Colombo commenced business as a sole proprietor providing computer repair services on 1 June. Colombo contributed land and buildings at $120 000, equipment at $19 000 and cash of $13 000. Transactions during June were as follows:
(a) Complete a worksheet for the month of June, including any final adjustments. Record all property, plant and equipment in a single column of that name.
(b) Prepare the statement of comprehensive income for June and the balance sheet at 30 June.

Question

Colombo commenced business as a sole proprietor providing computer repair services on 1 June. Colombo contributed land and buildings at $120 000, equipment at $19 000 and cash of $13 000. Transactions during June were as follows:
  (a) Complete a worksheet for the month of June, including any final adjustments. Record all property, plant and equipment in a single column of that name.
(b) Prepare the statement of comprehensive income for June and the balance sheet at 30 June.

Quizplus · Accepted Answer

The Answer of Colombo commenced business as a sole proprietor providing computer repair services on 1 June. Colombo contributed land and buildings at $120 000, equipment at $19 000 and cash of $13 000. Transactions during June were as follows:
  (a) Complete a worksheet for the month of June, including any final adjustments. Record all property, plant and equipment in a single column of that name.
(b) Prepare the statement of comprehensive income for June and the balance sheet at 30 June.

Colombo Commenced Business as a Sole Proprietor Providing Computer Repair