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 Name | Classification | Profit & Loss or Balance Sheet | Amount |
| Pay Superannuation | Expense | Profit & Loss | $117,325 |
| Pay Mobile Phone | $7,500 | ||
| Pay Office Rent | $65,000 | ||
| Land & Buildings | Non-Current Asset | Balance 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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