Wayne's Fountains sells fountains and other garden ornaments. Its assets and equities as at 1 October 2024 were as follows: WAYNE'S FOUNTAINS Assets and Equities as at 1 October 2024 Assets %24 Equities 127000 Bank overdraft 4900 Accounts Payable Stock 2800 Accounts Receivable 64000 Premises 265 000 GST payable 2700 less Accum. depreciation Total Assets 145000 Capital -Wayne 276900 Total Equities 120000 207400 276900 The business has provided the following information for the year ending 30 September 2025: Sales Journal Account Receivable Total Accounts Receivable Inv. Date No. Sales GST TOTALS 18000 1800 19 800 Purchases Journal Total Accounts Payable Account Inv. Date Payable No. Stock GST TOTALS 16000 1600 17600 Cash Receipts Journal Accounts Date Details Rec. No. Bank Receivable Sales Sundries GST Sept. Loan - FIX Finance 20000 TOTALS 97 100 21000 51 000 20000 5100 Cash Payments Journal Accounts Date Details Doc. Bank Payable Drawings Wages Sundries GST Electricity 6300 Advertising 4000 Insurance 2400 GST Clearing 2700 TOTALS 89 270 14 100 26000 32 500 15400 1270 Additional information: The premises are depreciated • Due to effective inventory management techniques, both the inventory cards and the physical count as at 30 September 2025 showed $124000 Inventory on hand. • Cost of Sales for the year was $19000. rate of 5% p.a. The Principal of the loan - FIX Finance is due to be repaid in monthly instalments of $500.
Wayne's Fountains sells fountains and other garden ornaments. Its assets and equities as at 1 October 2024 were as follows: WAYNE'S FOUNTAINS Assets and Equities as at 1 October 2024 Assets %24 Equities 127000 Bank overdraft 4900 Accounts Payable Stock 2800 Accounts Receivable 64000 Premises 265 000 GST payable 2700 less Accum. depreciation Total Assets 145000 Capital -Wayne 276900 Total Equities 120000 207400 276900 The business has provided the following information for the year ending 30 September 2025: Sales Journal Account Receivable Total Accounts Receivable Inv. Date No. Sales GST TOTALS 18000 1800 19 800 Purchases Journal Total Accounts Payable Account Inv. Date Payable No. Stock GST TOTALS 16000 1600 17600 Cash Receipts Journal Accounts Date Details Rec. No. Bank Receivable Sales Sundries GST Sept. Loan - FIX Finance 20000 TOTALS 97 100 21000 51 000 20000 5100 Cash Payments Journal Accounts Date Details Doc. Bank Payable Drawings Wages Sundries GST Electricity 6300 Advertising 4000 Insurance 2400 GST Clearing 2700 TOTALS 89 270 14 100 26000 32 500 15400 1270 Additional information: The premises are depreciated • Due to effective inventory management techniques, both the inventory cards and the physical count as at 30 September 2025 showed $124000 Inventory on hand. • Cost of Sales for the year was $19000. rate of 5% p.a. The Principal of the loan - FIX Finance is due to be repaid in monthly instalments of $500.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets
Section19.6: Buying Intangible Assets And Calculating Amortization Expense
Problem 1OYO
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