Question 1 – PROFIT & LOSS AND BALANCE SHEET

PROFIT & LOSS AND BALANCE SHEET

Please note: Editing has been restricted in this document.

From the information provided below, complete the following table:

  • Identify the appropriate classification for each transaction or account name. Use the following terms for the classification.
  • Current Asset
    • Non-Current Asset
    • Current Liability
    • Non-Current Liability
    • Shareholder’s Equity
    • Income
    • Expense
  • Complete column three (3) by indicating where the transaction is recorded. Choose either:
  • Profit & Loss or
    • Balance Sheet
Account NameClassificationProfit & Loss or Balance SheetAmount
Pay SuperannuationExpenseProfit & Loss$117,325
Pay Mobile Phone  $7,500
Pay Office Rent  $65,000
Land & BuildingsNon-Current AssetBalance Sheet$450,000
Bank Fees  $4,600
Advertising Office  $45,000
Sales Commission Received  $1,175,000
Directors Loan  $100,000
Pay P&I Insurance  $15,000
Pay Subscriptions  $12,000
Trade Debtors  $75,500
Wages Director  $180,000
Pay Workers Compensation  $10,500
Received Rent  $100,000
Pay Office Phone  $8,800
Pay Internet  $6,600
Property Management Fees Received  $450,000
Interest on Bank Loans  $39,600
Wages Office  $250,000
Strata Management Fees Received  $296,000
Waste Removal  $6,000
Office Cleaning  $50,000
Wages Salesmen  $300.000
Property Manager Wages  $150,000
Strata Manager Wages  $120,000
Capital  $200
Lease Repayment  $14,400
Trade Creditors  $13,000
Retained Earnings Previous years  $177,305
Bank Loan Due in 5 years  $155,000
Motor Vehicle Expenses  $18,200
Interest Received  $45,000
Sales Commission Paid  $235,000
Stationery  $24,000
Printing  $30,000
Motor Vehicle  $85,000
Cash at Bank  $110.787
Fixtures & Fittings  $32,500
Lease Liability due within 12 months  $14,400
Payroll Tax  $20,000
Lease Liability due after 12 months  $28,800
Computers  $28,000
PAYG  $19,000
Bank Overdraft  $21,726
  • Using the information contained in the table you have just completed to create a
  • Profit and Loss Statement and a
    • Balance Sheet

using the two templates provided.

The tax rate to be used is 25% – to be rounded up to the nearest dollar

UBeaut Real Estate Pty Limited

Profit & Loss Statement as at 30th June 201X

Income

Sales Commission

Property Management Strata Management Rent Received

Interest Received

Total Income

Expenses Advertising Office Bank Fees

Interest on Bank Loans Internet

Insurance – P&I Lease Repayment

Motor Vehicles Expenses Office Cleaning

Office Rent Payroll Tax Phone – Mobile Phone – Office Printing

Sales Commission Stationery Subscriptions Superannuation Wages – Director Wages – Office

Wages – Property Managers Wages – Salesmen

Wages – Strata Waste Removal

Workers Compensation

Total Expenses

Net Profit Before Tax Tax @ 25%

Net Profit After Tax

Ubeaut Real Estate Pty Limited Balance Sheet as at 30th June 201X

ASSETS

Current Assets Cash at Bank Trade Debtors

Total Current Assets

Non-Current Assets Land & Buildings Motor Vehicle Computers

Furniture & Fittings

Total Non-Current Assets TOTAL ASSETS

LIABILITIES

Current Liabilities Bank Overdraft Trade Creditors PAYG

Lease Liability

Total Current Liabilities

Non-Current Liabilities

Lease Liability Directors Loan Bank Loan

Total Non-Current Liabilities TOTAL LIABILITIES

Shareholder’s Equity

Paid up Capital

Retained Earnings previous years Retained Earnings current year Total Shareholder’s Equity

Total Liabilities & Shareholder’s Equity

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