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ACCT2511-Financial Accounting Fundamentals - Term 3, 2025

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Question 3 [6 Marks]

The following are the journal entries for the transactions that occurred for TTT Ltd during the year ended 30 June 2025:

Required: Based on the journal entries provided, prepare all necessary closing entries for TTT Ltd.

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Part b (2 marks):

  How much are the total revenues and expenses

for the year ended 30 June 2025?

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Part a (4 marks):

Prepare the CURRENT LIABILITIES section

of the balance sheet for XYZ Ltd as at 30 June 2025.

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Part c (2 marks):

Provide ONE

advantage and ONE disadvantage of using the direct write-off method compared with the allowance method

for bad debts.

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Part b (1 mark):

Assume that

the balance of Allowance for doubtful debts has become a debit balance rather

than a credit balance.

Briefly explain how the balance of the Allowance

for Doubtful Debts would become a debit balance.

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Part a (2 marks):

Prepare the

journal entry for the bad debt expense

for the year ended 30 June 2025,

and

show workings for the calculation of bad debt expense.

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Required:

Based on the trial balance provided,

prepare all necessary closing entries for XYZ Ltd.

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Part b.

The following transactions occurred for XYZ Ltd

during the month of August 2025. You must prepare all journal entries

(including adjusting journal entries) for these transactions for the

month

ended 31 August 2025.

i.              

On 1 August 2025, XYZ Ltd purchased a

machine for $240,000 on credit (- and used Accounts payable account). The

machine has an estimated useful life of 8 years. Depreciation is calculated on

a straight-line basis and no residual value.

(3

marks)

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ii.              

On 1 August 2025, XYZ Ltd purchased supplies

for $18,000 in cash. On 31 August 2025, a physical count showed that $4,500 of

supplies remained on hand.

(3 marks)

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Part a.

Prepare the

Income Statement for XYZ Ltd for the

month ended 31 July 2025.

(

6

marks

)

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