NAME: _______________________________

YEAR 10
ACCOUNTING
ASSESSMENT:
STATEMENT OF RECEIPTS AND PAYMENTS,
INCOME STATEMENT AND BALANCE
SHEET

TERM 2 - 2015

Q1:

a) ___/10
b) ___/10
c) ___/10

John Barry owns and runs a lawn-mowing and tree-lopping small business called J.A
Services. He employs two workers to help him out. On 31 January 2016, the unclassified
Balance Sheet of J.A Services showed the following information.
Assets
Equities
Bank
1200
GST payable
900
Tools and Equipment 4000
Loan- NAB
22 900
Ute
40 000
Capital- Barry
21 700
Computer
300
45 500
45 500

Additional information: The Loan-NAB is repayable at 5500 p.a.

The cash journals for J.A Services for February 2016 showed the following.
Cash Receipts Journal

Date

Rec.
No.

Details

Bank

Mowing
Fees

Tree
Lopping
Fees

28/02 Capital

Sundries

GST

7500

Loan-NAB

6000

Totals

34 400

3500

15 500

13500

1900

Cash Payments Journal

Date

28/02

Details

Chq
.
No.

Bank

Wages

Drawings

Loan- NAB

900

GST settlement

900

Interest on loan

70

Ute expenses

4500

Advertising

400

Insurance

250

Tools + Equipment
Totals
a.
b.
c.

Sundries

GST

1500
24 085

9000

5000

8520

1565

Prepare a Statement of Receipts and Payments for J.A Services for February 2016
(10 marks)
Prepare an Income Statement for J.A Services for February 2016 (10 marks)
Prepare an appropriately classified Balance Sheet for J.A Services as at 28 February

2016 (10 marks)

(a) Statement of Cash Receipts and Payments for February 2016.
$

(b) Income Statement for 28 February 2016.

(c) Balance Sheet as at 28 February 2016.

$