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Assets, Liabilities and Equity of ARA Galleries Pty LTD As at 30 June 2017

This document contains accounting information for ARA Galleries Pty Ltd for the financial year ended 30 June 2018, including a transaction worksheet showing changes in accounts throughout the year, a statement of profit or loss, and a balance sheet. The transaction worksheet shows the company had total revenue of $150,000 and expenses of $136,000, resulting in a net profit of $14,000. The balance sheet indicates the company has total assets of $101,000, total liabilities of $77,000, and net assets of $24,000.

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74 views4 pages

Assets, Liabilities and Equity of ARA Galleries Pty LTD As at 30 June 2017

This document contains accounting information for ARA Galleries Pty Ltd for the financial year ended 30 June 2018, including a transaction worksheet showing changes in accounts throughout the year, a statement of profit or loss, and a balance sheet. The transaction worksheet shows the company had total revenue of $150,000 and expenses of $136,000, resulting in a net profit of $14,000. The balance sheet indicates the company has total assets of $101,000, total liabilities of $77,000, and net assets of $24,000.

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BáchHợp
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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ACCT 10001: Accounting Reports & Analysis

Lecture 2 Illustration: ARA Galleries Pty Ltd – Suggested Solution

Assets, liabilities and equity of ARA Galleries Pty Ltd as at 30 June 2017.

Assets $ Liabilities $
Cash on hand 40,000 Trade payables 15,000
Inventory 25,000 Loan 60,000
Property, plant & equip. 30,000 75,000
Equity
Contributed equity 20,000
95,000 95,000
TRANSACTION WORKSHEET FOR THE YEAR ENDED 30 JUNE 2018
Other Property, Other
Cash on Trade Trade Contributed
# Inventory current plant & current Loan Retained earnings
hand receivables payables equity
assets equipment liabilities

Op Opening balance -
40,000 - 25,000 - 30,000 15,000 - 60,000 20,000
bal Revenue Expenses Dividends
1 (7,000) (7,000)
2 (20,000) 20,000
3 40,000 40,000
4 (26,000) 2,000 (24,000)
5 55,000 95,000 150,000
6 (50,000) (50,000)
7 (8,000) (8,000)
8 (32,000) 1,000 (33,000)
9 65,000 (65,000)
10 (13,000) (10,000) (3,000)
11 (35,000) (35,000)
12 (5,000) (5,000)
13 (10,000) (10,000)
14 6,000 (6,000)

150,000 (136,000) (10,000)


Cl
9,000 30,000 15,000 2,000 45,000 20,000 7,000 50,000 20,000
bal
Closing balance 4,000
ARA GALLERIES PTY LTD
STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 30 JUNE 2018

$
Sales revenue 150,000
Cost of sales (50,000)

Gross profit 100,000


Wages (33,000)
Rent (24,000)
Utilities (8,000)
Advertising (7,000)
Depreciation (5,000)
Finance costs (3,000)

Profit (Loss) before tax 20,000


Income tax expense (6,000)

NET PROFIT (LOSS) 14,000


ARA GALLERIES PTY LTD
BALANCE SHEET AS AT 30 JUNE 2018

Current assets $
Cash and cash equivalents 9,000
Trade receivables 30,000
Inventories 15,000
Other current assets 2,000

Total current assets 56,000

Non-current assets
Property, plant and equipment 45,000

Total non-current assets 45,000

TOTAL ASSETS 101,000

Current liabilities
Trade payables 20,000
Borrowings 10,000
Other current liabilities 7,000

Total current liabilities 37,000

Non-current liabilities
Borrowings 40,000

Total non-current liabilities 40,000

TOTAL LIABILITIES 77,000

NET ASSETS 24,000

Equity
Contributed equity 20,000
Retained earnings 4,000

TOTAL EQUITY 24,000

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