2019 Financial statement May 1 Assets: Premises $2000, Motor Van &450, Fixtures $600, Stock $1289, Debtors N Hardy $40, M Nelson $180, Cash at bank $1254, Cash in hand $45 Liabilities: Creditors B Blake $60, V Reagan $200 May 1 Paid rent by cheque $15 May 2 Goods bought on credit from B Blake $20, C Harris $56, M Benjamin $78, L Staines $98, N Duffy $48, N Lee $69 May 3 Goods Sold on credit to; K O"Connor $56, M Benjamin $78, L Staines $98, N Duffy $48,B Green $118,M Nelson $40 May 4 Paid for motor expenses in cash $13 May 7 Paid drawings by proprietor $20 May 9 Goods sold on credit to ; M Benjamin $22, L Pearson $67 May 11 Goods returned to Mullings by: K O"Connor $16, L Stanes $18 May 14 Bought another motor van on credit from Better Motors Ltd $300 May 16 The following paid Mullings their accounts by cheque less 5% cash discount; N Hardy, M Nelson, K O"Connor, L Staines May 19 Goods returned by Millings to N Lee $9 May 22 Goods bought on credit from; J Johnson $89, T Best $72 May 24 The following accounts were settled by Mullings by cheque less 5% cash discount; B Blake, V Reagan,N Lee May 27 Salaries paid by cheque $56 May 30 Paid rates by cheque $66 May 31 Paid Better Motors Ltd a cheque for $300 Required a) Post these to a Three Column Cash Book, Ledgers and Balance off Accounts b) A Trial balance is to be extracted as at 30 May 2019

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 92PSA

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2019 Financial statement May 1 Assets: Premises $2000, Motor Van &450, Fixtures $600, Stock $1289, Debtors N Hardy $40, M Nelson $180, Cash at bank $1254, Cash in hand $45 Liabilities: Creditors B Blake $60, V Reagan $200 May 1 Paid rent by cheque $15 May 2 Goods bought on credit from B Blake $20, C Harris $56, M Benjamin $78, L Staines $98, N Duffy $48, N Lee $69 May 3 Goods Sold on credit to; K O"Connor $56, M Benjamin $78, L Staines $98, N Duffy $48,B Green $118,M Nelson $40 May 4 Paid for motor expenses in cash $13 May 7 Paid drawings by proprietor $20 May 9 Goods sold on credit to ; M Benjamin $22, L Pearson $67 May 11 Goods returned to Mullings by: K O"Connor $16, L Stanes $18 May 14 Bought another motor van on credit from Better Motors Ltd $300 May 16 The following paid Mullings their accounts by cheque less 5% cash discount; N Hardy, M Nelson, K O"Connor, L Staines May 19 Goods returned by Millings to N Lee $9 May 22 Goods bought on credit from; J Johnson $89, T Best $72 May 24 The following accounts were settled by Mullings by cheque less 5% cash discount; B Blake, V Reagan,N Lee May 27 Salaries paid by cheque $56 May 30 Paid rates by cheque $66 May 31 Paid Better Motors Ltd a cheque for $300 Required a) Post these to a Three Column Cash Book, Ledgers and Balance off Accounts b) A Trial balance is to be extracted as at 30 May 2019

Definition Definition Financial journal in which only cash-related transactions are recorded. Cash transactions are posted chronologically in the cash book, which is also called a subsidiary book. All the cash receipts are recorded on the debit side and all the cash payments are recorded on the credit side. An important point to remember is that the cash book never shows a credit balance; only a debit balance is shown in the cash book.

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