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THANOS CLEANING SERVICES PTY LTD ( Type your given name ) ( Type your surname ) ( Type your student number )Student Number: ____________________________Surname:____________________________ ( Type your...

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THANOS CLEANING SERVICES PTY LTD
(
Type your given name
) (
Type your surname
) (
Type your student numbe
)Student Number: ____________________________Surname:____________________________
(
Type your lecture
tuto
)Given Name: ____________________________
Lecture
Tutor:___________________________
MID-TRIMESTER ASSESSMENT
(
ACC700 PRINCIPLES OF ACCOUNTING PG
MID TRIMESTER EXAM
Submission:
a word file via
Moodle
Submission due:
9PM15AUG
2020
Instructions for Students:
You
are
appointed as an accountant and
equired
to prepare a special-purpose financial report for the
Thanos Cleaning Services Pty Ltd
.
U
se the financial template provided
in this
pape
and fill in the highlighted sections
(light blue
).
Basic information
Business structure:
Australian Proprietary Company
Business Industry:
Cleaning Services
Ignore GST and Income tax
Transactions are given.
U
se your own
amounts
(the amount should be multiples of $100 and the maximum of $
2
00,000)
The business made a loss for the year ended 30 June 2020
Details of financial
eport
Chart of accounts of the business-
Given
Trial balance as at 31 May 2020
-
Given
Transactions for the month of Ju
ne 2020 & Year End Adjustments
Journal Entries for the month of June 2020
General Ledger (use three-column format)
Accounting Worksheet
Prepare adjusting entries
at year end
Prepare
closing
entries
Prepare the financial statements (P&L, Changes in equity and B/S)
Accountant’s note
) (
Examination Conditions:
King’s Own Institute examinations are run in accordance with KOI examination procedures. Any student
eaching these procedures will be dealt with in accordance with KOI’s Student Academic Misconduct Policy.
It is your responsibility to fill out and complete your details in the space provided on all the examination material provided.
You are not permitted to obtain assistance by improper means or to ask for or give help to any other person.
Penalty will apply on late submission
)
ACC 700 INDIVIDUAL ASSESSMENT
THANOS CLEANING SERVICES PTY LTD
Special purpose financial report
For the year ended 30 June 2020

prepared by:
(
Your name
)
(
Student numbe
)
(
Mobile phone numbe
)
Table of contents
1.0 The Chart of accounts     3
2.0 Trial balance as at 31 May 2020    4
3.0 Transactions for the month of June 2020& Year End Adjustments    5
4.0 General Journal    6
5.0 General Ledger    7
6.0 Accounting Worksheet    11
7.0 Adjusting Journals    12
8.0 Closing Journals    12
9.0 Financial Statements    13
9.1Income Statement    13
9.2Statement of changes in equity    13
9.3Balance Sheet     14
10.0 Accountant’s Note    15
1.0 The Chart of accounts
    Cash at Bank
    Service Revenue
    Accounts Receivable
    Accounting Fee
    Allowance for doubtful debts
    Advertising Expense
    Supplies
    Bad debt Expense
    Prepaid Insurance
    Bank Servicing Fee
    Cleaning Equipment
    Bank Interest Expense
    Accumulated Depreciation - Equip.
    Depreciation Expense
    Accounts Payable
    Insurance Expense
    Wages and Salaries Payable
    Legal Fee
    Unearned Revenue
    Rent Expense
    Interest Payable
    Repair & Maintenance Expense
    Loan Payable
    Wages and Salaries Expense
    Share Capital
    Supplies Expense
    Retained Earning
    Telephone Expense
    Dividend
    Utilities Expense
2.0 Trial balance as at 31 May 2020
    THANOS CLEANING SERVICES PTY LTD
    Unadjusted Trial Balance
    as at 31 May 2020
    Accounts
    DR
    CR
    Cash at Bank
    $20,000
     
    Accounts Receivable
    $25,000
     
    Allowance for doubtful debts
     
    $200
    Supplies
    $12,000
     
    Prepaid Insurance
    $9,000
     
    Cleaning Equipment
    $20,000
     
    Accumulated Depreciation - Equip.
     
    $0
    Accounts Payable
     
    $37,500
    Wages and Salaries Payable
     
    $0
    Unearned Revenue
     
    $60,000
    Interest Payable
     
    $0
    Loan Payable
     
    $0
    Share Capital
     
    $200,000
    Retained Earning
     
    $35,000
    Dividend
    $20,000
     
    Service Revenue
     
    $250,000
    Accounting Fee
    $3,000
     
    Advertising Expense
    $70,000
     
    Bad debt Expense
    $0
     
    Bank Servicing Fee
    $220
     
    Bank Interest Expense
    $0
     
    Depreciation Expense
    $0
     
    Insurance Expense
    $78,000
     
    Legal Fee
    $0
     
    Rent Expense
    $110,000
     
    Repair & Maintenance Expense
    $18,000
     
    Wages and Salaries Expense
    $173,500
     
    Supplies Expense
    $0
     
    Telephone Expense
    $15,000
     
    Utilities Expense
    $8,980
     
     
    $582,700
    $582,700
3.0 Transactions for the month of June 2020& Year End Adjustments
Transactions for the month of June 2020
YOU MUST USE YOUR OWN NUMBERS
    Date
    Transactions
    Amount
    03/06/2020
    Issue of additional shares by private placement
    50,000
    05/06/2020
    Bo
owed money from ANZ.
    25000
    06/06/2020
    Paid rent for June
    15,000
    08/06/2020
    Collected a partial payment on an outstanding account receivable
    5,000
    13/06/2020
    Paid a partial payment on the open account
    6000
    14/06/2020
    Paid wages expense incu
ed
    2000
    15/06/2020
    Provided services to customers, received cash
    5000
    20/06/2020
    Provided services on account
    6000
    23/06/2020
    Paid cash for legal advice associated with liquidation
    5000
    28/06/2020
    Paid wages expense incu
ed
    2500
    29/06/2020
    Received a bill for accounting services
    3000
    30/06/2020
    Received a bill for utilities used
    2000
Year End Adjustments
    30/06/2020
    During the period the business used one third of supplies
    30/06/2020
    Accrued wages expense ($1,000) for June 29 & June 30
    30/06/2020
    Prepaid insurance represents premiums for 1 year paid on 1 January 2020
    30/06/2020
    The interest on loan accrued (Interest rate is 6% per annum)
    30/06/2020
    Depreciation Expense for Equipment (purchased 1 July 2019. It has a useful life of 4 years and no salvage value. The business uses a straight-line method)
    30/06/2020
    Half of the unearned revenue has been earned by 30 June 2020
    30/06/2020
    Overlooked bank servicing fee ($20) withdrawn
    30/06/2020
    Telephone bill for June ($900) was not recorded (not paid)
    30/06/2020
    2% of the accounts receivable amounts expected to be uncollectable
4.0 General Journal
    Date
    Accounts
    Debit
    Credit
    03/06/2020
    Cash D
    50,000
    
    
    Share capital C
    
    50,000
    05/06/2020
    Cash D
    25,000
    
    
    Bank loan C
    
    25,000
    06/06/2020
    Rent D
    15,000
    
    
    Cash C
    
    15,000
    08/06/2020
    Cash D
    5,000
    
    
    Account receivable C
    
    5,000
    13/06/2020
    Account Payable D
    6,000
    
    
    Cash C
    
    6,000
    14/06/2020
    Wages D
    2,000
    
    
    Cash C
    
    2,000
    15/06/2020
    Cash D
    5,000
    
    
    Service revenue
    
    5,000
    20/06/2020
    Account Receivable D
    6,000
    
    
    Service revenue C
    
    6,000
    23/06/2020
    Legal expenses D
    5,000
    
    
    Cash c
    
    5,000
    28/06/2020
    Wages D
    2,500
    
    
    Cash C
    
    2,500
    29/06/2020
    Accounting services D
    3,000
    
    
    Account Payable c
    
    3,000
    30/06/2020
    Utilities DR
    2,000
    
    
    Account payable
    
    2,000
5.0 General Ledge
    Cash at Bank
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
    20,000 
     
    20,000
    03/06/2020
    Share Capital
    50,000
    
    70,000
    05/06/2020
    Bank loan
    25,000
    
    95,000
    06/06/2020
    Rent
    
    15,000
    80,000
    08/06/2020
    Account reaceivable
    5,000
    
    85,000
    13/6/2020
    Account payable
    
    6,000
    79,000
    14/06/2020
    Wages
    
    2,000
    77,000
    15/06/2020``
    Service revenue
    6,000
    
    83,000
    23/06/2020
    Legal expenses
    
    5,000
    78,000
    28/06/2020
    `Wages
    
    2,500
    80,500
    30/06/2020
    Ending balance
    80,500 
     
    
    
    
    
    
    
    Accounts Receivable
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
    25,000 
     
    25,000
    08/06/2020
    Cash
    
    5,000
    20,000
    20/06/2020
    Service Revenue
    6,000
    
    26,000
    30/06/2020
    Ending balance
    26,000 
     
    
    
    
    
    
    
    Allowance for doubtful debts
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Supplies
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Prepaid Insurance
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Cleaning Equipment
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Accumulated Depreciation - Equip.
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Accounts Payable
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    30/06/2020
    Ending balance
    
    
    
    
    
    
    
    
    Wages and Salaries Payable
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Unearned Revenue
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2019
    Opening balance
     
     
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Interest Payable
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Loan Payable
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    
    
    
    
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Share Capital
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    
    
    
    
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Retained Earning
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Dividend
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Service Revenue
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    
    
    
    
    
    
    
    
    
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Accounting Fee
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    
    
    
    
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Advertising Expense
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Bad debt Expense
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Bank Servicing Fee
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Bank Interest Expense
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Depreciation Expense
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Insurance Expense
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Legal Fee
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    
    
    
    
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Rent Expense
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening balance
     
     
    
    
    
    
    
    
    30/06/2020
    Ending balance
     
     
    
    
    
    
    
    
    Repair & Maintenance Expense
    
    
    
    Date
    Description
    Debit
    Credit
    Balance
    01/06/2020
    Opening
Answered Same Day Aug 13, 2021

Solution

Nitish Lath answered on Aug 15 2021
114 Votes
THANOS CLEANING SERVICES PTY LTD
Student Number: ____________________________Surname:____________________________Type your given name
Type your surname
Type your student numbe
Given Name: ____________________________Type your lecture
tuto
Lecture
Tutor:___________________________
MID-TRIMESTER ASSESSMENT
ACC700 PRINCIPLES OF ACCOUNTING PG
MID TRIMESTER EXAM
Submission: a word file via Moodle
Submission due: 9PM15AUG 2020
Instructions for Students:
You areappointed as an accountant andrequired to prepare a special-purpose financial report for the Thanos Cleaning Services Pty Ltd. Use the financial template provided in this paper and fill in the highlighted sections (light blue).
Basic information
· Business structure: Australian Proprietary Company
· Business Industry: Cleaning Services
· Ignore GST and Income tax
· Transactions are given. Use your own amounts (the amount should be multiples of $100 and the maximum of $200,000)
· The business made a loss for the year ended 30 June 2020
Details of financial report
1. Chart of accounts of the business- Given
2. Trial balance as at 31 May 2020 - Given
3. Transactions for the month of June 2020 & Year End Adjustments
4. Journal Entries for the month of June 2020
5. General Ledger (use three-column format)
6. Accounting Worksheet
7. Prepare adjusting entries at year end
8. Prepare closing entries
9. Prepare the financial statements (P&L, Changes in equity and B/S)
10. Accountant’s note
Examination Conditions:
King’s Own Institute examinations are run in accordance with KOI examination procedures. Any student
eaching these procedures will be dealt with in accordance with KOI’s Student Academic Misconduct Policy.
It is your responsibility to fill out and complete your details in the space provided on all the examination material provided.
You are not permitted to obtain assistance by improper means or to ask for or give help to any other person.
Penalty will apply on late submission
ACC 700 INDIVIDUAL ASSESSMENT
THANOS CLEANING SERVICES PTY LTD
Special purpose financial report
For the year ended 30 June 2020

prepared by:
Table of contents
1.0 The Chart of accounts     3
2.0 Trial balance as at 31 May 2020    4
3.0 Transactions for the month of June 2020& Year End Adjustments    5
4.0 General Journal    6
5.0 General Ledger    7
6.0 Accounting Worksheet    11
7.0 Adjusting Journals    12
8.0 Closing Journals    12
9.0 Financial Statements    13
9.1Income Statement    13
9.2Statement of changes in equity    13
9.3Balance Sheet     14
10.0 Accountant’s Note    15
1.0 The Chart of accounts
    Cash at Bank
    Service Revenue
    Accounts Receivable
    Accounting Fee
    Allowance for doubtful debts
    Advertising Expense
    Supplies
    Bad debt Expense
    Prepaid Insurance
    Bank Servicing Fee
    Cleaning Equipment
    Bank Interest Expense
    Accumulated Depreciation - Equip.
    Depreciation Expense
    Accounts Payable
    Insurance Expense
    Wages and Salaries Payable
    Legal Fee
    Unearned Revenue
    Rent Expense
    Interest Payable
    Repair & Maintenance Expense
    Loan Payable
    Wages and Salaries Expense
    Share Capital
    Supplies Expense
    Retained Earning
    Telephone Expense
    Dividend
    Utilities Expense
2.0 Trial balance as at 31 May 2020
    THANOS CLEANING SERVICES PTY LTD
    Unadjusted Trial Balance
    as at 31 May 2020
    Accounts
    DR
    CR
    Cash at Bank
    $20,000
     
    Accounts Receivable
    $25,000
     
    Allowance for doubtful debts
     
    $200
    Supplies
    $12,000
     
    Prepaid Insurance
    $9,000
     
    Cleaning Equipment
    $20,000
     
    Accumulated Depreciation - Equip.
     
    $0
    Accounts Payable
     
    $37,500
    Wages and Salaries Payable
     
    $0
    Unearned Revenue
     
    $60,000
    Interest Payable
     
    $0
    Loan Payable
     
    $0
    Share Capital
     
    $200,000
    Retained Earning
     
    $35,000
    Dividend
    $20,000
     
    Service Revenue
     
    $250,000
    Accounting Fee
    $3,000
     
    Advertising Expense
    $70,000
     
    Bad debt Expense
    $0
     
    Bank Servicing Fee
    $220
     
    Bank Interest Expense
    $0
     
    Depreciation Expense
    $0
     
    Insurance Expense
    $78,000
     
    Legal Fee
    $0
     
    Rent Expense
    $110,000
     
    Repair & Maintenance Expense
    $18,000
     
    Wages and Salaries Expense
    $173,500
     
    Supplies Expense
    $0
     
    Telephone Expense
    $15,000
     
    Utilities Expense
    $8,980
     
     
    $582,700
    $582,700
3.0 Transactions for the month of June 2020& Year End Adjustments
Transactions for the month of June 2020
YOU MUST USE YOUR OWN NUMBERS
    Date
    Transactions
    Amount
    03/06/2020
    Issue of additional shares by private placement
    50,000
    05/06/2020
    Bo
owed money from ANZ.
    25000
    06/06/2020
    Paid rent for June
    15,000
    08/06/2020
    Collected a partial payment on an outstanding account receivable
    5,000
    13/06/2020
    Paid a partial payment on the open account
    6000
    14/06/2020
    Paid wages expense incu
ed
    2000
    15/06/2020
    Provided services to customers, received cash
    5000
    20/06/2020
    Provided services on account
    6000
    23/06/2020
    Paid cash for legal advice associated with liquidation
    5000
    28/06/2020
    Paid wages expense incu
ed
    2500
    29/06/2020
    Received a bill for accounting services
    3000
    30/06/2020
    Received a bill for utilities used
    2000
Year End Adjustments
    30/06/2020
    During the period the business used one third of supplies
    30/06/2020
    Accrued wages expense ($1,000) for June 29 & June 30
    30/06/2020
    Prepaid insurance represents premiums for 1 year paid on 1 January 2020
    30/06/2020
    The interest on loan accrued (Interest rate is 6% per annum)
    30/06/2020
    Depreciation Expense for Equipment (purchased 1 July 2019. It has a useful life of 4 years and no salvage value. The business uses a straight-line method)
    30/06/2020
    Half of the unearned revenue has been earned by 30 June 2020
    30/06/2020
    Overlooked bank servicing fee ($20) withdrawn
    30/06/2020
    Telephone bill for June ($900) was not recorded (not paid)
    30/06/2020
    2% of the accounts receivable amounts expected to be uncollectable
4.0 General Journal
    Date
    Accounts
    Debit
    Credit
    03/06/2020
    Cash D
    50,000
    
    
    Share capital C
    
    50,000
    05/06/2020
    Cash D
    25,000
    
    
    Loan Payable C
    
    25,000
    06/06/2020
    Rent D
    15,000
    
    
    Cash C
    
    15,000
    08/06/2020
    Cash D
    5,000
    
    
    Account receivable C
    
    5,000
    13/06/2020
    Account Payable D
    6,000
    
    
    Cash...
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