BCAF002: Principles of Accounting & Finance Sisco Security Pte Ltd - Accounting and Finance Assignment Help

Assignment Task:

Task:

Question 1 
Sisco Security Pte Ltd was established in 2000 selling CCTV, door access system and alarm system.
The retail shop is located at Ubi.
The financial year of the business ends on 30 June. You are given the following information:

Trial Balance as at 31 May 2019

• Account Name Note Dr ($) Cr ($)
• Cash at Bank 36,560
• Capital – Sebastian 208,510
• Creditors 15,300
• Debtors 1 38,660
• Drawings – Sebastian 15,400
• Fixed Deposit 2 80,000
• Furniture and Fittings 3 44,000
• Accumulated Depreciation – Furniture and Fittings 16,500
• Inventory 29,100
• Interest Revenue 1,200
• Sales Revenue 4 175,765
• Sales Returns 11,300
• Cost of Goods Sold 57,850
• Advertising Expense 20,200
• Insurance Expense 5 1,800
• Rent Expense 6 40,100
• Salaries Expense 35,155
• Utilities Expense 7 7,150
• 417,275 417,275

Transactions for June 2019:

• Jun 1 Paid $18,000 for six months’ rent from June 2019 to November 2019 for a new retail shop located at Serangoon. (Record the full amount into an expense account.)
• 5 Paid creditors $7,000.
• 6 Received $12,000 from debtors.
• 9 Sebastian, the owner, contributed additional cash of $50,000 into the business.
• 14 Received a call from a customer to buy a door access system at retail price $1,800. Payment will be made when the system is delivered next month.
• 20 Paid $6,000 from the business bank account for Sebastian’s family holiday in Japan.
• 28 Sebastian paid his housing loan of $20,000 using his personal cheque.
• 30 $20,650 cash was received for goods sold in June 2019. Cost of goods sold was $9,700.
• Paid the following expenses for June 2019:
• Advertising $4,100, Rent $5,000, Salaries $7,400.

Items requiring year-end adjustments are as follows:
1) One of the debtors owing $3,000 was declared bankrupt on 30 June 2019.
2) A fixed deposit of $80,000 was placed with DBS Bank on 1 October 2018 for a 2-year tenure at an annual interest rate of 3%. Interest is receivable semi-annually on 31 March and 30 September.
3) Depreciation expense of $900 for Furniture and Fittings is to be provided for the whole accounting year.
4) Sales Revenue as at 31 May 2019 included $2,000 from a customer who made advance payment and requested for the alarm system to be delivered in July 2019.
5) Insurance of $1,800 was paid on 1 August 2018 for coverage from 1 August 2018 to 31 July 2019. Payment was debited to Insurance Expense account and credited to Cash at Bank account. No other entry for the insurance has been made.
6) Adjustment is needed for the rent paid for the new retail shop at Serangoon 1 June 2019.
7) Estimated utilities bill for June 2019 was $750. The bill is expected to be received in July 2019 and payment will be made in August 2019.

Required:
a) Prepare general journal entries to record the transactions in June 2019. Narrations are not required. Indicate ‘No Journal Entry Required’ if a transaction does not require a journal entry.

(11 marks)
b) Prepare general journal entries to record the adjustments (1) to (7) on 30 June 2019. Narrations are not required. Show workings where appropriate.

(101⁄2 marks)
c) Post the relevant transactions to the Cash at Bank account for the month of June 2019.
(51⁄2 marks)
d) Prepare the Trial Balance as at 30 June 2019, taking into account all journal entries in Part (a) and (b).

e) Prepare the Profit and Loss Statement for the year ended 30 June 2019. You need not further classify the operating expenses.

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