BSBFIA401 Prepare Financial Reports - Assessment 3

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Assessment 3

Task 4

The following is a Trial Balance from the ledger of Lunatiques as at 30 June, 2018.

Required:

Prepare the closing General Journal entries including the transfer of net profit (loss) and the transfer of drawings to capital. (20 marks)
Post the general journal entries to the Trading account and Profit & Loss account in the General Ledger. (12 marks)

The Perpetual Inventory system is used.

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