3.6A Enter the following transactions in the accounts: 20X9 May 1 Started in business with £18,000 in the bank. 2 Bought goods on credit from B Hind £1,455. 3 Bought goods on credit from G Smart £472. 5 Sold goods for cash £210. 6 We returned goods to B Hind £82. 8 Bought goods on credit from G Smart £370. 10 Sold goods on credit to P Syme £483. Sold goods for cash £305. Took £250 of the cash and paid it into the bank. Bought a printer by cheque £620. 21 22 Sold goods on credit to H Buchan £394. 23 P Syme returned goods to us £160. 25 #1 #1 #1 #1 #1 #1 #1 #1 #1 #1 #1 #1 #1 12 18 H Buchan returned goods to us £18. 28 We returned goods to G Smart £47. We paid Hind by cheque £1,373. 29 31 Bought machinery on credit from A Cobb £419.
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- Question 2 Credit Sales, Credit Purchases & Returns You are to enter the following items in the books, post to personal accounts, and show the transfers to the General Ledger. 20X9 1 Credit purchases from: K Hill £380; M Norman £500; N Senior £106. 3 Credit sales to: E Rigby £510; E Phillips £246; F Thompson £356. 5 Credit purchases from: R Morton £200; J Cook £180; D Edwards £410; C Davies £66. 8 Credit sales to: A Green £307; H George £250; J Ferguson £185. 12 Returns outwards to: M Norman £30; N Senior £16. 14 Returns inwards from: E Phillips £18; F Thompson £22. 20 Credit sales to: E Phillips £188; F Powell £310; E Lee £420. 24 Credit purchases from: C Ferguson £550; K Ennevor £900. 31 Returns inwards from: E Phillips £27; E Rigby £30. 31 Returns outwards to: J Cook £13; C Davies £11. July %D %3D %3D Note : Apart from double entries in the Purchases/Sales Ledger/General Ledger, please also prepare Purchases Day Book, Sales Day Book, Return Inwards & Return Outwards Day Book.EB3. LO 7.2Match the special journal you would use to record the following transactions. A. Cash Receipts Journal i. Took out a loan from the bank B. Cash Disbursements Journal ii. Paid employee wages C. Sales Journal iii. Paid income taxes D. Purchases Journal iv. Sold goods with credit terms 1/10, 2/30, n/60 E. General Journal v. Purchased inventory with credit terms n/90 vi. Sold inventory for cash vii. Paid the phone bill viii. Purchased stock for cash ix. Recorded depreciation on the factory equipment x. Returned defective goods purchased on credit to the supplier. The company had not yet paid for them.QUESTION 1 You are provided with information relating to Umdoni Stores. The following information appeared in the Bank Reconciliation Statement of Umdoni Stores on 30 September 20.19: Balance per bank statement R5 000 Debit 1. The Cash Book showed a credit balance of R5 956 while the bank statement reflected a favourable balance of R4 794 on Balance per Cash Book R6 500 credit 31 October 20.19. Outstanding deposit dated 30 September 20.19 R20 500 On comparing the September bank Reconciliation statement, the October bank statement and the Cash Book for October, the following was noted: To reconcile the balance of the Cashbook with the balance of the Bank statement on 31 October, the Credit balance of R5 965 will be shown as follows: Credit side of Bank account as R5 956 Will not be shown in the Bank account or Bank reconciliation Debit side of Bank account as R5 956 Debit column of Bank reconciliation as R5 956 Credit column of Bank Reconciliation as R5 956
- Describe the transaction recorded. Cash 593.60 Sales Tax Payable 44.80 Sales 560.00 Credit CardExpense 11.20 (Select all your answers.) Sold merchandise for cash, plus sales tax. Purchased goods plus freight. Company deposited cash from the sale. Customer paid by bank credit card. Discount charged by bank to the seller. Interest credited by the bank.QUESTION 2 You are provided with information relating to Umdoni Stores. The following information appeared in the Bank Reconciliation Statement of Umdoni Stores on 30 September 20.19: Balance per bank statement R5 000 Debit 1. The Cash Book showed a credit balance of RS 956 while the bank statement reflected a favourable balance of R4 794 on Balance per Cash Book R6 500 credit 31 October 20.19. Outstanding deposit dated 30 September 20.19 R20 500 On comparing the September bank Reconciliation statement, the October bank statement and the Cash Book for October, the following were noted: To reconcile the balance of the Cashbook with the balance of the Bank statement on 31 October, the favourable balance of R4 794 (no. 1) will be shown as follows: On the credit side of the Bank account as R4 794 O In the credit column of the Bank reconciliation statement as R4 794. Not recorded in the Bank account or the Bank reconciliation statement On the debit side of the Bank account as R4 794 In the…QUESTION 8 You are provided with information relating to Umdoni Stores. The following information appeared in the Bank Reconciliation Statement of Umdoni Stores on 30 September 20.19: Balance per bank statement R5 000 Debit 7. An EFT payment made by a receivable for R4 300 on 31 October 20.19 appeared in the bank statement but not in the Balance per Cash Book R6 500 credit October Cash Book. Outstanding deposit dated 30 September 20.19 R20 500 On comparing the September bank Reconciliation statement, the October bank statement and the Cash Book for October, the following was noted: To reconcile the balance of the Cashbook with the balance of the Bank statement on 31 October, the R4 300 deposit (no. 7) must be recorded as follows: In the debit column of the Bank reconciliation statement as R4 300 O In the credit column of the Bank reconciliation statement as R4 300 Not recorded in the Bank account or the Bank reconciliation statement On the debit side of the Bank account as R4 300 On…
- 03 Nbch z02 CSSWOK • CASH TRANSACTIONS • WORK WITH ACTIVITY • Credit Card Transaction • On 17 April 2021 AK Traders sold goods for R340 by credit card to M Moody. The cost price on goods sold, R260. CASH RECEIPTS JOURNAL OF AK TRADERS- APRIL 2016 Doc CRJ1 Cost Details F Analysis No Of receipts Bank Sales Of Sales 01 Ac Troder GENERAL LEDGER OF AK TRADERS BALANCE SHEET ACCOUNTS SECTION DR TRADING STOCK B5 CR NOMINAL ACCOUNTS SECTION DR SALES N1 CR DR COST OF SALES N2 CR Banis EFFECT ON THE ACCOUNTING EQUATION Account Account credit A Source document Debit E AV +1What type of balance is D. Martin's a/c carrying? Dr. Feb 10 Feb. 28. Return Outwards Bank a. Debit balance of $1,020 O b. Credit Balance of $1,020 Oc. Credit balance of $200 Od. Debit balance of $200 195 $ 215 D. Martin Feb. 2 A/c Purchases $ Cr. 6101163 C B 3 Question 3 Study the information of Liyema Wholesalers below. Cash Receipts Journal of Liyema Wholesalers - June 2022 Doc Day Details Fol. Analysis Bank Output Sales VAT no. of Receipts 101 1 Liyema 102 15 Liyema Cash Payments Journal of Liyema Wholesalers - June 2022 Doc Day Name of Fol. Bank no. Trading Inventory Payee EFT 10 Red Cross 7 Bradley 264 400 8 400 56 000 Petty Cash Journal of Liyema Wholesalers - June 2022 Doc Day Details no. PCJ 1 3.1 Capital 3.2 Bank 3.3 Trading inventory 3.4 Wages 98 500 12 000 Petty Cash Input VAT 2 335 80 000 900 Cost of Sales 500 44 800 Wages Trading Drawings Input VAT Inventory 5 000 135 Sundry Accounts Amount Fol. Details 120 000 80 000 200 000 Sundry Accounts Amount Fol. Details 1.500 1 500 Capital Capital 800 Donations Sundry Accounts Amount Fol. 800 Details Wages Required: Post the given information from the journals to the following General Ledger accounts for Liyema Wholesalers at month end. Balance all the accounts where…
- QUESTION 6 You are provided with information relating to Umdoni Stores. The following information appeared in the Bank Reconciliation Statement of Umdoni Stores on 30 September 20.19: Balance per bank statement R5 000 Debit 5. Service fees of R350 appeared on the bank statement but not in the Cashbook. Balance per Cash Book R6 500 credit Outstanding deposit dated 30 September 20.19 R20 500 On comparing the September bank Reconciliation statement, the October bank statement and the Cash Book for October, the following was noted: To reconcile the balance of the Cashbook with the balance of the Bank statement on 31 October, the service fees of R350 (no. 5) must be recorded as follows: On the credit side of the Bank account as R350 O In the debit column of the Bank reconciliation statement as R350 O In the credit column of the Bank reconciliation statement as R350 On the debit side of the Bank account as R350 Not recorded in the Bank account or the Bank reconciliation statementSmiling Sam's Warehouse made the journal entry shown in Figure 3.03 P in its Cash Payments Journal. What is the correct posting of this entry to the general ledger? CASH PAYMENTS JOURNAL Page 22 GENERAL POST ACCOUNTS PAYABLE DEBIT PURCHASES ACCOUNT TITLE CK, NO. DATE REF CASH DISCOUNT CREDIT DEBIT CREDIT CREDIT Apr. 4 Purchases 438 4001 978.00 978.00 Figure 3.03 P O Debit Cash, $978; credit Accounts Payable, $978 O Debit Purchases, $978; credit Accounts Payable $978 O Debit Purchases, $978; credit Cash, $978 O Debit Cash, $978; credit Purchases, $978 No answer text provided.Date Particulars Jan 1, 2020 Abdul commenced his business with Cash = OMR 35000 2 He deposited into bank current account = OMR. 20000 He sold goods to Hakkim on credit = OMR 1000 He paid Said by Cheque = OMR 1980 and receive discount = OMR 20 for 4 5 the goods purchased on credit He receive cheque from Hakkim 6 OMR 970 and allow him discount OMR 30 7 He makes sales for cash = OMR. 2800 Hakkim cheque deposited in to the bank = OMR 970 11 He purchased a motor car by cheque = OMR 7500 12 He purchased goods by cash = OMR. 2500 13 He withdraws from bank for office use = OMR. 750 Commission received = OMR 100 |Purchased furniture by Cheque for OMR 450 16 18 20 Withdraw from bank for personal use OMR 600 27 Sold goods to Mr. Haji for OMR 400 28 Received cheque from Mr Haji for OMR 375 in full settlement and deposited in to bank 30 Motor car repair expenses OMR 120 Required: Prepare triple column cash book with Discount, Cash and Bank Column