Manual Accounting Practice Set

Tech Head, Australasian Edition 3

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Information from previous pages

General instructions
Policies and procedures
All transactions
Adjusting entries information

This page introduces you to further information that you will need to complete the practice set.

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subsequent page of the practice set.

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Click the Start question 1 button below to start recording transactions for Tech Head.

Post-closing trial balance ~ May

 Tech Head
Post-closing trial balance
As at 30/05/2012

Debit Credit
Account No. Name
($) ($)
100 Cash at Bank 46,824
110 ARC - Accounts Receivable Control 30,465
120 Inventory 237,832
130 Office Supplies 286
140 Prepaid Rent
141 Prepaid Advertising 15,000
142 Prepaid Insurance 4,600
150 Cash Registers 9,000
151 Accum Depn: Cash Registers 1,625
160 Store Fixtures 40,000
161 Accum Depn: Store Fixtures 12,721
210 APC - Accounts Payable Control 47,258
220 Wages Payable 7,429
221 Electricity Payable 874
222 Water Payable 124
225 Interest Payable 235
250 Bank Loan Payable 47,000
300 Share Capital 60,000
301 Retained Earnings 206,741
310 Profit and Loss Summary
400 Sales Revenue
401 Sales Returns and Allowances
402 Discount Received
403 Interest Revenue
500 Cost of Sales
511 Advertising Expense
516 Wages Expense
540 Rent Expense
541 Electricity Expense
542 Water Expense
543 Insurance Expense
544 Office Supplies Expense
545 Salary Expense
560 Depn Expense: Cash Registers
 561 Depn Expense: Store Fixtures
571 Interest Expense
572 Bank Charges
573 Discount Allowed

Total 384,007 384,007

Schedule of accounts receivable ~ May

Tech Head
Schedule of Accounts Receivable
As at 30/05/2012

Debit Credit
Account No. Name
($) ($)
110-1 ARC - Radio Hut 3,530
110-2 ARC Pikea 2,793
110-3 ARC - Jerry Technology 12,804
110-4 ARC - Handys Electronics 3,879
110-5 ARC - Turbo Tech 4,150
110-6 ARC Hypertronics 3,309

Total 30,465
Please note: Tech Head does not generally give a discount for early payment except in exceptional
circumstances. All debtors are on net 30 credit terms.

Schedule of accounts payable ~ May

Tech Head
Schedule o f Accounts Payable
As at 30/05/2012

Debit Credit
Account No. Name Terms
($) ($)
210-1 APC - Moon Megasystems 3,361 2/10, n/30
210-2 APC - Pony 3,373 1/15, n/30
210-3 APC - JCN Electrical 27,045 net 30
210-4 APC - Mega Tech 4,364 2/10, n/30
210-5 APC - Big Telco 4,541 net 30
210-6 APC - Pear Technology 4,574 net 30

Total 47,258

Inventory cards ~ May

MePod Multimedia Players
 Purchases Cost of Sales Balance

Date Unit Total Unit Total Unit Total

Units Cost Cost Units Cost Cost Units Cost Cost
($) ($) ($) ($) ($) ($)
May 1 29 640 18560

May 5 23 704 16192 29 640 18560

23 704 16192

May 25 5 640 3200 24 640 15360

23 704 16192

May 31 6 640 3840 18 640 11520

23 704 16192

Zii Game Consoles

Purchases Cost of Sales Balance

Date Unit Total Unit Total Unit Total

Units Cost Cost Units Cost Cost Units Cost Cost
($) ($) ($) ($) ($) ($)
May 1 25 1100 27500
29 1270 36830

May 11 4 1100 4400 21 1100 23100

29 1270 36830

May 25 4 1100 4400 17 1100 18700

29 1270 36830

May 31 17 1270 21590 17 1100 18700

46 1270 58420

Tony ZIO MLP Projectors

Purchases Cost of Sales Balance

Date Unit Total Unit Total Unit Total

Units Cost Cost Units Cost Cost Units Cost Cost
($) ($) ($) ($) ($) ($)
May 1 23 688 15824
24 760 18240

May 6 17 760 12920 23 688 15824

41 760 31160

May 25 23 688 15824 34 760 25840

7 760 5320
May 31 19 760 14440 53 760 40280

BG90 Plasma Televisions

Purchases Cost of Sales Balance

Date Unit Total Unit Total Unit Total

Units Cost Cost Units Cost Cost Units Cost Cost
($) ($) ($) ($) ($) ($)
May 1 29 1520 44080

May 9 6 1520 9120 23 1520 34960

May 27 6 1520 9120 17 1520 25840

May 31 19 1600 30400 17 1520 25840

19 1600 30400

DK800 Desktop Computers

Purchases Cost of Sales Balance

Date Unit Total Unit Total Unit Total

Units Cost Cost Units Cost Cost Units Cost Cost
($) ($) ($) ($) ($) ($)
May 1 29 688 19952
28 760 21280

May 5 29 688 19952 27 760 20520

1 760 760

May 20 21 760 15960 48 760 36480

Bank reconciliation statement ~ May

Tech Head
Bank Reconciliation Statement
As at 30/05/2012

Balance as per bank statement: 48,662CR

Add:
deposit in transit from Handys Electronics3,702
deposit in transit from Radio Hut 1,4205,122
53,784CR
Less:
unpresented cheque No. 852 5,400
unpresented cheque No. 853 1,5606,960
Adjusted bank balance 46,824CR
Balance as per ledger account 46,824DR

Bank statement ~ June

 Perth branch
Account No.
Edgar Fitch 39416545
278 Mark Avenue
Perth, WA 6000 Page No.
1

Tech Head
Date Particulars Debit Credit Balance
BALANCE BROUGHT
1 JUN $48,662 CR
FORWARD
1 JUN 853 $1,560 $47,102 CR
3 JUN DEPOSIT - Handys Electronics $3,702 $50,804 CR
3 JUN 852 $5,400 $45,404 CR
4 JUN 854 $8,400 $37,004 CR
4 JUN DEPOSIT - Radio Hut $1,420 $38,424 CR
7 JUN 856 $13,264 $25,160 CR
8 JUN 858 $4,574 $20,586 CR
8 JUN DEPOSIT - Turbo Tech $4,150 $24,736 CR
9 JUN 855 $788 $23,948 CR
9 JUN 857 $526 $23,422 CR
12 JUN 860 $12,727 $10,695 CR
13 JUN 861 $4,541 $6,154 CR
14 JUN 862 $3,361 $2,793 CR
16 JUN DEPOSIT - Radio Hut $3,177 $5,970 CR
17 JUN 859 $3,339 $2,631 CR
18 JUN DEPOSIT - Cash sales $6,656 $9,287 CR
20 JUN 863 $12,579 $3,292 DR
22 JUN DEPOSIT - Hypertronics $1,600 $1,692 DR
23 JUN DEPOSIT - Cash sales $53,010 $51,318 CR
CHEQUE RETURNED -
25 JUN $1,600 $49,718 CR
Hypertronics
26 JUN 865 $13,429 $36,289 CR
28 JUN DEPOSIT - Cash sales $1,792 $38,081 CR
30 JUN 866 $12,192 $25,889 CR
30 JUN 867 $5,200 $20,689 CR
30 JUN TRANSACTION FEE $12 $20,677 CR
30 JUN INTEREST $396 $21,073 CR

Last statement toThis statement to Total debits Total credits Final balance
30/05/2012 30/06/2012 $103,492 $75,903 $21,073 CR

Proceeds of cheques will not be available until cleared.

All entries for the last business day are subject to verification and authorisation. Any items not paid, or withdrawn, will be
adjusted by reversal entry on a later statement.

Journal Code Transaction type

General journal
Sales journal
Purchases journal
Cash receipts journal
Cash payments journal
All transactions that are not able to be recorded in the
GJ
special journals below.
SJ Credit sales of inventory
PJ Credit purchases of inventory
CRJ Cash inflows to the business
CPJ Cash outflows from the business

Date Description

Week 1
1 Issued Cheque No. 854 for $8,400 to pay Amy Wong Real Estate for two month's worth of
rent in advance.
3 Turbo Tech paid the full amount owing on their account.
3 Made payment of $788 to State Power for 3 months of electricity up to and including 31 May,
Cheque No. 855.
4 Paid sales staff wages of $13,264 for the week up to and including yesterday, Cheque No.
856. Note that $7,429 of this payment relates to the wages expense incurred during the last
week of May.
5 Issued Cheque No. 857 to Office Supplies Warehouse for the purchase of $526 worth of
office supplies.
6 Paid the full amount owing to Pear Technology, Cheque No. 858.

Week 2
8 Purchased 18 DK800 Desktop Computers from Pear Technology for $760 each, terms net
30.
10 Radio Hut paid the full amount owing on their account. Since Radio Hut has been a loyal
customer from the day the business commenced, a 10% discount was given for this early
repayment.
11 Paid the full amount owing to Pony, Cheque No. 859. Payment fell within discount period.
11 Sold 20 Tony ZIO MLP Projectors to Jerry Technology for $896 each, Invoice No. 478.
11 Paid sales staff wages of $12,727 for the week up to and including yesterday, Cheque No.
860.
12 Paid the full amount owing to Big Telco, Cheque No. 861.
12 Paid the full amount owing to Moon Megasystems, Cheque No. 862.
13 Made cash sale of 8 MePod Multimedia Players for $832 each.

Week 3
16 Purchased 11 MePod Multimedia Players from Big Telco for $704 each, terms net 30.
17 Purchased 15 DK800 Desktop Computers from Moon Megasystems for $872 each, terms
2/10, n/30.
17 Sold 4 BG90 Plasma Televisions to Turbo Tech for $2,400 each, Invoice No. 479.
18 Hypertronics paid $1,600 in partial payment of their account.
18 Paid sales staff wages of $12,579 for the week up to and including yesterday, Cheque No.
863.
20 Made cash sale of 31 Zii Game Consoles for a list price of $1,900 each. A trade discount of
10% applies.
20 Jerry Technology returned 4 Tony ZIO MLP Projectors that were originally sold for $896 each
on 11 June. These items cost $760 each and were not faulty or damaged. Issued a Credit
Note for $3,584.
20 Received a purchase order from Hypertronics. Created a corresponding sales order to
deliver 25 BG90 Plasma Televisions to this customer for $2,400 each, Invoice No. 481.

Week 4
23 Paid the full amount owing to Moon Megasystems, Cheque No. 864. This payment relates to
the credit purchase that was made in the previous week.
23 Jerry Technology paid the full amount owing on their account.
24 Sold 68 DK800 Desktop Computers to Turbo Tech for $896 each, Invoice No. 480.
24 Ordered 11 DK800 Desktop Computers from Mega Tech for $872 each. Agreed terms with
Mega Tech are 2/10, n/30.
25 Paid sales staff wages of $13,429 for the week up to and including yesterday, Cheque No.
865.
26 Delivered 25 BG90 Plasma Televisions to Hypertronics for $2,400 each, Invoice No. 481.
These items were ordered on the 20th.
27 Made cash sale of 2 Tony ZIO MLP Projectors for $896 each.
28 Returned 4 faulty MePod Multimedia Players, originally purchased for $704 each, to Big
Telco. Received a Credit Note for $2,816.

Week 5
29 Received 11 DK800 Desktop Computers for $872 each, which were ordered on the 24 th.
Agreed terms with Mega Tech are 2/10, n/30.
29 Handys Electronics paid the full amount owing on their account.
29 Made cash sale of 36 MePod Multimedia Players for $832 each.
29 Purchased 12 Zii Game Consoles with cash for a list price of $1,270 each. A trade discount
of 20% applies, Cheque No. 866.
30 Paid monthly salary of $5,200 to Edgar Fitch, Cheque No. 867.
Start question 1
Manual Accounting Practice Set
Tech Head, Australasian Edition 3 (VSA3m)

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