ABKA146 Assessment V5 Brief | Financial Statements

ABKA146 Financial Statements 

Read through the requirements below and complete all parts of the assessment and then save your work as either a Word document or a PDF file. Once you have saved your work click on the Assessment submission link within this topic and upload your completed assessment to your tutor for marking. 

ABKA146 Part A - Inventory 

You are the bookkeeper for Pants n Prints Limited (PnP), which is a retail store in the lower North Island. PnP uses the periodic inventory method. It is the end of the 2020 financial year and you are responsible for preparing the financial statements. You have collated the following information to assist you in calculating the cost of goods sold: 

• The opening inventory at 1 July 2019 was $23,800. 
• PnP has conducted a stock take and the stock on hand as at 30 June 2020 is as follows:

ABKA146 Part B - Financial Statements 

Sally runs her own retail business called Sally's Shoes Limited (SSL). SSL uses a perpetual inventory system. It is the end of the 2020 financial year and Sally has asked you to help her prepare the financial statements for the year ended 30 June 2020. You have been provided with the adjusted trial balance as at 30 June 2020. Please remember the Tax calculated will be not be paid yet and will be paid in future.