Lucky Star Imports Pty Ltd (LSI) Initial investment by Proprietors: Description $ Useful life (Years) Depreciation Closing value Cash $150,000.00 Motor Vehicle $35,000.00 5 14000 $21,000.00 Computer equipment $5,000.00 4 2500 $2,500.00 $190,000.00 Bank Loans obtained by LSI Pty Ltd Overdraft $5,000.00 Bank Loan Max Limit Balance 30/09/12 Balance 31/12/12 Balance 31/03/13 Balance 30/06/13 5 Year bank loan @ 7.5% $350,000.00 Interest charge Schedule of assets for depreciation Useful life (Years) Depreciation Written-down value Computer equipment (Opening) $190,000.00 Computer (Purchased 1 July) $80,000.00 Total Computer equipment $270,000.00 4 135000.00 $135,000.00 Motor Vehicle $35,000.00 5 14000.00 $21,000.00 Furniture & fittings $50,000.00 10 5000.00 $45,000.00 Leasehold fitout $100,000.00 10 10000.00 $90,000.00 Telephone equipment $60,000.00 10 6000.00 $54,000.00 $170,000.00 $345,000.00
Trading information Total assets: Sales Inventory Purchases *** "Inventory Opening/
Closing Balance" "Wages ***
($12,500pm x 2)
+ (12% Sales)" Wages payable "Superannuation
(9% x Gross Wages)" Super Payable *** Opening balances 0 July $80,000.00 55000