The ledger of Daniel Penny, Financial consultant, contains the following account balances on 30th June 2015 and additional information for adjusting accounts. You are required to:
(A) Prepare a 10-column worksheet for the year ended 30 June 2015.
(B) Prepare the income statement, balance sheet and statement of change in equity.
(C) Journalise the closing entries.
![310_Account balances.jpg](https://secure.tutorsglobe.com/CMSImages/310_Account%20balances.jpg)
The following information is also available:
1. The rent was paid in advance for 12 months on 1st April 2015
2. The physical count of office supplies reveals that supplies totalling $4,200 are on hand at 30th June.
3. The balance in the unearned consulting fees account includes $ 12,000 earned for services rendered in the last week of June.
4. Estimated depreciation on the office equipment is $21,400. Depreciation on the building is $87,600
5. A 12-month insurance policy was purchased on 1 April for $7,800 plus GST.
6. The June monthly mortgage payment of $9,000 has not been paid or recorded. In each payment, $2,200 is attributable to interest.
7. The June telecommunications costs for $3,200 are unrecorded. No tax invoice has been received.
8. Salaries of $9,800 were owing to employees at 30 June 2015.
9. Office expenses of $2,000 incurred but not paid until 30 June 2015.
10. At the end of the year consultation services of $150,000 were provided but Daniel did not receive any cash for this yet.