A. Adjusting Entries
Particulars
Amount ($)
Adjustments ($)
Credit
Debit
Credit
5,200
9,260
1,140
720 (1)
60,000
152,000
64,000
8,760 (3)
23,400
6,420
2,140 (3)
7,960
1,560
(2) 1,200
2,000
920
88,600
71,490
52,780
156,860
(2) 1,200
87,940
980 (7)
1,740
320 (6)
760
1,660
(4) 585
2,090
220 (5)
$398,890
$398,890
720 (1)
8,760 (3)
2,140 (3)
585 (4)
220 (5)
320 (6)
980 (7)
14,925
14,925
Debit
Cash at Bank
Accounts Receivable
Office Supplies
Land
Building
Accumulated Depreciation: Building
Office Equipment
Accumulated Depreciation: Office Equipment
Accounts Payable
Unearned Consulting Fees
GST Collected
GST Paid
Mortgage Payable
F Donald: Capital
F Donald: Drawings
Consulting Fees Revenue
Salaries and Wages Expense
Telecommunications Expense
Electricity Expense
Insurance Expense
Interest Expense
Office Supplies Expense
Depreciation Expense: Building
Depreciation Expense: Office Building
Prepaid Insurance
Interest Payable
Telecommunications Expense Payable
Salaries Payable
Working Notes:


Office Supplies: 1140-420= $720
Insurance Expense: (780/12) *9= $585
A. Adjusted Trial Balance
Particulars
Cash at Bank
Accounts Receivable
Office Supplies
Land
Building
Accumulated Depreciation: Building
Office Equipment
Accumulated Depreciation: Office
Equipment
Accounts Payable
Unearned Consulting Fees
GST Collected
GST Paid
Mortgage Payable
F Donald: Capital
F Donald: Drawings
Consulting Fees Revenue
Salaries and Wages Expense
Telecommunications Expense
Electricity Expense
Insurance Expense
Interest Expense
Office Supplies Expense
Depreciation Expense: Building
Depreciation Expense: Office Building
Prepaid Insurance
Interest Payable
Telecommunications Expense Payable
Salaries Payable
Amount ($)
Debit
5,200
9,260
1,140
60,000
152,000
Credit
Adjustments ($)
Debit
Credit
720 (1)
64,000
8,760 (3)
6,420
2,140 (3)
23,400
7,960
1,560
2,000
Adjusted Trial
Balance ($)
Debit
Credit
5,200
9,260
420
60,000
152,000
72,760
23,400
8,560
7,960
360
2000
1,200(2)
920
920
88,600
71,490
88,600
71,490
52,780
52,780
156,860
87,940
1,740
760
1,660
2,090
$398,890
1,200 (2)
980 (7)
320 (6)
158,060
220 (5)
88,920
2,060
760
1,075
2,310
720 (1)
8,760 (3)
2,140 (3)
585 (4)
720
8,760
2,140
585
585 (4)
$398,890
14,925
220 (5)
320 (6)
980 (7)
14,925
411,310
220
320
980
411,310
B. Statement of Profit and Loss
Income Statement for Fiona Donald
Particulars
Debit ($)
Sales
Consulting Fees Revenues
Expenses
Office Supplies Expense
Depreciation Expense: Building
Depreciation Expense: Office Building
Salaries and Wages Expense
Telecommunications Expense
Electricity Expense
Insurance Expense
Interest Expense
Total Expenses
Credit ($)
158,060
720
8,760
2,140
88,920
2,060
760
1,075
2,310
Net Income
(106,745)
51,315
For Further calculations, statement of changes in Equity will also be required.
Statement of Changes in Equity for Fiona Donald
Particulars
Amount ($)
Fiona Donald: Capital
71,490
Add: Net Income
51,315
122,415
Less: Fiona Donald: Drawings
(52,780)
Fiona Donald: Capital
70,025
C. Balance Sheet
Balance Sheet for Fiona Donald
Particulars
Amount ($)
Current Assets
Cash at Bank
5,200
Accounts Receivable
9,260
Prepaid Insurance
585
Office Supplies
420
Total Current Assets
15,465
Non-Current Assets
Land
Building
Less: Accumulated Depreciation
Office Equipment
Less: Accumulated Depreciation
Total Non-Current Assets
60,000
152,000
(72,760)
23,400
(8,560)
154,080
Total Assets
169,545
Current Liabilities
Accounts Payable
Unearned Consulting fees
GST Payable
Interest Payable
Telecommunications Expense Payable
Salaries and Wages Payable
Mortgage Payable
Total Current Liabilities
7,960
360
1,080
220
320
980
8,840
19,760
Non-Current Liabilities
Mortgage Payable
79,760
Total Liabilities
99,520
Total Equity- Fiona Donald: Capital
70,025
Total Liabilities and Equity
169,545
Working Notes:

Mortgage Payable (Current Assets)- (900-220) *13 months: $8,840