ACF5950 - Assignment # 7 Semester 2 2015

Name: WANG, LUYAO (26357682)

Email: lwan351@student.monash.edu
Proprietor
Dr. F. Urball
:
Name: Best Friends Vet Clinic
Description
Veterenarian Clinic
:
The business has the following Additional Information:
opening balances:
Medical Supplies $1,747
Office Supplies $619Closing stock of medical 1,534
Medical Equipment $35,448supplies on 30/6 ($)
Bank Loan (due 2016) $29,287Closing stock of office 599
Account Payable $8,523supplies on 30/6 ($)
Motor Vehicle $35,042Medical equipment scrap 3,876
Account Receivable $21,737value ($)
Cash At Bank $11,807Medical equipment useful 4
life (years)
Rent paid for (months) 4
Insurance paid for (months) 4
Motor vehicle scrap value
4,670
($)
Motor vehicle useful life
5
(years)
Bank loan interest rates (%
9
per year)
Transactions:
A
m
o Descriptio
Date Description Date Amount
u n
n
t
1- Paid General Motor Vehicle
  $2,335 2-Jun  $200
Jun Insurance Expenses
2- Vaccination - Rent of Business
  $713 3-Jun  $4,287
Jun Account Premises
3- Vaccination - Purchase office
  $1,066 4-Jun  $462
Jun Account supplies - Account
6- Sundry Cash Withdrawals by
  $238 6-Jun  $530
Jun Expenses Owner
Advertising
7-
  Expense - $633 8-Jun  Staff Wages $1,227
Jun
Account
Advertising
9- Pet consultation -
  Expense - $621 9-Jun  $1,552
Jun Cash
Account
11- Sundry Advertising Expense -
  $143 11-Jun  $349
Jun Expenses Cash
13- Desexing - Pet consultation -
  $2,605 14-Jun  $1,138
Jun Cash Account
14-   Advertising $372 15-Jun  Receive Payment $1,130
Jun Expense - Cash from Account
 Customers
15- Purchase medical
  Staff Wages $1,227 17-Jun  $698
Jun supplies - Account
Cash
18- Payment to Account
  Withdrawals by $419 19-Jun  $665
Jun Payable
Owner
19- Pet consultation
  $2,094 20-Jun  Vaccination - Cash $1,011
Jun - Cash
Payment to
21-
  Account $722 21-Jun  Desexing - Cash $2,173
Jun
Payable
Receive Payment
22-
  Staff Wages $1,227 23-Jun  from Account $1,222
Jun
Customers
Purchase office
23- Motor Vehicle
  supplies - $395 23-Jun  $194
Jun Expenses
Account
24- Pet consultation Purchase medical
  $1,175 24-Jun  $337
Jun - Account supplies - Cash
Additional cash
24-
  contributed by $2,678 29-Jun  Vaccination - Cash $1,097
Jun
owner
29-
  Staff Wages $1,227       
Jun
Comments:
This business was purchased on 1 June.
You are required to prepare a general journal entry to incorporate the
opening balances into the current period, including the balancing
capital figure.
You will need to refer to the Additional Information section for your
adjusting entries.
The rent and insurance period start on 1 June.
Show three types of revenue, namely pet consultation, vaccination and
desexing fees. All revenues received were for the month of June.
Unless otherwise indicated, all transactions are on a cash basis. Use one
general Account Receivable for all debtors and one general Account
Payable for all creditors.
Your Balance Sheet should show assets and liabilities divided into
current and non-current.
Staff work a 7-day week and are paid on the 8th day.