSETS		59000
NON CURRENT ASSETS
BUILDING	70000
LESS: ACCUMULATED DEPRECIATION ON BUILDING	-12000
	58000
LAND	80000
TOTAL NON CURRENT ASSETS		138000
TOTAL ASSETS			197000
CURRENT LIABILITY
ACCOUNTS PAYABLE	8000
RENT REVENUE RECEIVED IN ADVANCE	2000
TOTAL CURRENT LIABILITY		10000
NON CURRENT LIABILITY
BANK LOAN	80000
TOTAL NON CURRENT LIABILITY		80000
TOTAL LIABILITIES			90000
NET ASSETS			107000
EQUITY
CAPITAL	20000
RETAINED EARNINGS	87000
TOTAL EQUITY		107000	107000