Duality
Stock Loss
Dr Stock Loss, Cr Inventory Control
Duality
all transactions affect at least two accounts
Interest on Loan
Finance Expense
Calculate the Capital figure
Cash at Bank $15,000
Vehicle $35,000
Loan $20,000
$30,000
Who is the headline artist at tonight's ARIA Awards in Sydney?
Olivia Dean
Owner withdraws cash from the business
Dr Drawings, Cr Bank
The finances of the owner and the business are key separate
Prepaid Insurance
Current Assets
Calculate net assets
Cash at Bank $18,000
Furniture $15,000
Creditors $11,000
$22,000
When does the first Ashes match commence?
21 November
Credit sale
Dr Debtors, Cr Sales
Going Concern
Drawings
Statement of Changes in Equity
Calculate working capital ratio
Cash at Bank $18,000
Furniture $15,000
Creditors $11,000
1.64:1
Capital of Latvia
Riga
The business repays a creditor
Dr Creditor, Cr Bank
The original purchase price of an asset is used
Historical Cost
Profit
Income Statement and Statement of Changes in Equity
Calculate the Insurance expense to be recorded on 30 June
$10,000
Current value of the Australian Dollar against the USD
65c
Business buys a vehicle, paying a deposit with the rest on credit
Dr Vehicle, Cr Bank, Cr Creditors
Accounting Period
the life of the business is divided into arbitrary time periods
Sales Wages Payable
Current Liability
Cost of Goods Sold $750,000
Inventory (01/07/24) $140,000
Inventory (30/06/25) $190,000
4.5 times
Name the sport these Australian teams play
Boomers, Kelpies, Wallabies, Opals, Sharks
Basketball, Netball, Rugby, Basketball, Waterpolo