Homework CH8

Practice 1:
1. Steven & Sons

a) Record the information from the documents into the books of prime entry.
GeneralJournal
Date
Particulars
Debit
2002,Jun
Credit
$
26 Drawing

Purchase
25 Furniture

Capital
200
200
1,000
1,000
PurchasesJournal
Date
Invoice#
Particulars
2002,Jun
05

Date
9009
ChengGong&CO
Less:30%discount
PurchasesReturnsJournal
CreditNote#
Particulars
2002,Jun
07
2,000
600
1,400
Details
Amount
ChengGong&CO
200
60
140
Invoice#
Less:30%discount
SalesJournal
Particulars
Details
Amount
JayKay
900
Less:10%discount
90
810
2002,Jun
03
Amount
1009
Date
Details
1200
Date
Invoice#
SalesReturnsJournal
Particulars
Details
Amount
JayKay
150
Less:10%discount
15
135
2002,Jun
20
1001
CashBook
Date
Particulars
2002,June
1 Balanceb/d
10 JayKay
16 Sales
16 Cash
22 Sales
23 Cash

Jul,1
Balanceb/d
D/A
Cash
Bank
Date
12
900
30
2,550
3,450
6,900
30
400
1,250
2,500
3,000
6,750
3,765
15
16
23
29
30
Particulars
ChengGong&CO
DAFA
Bank
Bank
Rent
Wages
Telephone
Drawings
Balancec/d

D/R
40
40
Cash
Bank
300
2,500
3,000
700
400
6,900
2,000
450
235
300
3,765
6,750
b) Ledger accounts:
Date
2002,Jun
Premise
Debit
Credit
50,000
MotorVehicle
Debit
Balance
$
50,000
Credit
22,000
OfficeEquipment
Particulars
Debit
Balance
$
22,000
Credit
Balance
$
8,000
9,000
Particulars
1 Balanceb/d
Date
2002,Jun
Particulars
1 Balanceb/d
Date
2002,Jun
1 Balanceb/d
3 ExcelLtd
Date
2002,Jun
Particulars
1 Balanceb/d
Particulars
1
3
10
18
20
Date
2002,Jun
Balanceb/d
Sales
Bank
DiscountAllowance
Sales
SalesReturns
Particulars
1 Balanceb/d
Stock
Debit
Credit
Balance
$
12,000
Credit
Balance
$
1,000
12,000
Furniture
Debit
Date
Particulars
2002,Jun
25 Capital
Date
2002,Jun
8,000
1,000
1,000
JayKay
Debit
Credit
2,750
810
900
1,250
30
135
BankOverdraft
Debit
Credit
3,250
Balance
$
2,750
3,560
2,310
2,280
3,180
3,045
Balance
$
3,250
ChengGong&CO
Particulars
Debit
Date
2002,Jun
1
5
7
12
Date
2002,Jun
Balanceb/d
Purchases
Purchasesreturns
Bank
Discountreceived
Particulars
3
16
18
22
JayKay
Cash
JayKay
Cash
Date
Particulars
2002,Jun
20 JayKay
Date
2002,Jun
Particulars
5 ChengKong
15 Cash
26 Drawings
Date
2002,Jun
Sales
Debit
Salesreturns
Debit
135
Purchases
Debit
1,400
300
Purchasereturns
Particulars
Debit
7 ChengGong&CO
Date
2002,Jun
140
2,000
40
Particulars
1 Balanceb/d
25 Furniture
Capital
Debit
Credit
4,400
1,400
Credit
810
2,550
900
3,450
Credit
Credit
200
Credit
140
Credit
88,000
1,000
Balance
$
4,400
5,800
5,660
3,660
3,620
Balance
$
810
3,360
4,260
7,710
Balance
$
135
Balance
$
1,400
1,700
1,500
Balance
$
140
Balance
$
88,000
89,000
Date
Particulars
2002,Jun
26 Purchases
30 Bank
Date
2002,Jun
Particulars
3 Officeequipment
Drawings
Debit
200
300
ExcelLtd
Debit
Credit
Credit
1,000
Discountreceived
Particulars
Debit
Credit
Date
2002,Jun
12 ChengGong&CO
Discountallowance
Particulars
Debit
Date
2002,Jun
10 JayKay
Date
Particulars
2002,Jun
30 Bank
Date
Particulars
2002,Jun
29 Bank
Date
Particulars
2002,Jun
30 Bank
30
Wages
Debit
700
Rent
Debit
450
Telephone
Debit
235
40
Credit
Credit
Credit
Credit
Balance
$
200
500
Balance
$
1,000
Balance
$
40
Balance
$
30
Balance
$
700
Balance
$
450
Balance
$
235
Particulars
Cash
Bank
Premise
Stock
OfficeEquipment
Furniture
MotorVehicle
DebtorsJayKay
CreditorsChengGong
BankOverdraft
ExcelLtd
Capital
Drawings
Sales
Salesreturns
Purchases
Purchasesreturns
Discountreceived
Discountallowance
Rent
Wages
Telephone
Steven&Sons
TrialBalance
Asat31June,2002
Debit
$
400
3,765
50,000
12,000
9,000
1,000
22,000
3,045
500
135
1,500
30
450
700
235
104,760
Credit
$
3,620
3,250
1,000
89,000
7,710
140
40
104,760
Trading and Profit and Loss Account for the month ended 30 June, 2002
Opening stock
Purchases
1,500
Less: Purchase returns (140)
Less: Ending stock
COGS
Gross Profit
Discount allowance
Rent
Wages
Telephone
Net Profit
30
450
700
235
$12,000
1,360
(10,500)
2,860
4,715
7,575
Sales
Less: Sales returns
Net sales
7,710
(135)
7,575
Gross Profit
Discount received
4,715
40
4,755
(1,415)
3,340
4,755
Steven & Sons

Balance Sheet
As at 30 June, 2002
Owners Equity:
Fixed Assets:
Premise
Motor Vehicle
Office equipment
Furniture
50,000
22,000
9,000
1,000
Current Assets:
Stock
Debtors
Bank
Cash
Net Profit
Capital
Less: Drawings
Add: Net profit
89,000
(500)
3,340
82,000
91,840
Long term Liabilities:
Bank Overdraft
10,500
3,045
3,765
400
Current Liabilities:
Creditors Cheng Gong & CO
17,710
Excel Ltd
99,710
3,250
3,620
1,000
99,710
2) Shop-n-Enjoy
a) State the documents used on February 3,4,6,7,9,10,11,13,16,25;
03-Feb
Cash register slip
04-Feb
Invoice issued by Shop-n-Enjoy
06-Feb
Invoice from O Pee & CO
07-Feb
Receipt or Cheque Butt
09-Feb
Credit note issued by Shop-n-Enjoy
10-Feb
Receipt issued by Shop-n-Enjoy, Credit note from O Pee & CO
11-Feb
Internal Memo
13-Feb
Cash register slip
16-Feb
Receipt issued by Shop-n-Enjoy
25-Feb
Invoice from Made-easy Ltd, Payment voucher issued by Shop-n-Enjoy
b) Record the information from the documents into the books of prime entry;
GeneralJournal
Date
Particulars
Debit
2002,Feb
Credit
$
25 Officeequipment
MadeeasyLtd
28 Drawings
Purchases

3,000
3,000
150
150
PurchasesJournal
Date
Invoice#
Particulars
Details
Amount
OPee&CO
1,345
1,345
17
OPee&CO
1,545
1,545
18
STeeLtd
2,000
2,000
4,890
Details
Amount
OPee&CO
125
125
STeeLtd
200
200
325
Details
Amount
ABee
500
500
05
CDee
400
400
23
ABee
300
300
1,200
Details
Amount
ABee
100
100
ABee
50
50
150
2002,Feb
06
PurchasesReturnsJournal
CreditNote#
Particulars
Date
2002,Feb
10
22

Date
SalesJournal
Particulars
Invoice#
2002,Feb
04
Date
SalesReturnsJournal
Particulars
CreditNote#
2002,Feb
09
24

CashBook
Date
Particulars
2002,Feb
01 Balanceb/d
03 Sales
10 CDee
13 Sales
15 Cash
16 ABee
21 Sales
27 Sales
28 Cash

Mar,1
D/A
50
Cash
Bank
Date
Particulars
900
800
2,500
2,250
3,250
1,000
2,450
1,235
2,345
2,000
Officeequipment
OPee&CO
Bank
Rent
STeeLtd
Wages
Motorvehicleexpense
Interestonloan
Bank
Drawings
Balancec/d
45
95
6,450
Balanceb/d
1,400
07
12
15
17
19
25
26
28
12,280
5,280
D/R
40
50
90
c) Ledger accounts
Date
2002,Feb
Particulars
MotorVehicle
Debit
20,000
OfficeEquipment
Particulars
Debit
Credit
Balance
$
20,000
Credit
Balance
$
10,000
12,500
15,500
1 Balanceb/d
Date
2002,Feb
1 Balanceb/d
7 Bank
25 MadeeasyLtd
Date
2002,Feb
Particulars
1 Balanceb/d
10,000
2,500
3,000
Stock
Debit
Credit
18,000
Balance
$
18,000
Cash
Bank
2,450
350
250
2,000
1,400
2,500
800
300
2,600
400
400
5,280
6,450
12,280
Date
2002,Feb
Particulars
1
4
9
16
23
Date
2002,Feb
Balanceb/d
Sales
Salesreturns
Bank
Discountallowance
Sales
Salesreturns
Particulars
1
5
10
Date
2002,Feb
Balanceb/d
Sales
Bank
Discountallowance
Particulars
1
6
10
12
17
Date
2002,Feb
Balanceb/d
Purchases
Purchasesreturns
Bank
Discountreceived
Purchases
Particulars
1
18
19
22
Balanceb/d
Purchases
Bank
Discountreceived
Purchasesreturns
ABee
Debit
Credit
2,500
500
300
100
1,235
45
50
CDee
Debit
Credit
2,750
400
1,000
50
OPee&CO
Debit
Credit
125
800
40
1,750
1,345
1,545
STeeLtd
Debit
Credit
2,600
50
200
2,650
2,000
Balance
$
2,500
3,000
2,900
1,665
1,620
1,920
1,870
Balance
$
2,750
3,150
2,150
2,100
Balance
$
1,750
3,095
2,970
2,170
2,130
3,675
Balance
$
2,650
4,650
2,050
2,000
1,800
Date
2002,Feb
Particulars
3
4
5
13
21
23
27
Date
2002,Feb
Cash
ABee
CDee
Cash
Bank
ABee
Cash
Particulars
9 ABee
24 ABee
Date
2002,Feb
Particulars
6
11
17
18
28
Date
2002,Feb
OPee&CO
Drawings
OPee&CO
STeeLtd
Drawings
Particulars
1 Balanceb/d
Credit
800
500
400
2,500
2,345
300
2,250
Salereturns
Debit
100
50
Purchases
Debit
1,345
1,545
2,000
Purchasesreturns
Particulars
Debit
10 OPee&Co
22 STeeLtd
Date
2002,Feb
Sales
Debit
Capital
Debit
Credit
Credit
100
150
Credit
125
200
Credit
30,000
Balance
$
800
1,300
1,700
4,200
6,545
6,845
9,095
Balance
$
100
150
Balance
$
1,345
1,245
2,790
4,790
4,640
Balance
$
125
325
Balance
$
30,000
Date
Particulars
2002,Feb
11 Purchases
28 Bank
Purchases
Drawings
Debit
100
400
150
Discountreceived
Particulars
Debit
Date
2002,Feb
12 OPee&CO
19 STeeLtd
Discountallowance
Particulars
Debit
Date
2002,Feb
10 CDee
16 ABee
Date
2002,Feb
Particulars
25 Officeequipment
Date
2002,Feb
Particulars
17 Bank
Date
2002,Feb
25 cash
50
45
MadeeasyLtd
Debit
Rent
Debit
300
Particulars
Wages
Debit
350
Motorvehicleexpense
Particulars
Debit
Date
2002,Feb
26 cash
Credit
250
Credit
40
50
Credit
Credit
3,000
Credit
Credit
Credit
Balance
$
100
500
650
Balance
$
40
90
Balance
$
50
95
Balance
$
3,000
Balance
$
300
Balance
$
350
Balance
$
250
Interestexpense
Particulars
Debit
Date
2002,Feb
26 Bank
Particulars
Cash
Bank
Stock
OfficeEquipment
MotorVehicle
DebtorsABee
DebtorsCDee
CreditorsOPee&C0
CreditorsSTeeLtd
MadeeasyLtd
Capital
Loan
Drawings
Sales
Salesreturns
Purchases
Purchasesreturns
Discountreceived
Discountallowance
Rent
Wages
Motorvehicleexpense
Interestonloan
400
ShopnEnjoy
TrialBalance
Asat31February,2002
Debit
$
1,400
5,280
18,000
15,500
20,000
1,870
2,100
650
150
4,640
95
300
350
250
400
70,985
Credit
Balance
$
400
Credit
$
3,675
1,800
3,000
30,000
23,000
9,095
325
90
70,985
Trading and Profit and Loss Account for the month ended 28 February, 2002
Opening stock
Purchases
4,640
Less: Purchase returns (325)
Less: Ending stock
COGS
Gross Profit
Discount allowance
Rent
Wages
Motor vehicle expense
Interest loan
Net Profit
95
300
350
250
400
$18,000
4,315
(17,730)
4,585
4,360
8,945
Sales
Less: Sales returns
Net sales
9,095
(150)
8,945
Gross Profit
Discount received
4,360
90
4,450
(1,395)
3,055
4,450
Shop-n-Enjoy
Balance Sheet
As at 28 February, 2002
Owners Equity:
Fixed Assets:
Motor Vehicle
Office equipment
20,000
15,500
35,500
Capital
Less: Drawings
Add: Net profit
30,000
(650)
3,055
32,405
Current Assets:
Stock
Debtors A Bee
Debtors C Dee
Bank
Cash
Net Profit
17,730
1,870
2,100
5,280
1,400
Long term Liabilities:

Loan
Current Liabilities:
28,380 Creditors O Pee & CO
3,675
63,880
S Tee Ltd
1,800
Made-easy Ltd 3,000
23,000
8,475
63,880

Homework CH8

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Homework CH8

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Practice 1:

1. Steven & Sons

Steven & Sons

Cash register slip

Invoice issued by Shop-n-Enjoy

Invoice from O Pee & CO

Receipt or Cheque Butt

Credit note issued by Shop-n-Enjoy

Receipt issued by Shop-n-Enjoy, Credit note from O Pee & CO

Cash register slip

Receipt issued by Shop-n-Enjoy

Invoice from Made-easy Ltd, Payment voucher issued by Shop-n-Enjoy

Long term Liabilities:

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