(1) These are some of the accounts for your business Cash Purchases Capital Draw
ID: 2443562 • Letter: #
Question
(1) These are some of the accounts for your business
Cash
Purchases
Capital
Drawings
Purchases Return
Debtors – Ane, Ene, Cry, Sea
Bad Debts
Sales
Stock
Wages
Rent
Sales Returns
Discount received
Advertising
Discount allowed
Furniture & Fittings
Typewriter
Stationery
Interest paid
Filing cabinet
Commission rec’d
Accounts payable – Matatufu, Eseese, Taufao
Gain on sale / Ending Stock $1,100
You are required to prepare a chart of accounts in an orderly way.
(2) On 30th June 2001, the business of Nonu Fili had the following assets and liabilities
ASSETS: LIABILITIES:
Bank 40.00 Loan 312.00
Stock 1714.00
Fixtures & Fittings 500.00
DEBTORS – Ane 96.00
Ene 56.00
You are to open up the books of First entry of Nonu Fili on 1st June 2001. Use the following columns for Cash Journals.
RECEIPTS: Sales, Debtors, Other Receipts
PAYMENTS: Purchases, Creditors, Advertising, Rent, Wages, Stationery, Drawings, Interest, Other
payments.
Transactions
2001
June 1 Sold goods on Credit to Ane, invoice # 200 for $72.00
2 Bought goods from Matatufu invoice # 302 for $188.00
3 Sold goods to Ene invoice # 201, $48.00
Paid cash to Matatufu of $141.00, cheque #501, rec’d a discount of $3.00
Paid cash to Taufao, cheque # 502, allowed a discount of $3 for $165.00
6 Sold goods to Cry, invoice # 202, $56.00
7 Paid advertising cheque # 503 for $14.00
8 Bought goods from Eseese invoice #405, $126.00
9 Paid Rent, cheque #504 for $80.00
10 Bought goods from Taufao invoice #605 for $156.00
12 Return goods from Ane, credit note #4 for $8.00
Bought goods for cash, cheque #505, $78.00
13 Return goods to Matatufu credit not #10, $10.00
Received cash from Ane $96.00 allowed a discount of $2.00, receipt #71
15 Nonu Fili draw goods for his personal use, $44.00
Cash Sales $436.00, receipt #72
Paid wages $32.00, cheque #506
16 Wrote off Ene’s account credit note #30 for $4.00
17 Return goods to Eseese credit note #30 for $4.00
18 Paid stationery, cheque #507 for $18.00
19 Goods returned from Ene, credit note #5 for $14.00
20 Received cash from Ene receipt #73 for $14.00
24 Further capital introduced by owner, receipt #74, $700.00
Received commission $20.00
28 Nonu Fili draw cash for his personal use, cheque #508 for $148.00
29 Bought filing cabinet for cash at $36.00 cheque #509
Paid Interest $15.00
(a) Prepare the seven (7) Journals.
(b) Post to the Ledge account as set out in the chart of accounts. (Using three columns)
(c) Prepare a Trial Balance.
ADJUSTMENTS:
2001
June 1 For rent due but not paid $80.00
2 Prepaid wages $2.00
3 For commission due but not yet received $20.00
4 Debts written off as bad as a doubtful debts $8.00
5 Depreciation on fixture & fittings $100.00
(3) Prepare a worksheet.
(4) Prepare classified financial statements from the worksheet.