REQUIRED: a. Prepare all the double entry(T-Account) for the above transactions.b. Balance off the accounts and bring down the balances.c. Prepare a Trial Balance as at 31st March.d. Prepare Income Statement for the year ended 31st March.e. Prepare the Statement of Financial Position as at 31st March. EXERCISE 5.Henry York is a sole trader who keeps records of his cash and bank transactions in a three column cashbook. His transactions for the month of March were as follows:March1 Cash in hand £100, Cash at bank £5,6724 York received a cheque for £1,246 from W Abbot which was paid directly into the bank.This represented sales.6 Paid wages in cash £398Sold goods for cash £15210 Received cheque from G Smart for £315, in full settlement of a debt of £344; this was paid directlyinto the bank.11 Paid sundry expenses in cash £7314 Purchased goods by cheque for £80018 Paid J Sanders a cheque of £185 in full settlement of a debt of £20123 Withdrew £100 from the bank for office purposes24 Paid wages in cash £3926 Sold goods for cash £9428 Paid salaries by cheque £23031 Retained cash amounting to £150 and paid the remainder into the bankRequired:(a) Enter the above transactions within T-accounts and bring down the balances.(b) Assuming no opening debtors, creditors or stock, prepare a trading and profit and loss account for themonth of March.

Double entry T accounts constitute a foundational element of accounting, portraying transactions…

a. Prepare all the double entry(T-Account) for the above transactions. b. Balance off the accounts and bring down the balances. c. Prepare a Trial Balance as at 31st March. d. Prepare Income Statement for the year ended 31st March. e. Prepare the Statement of Financial Position as at 31st March.

a. Prepare all the double entry(T-Account) for the above transactions. b. Balance off the accounts and bring down the balances. c. Prepare a Trial Balance as at 31st March. d. Prepare Income Statement for the year ended 31st March. e. Prepare the Statement of Financial Position as at 31st March.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 1PA

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Subject : Accounting
Question 3 Valerie Kho is a sole trader who records all her cash and bank transactions in a three-column Cash Book. On 1 August, her cash in hand was RM68 but she had a bank overdraft of RM1,692. The following are her transactions for the month of August: August 2 Received a cheque of RM160 from Patricia Mak in full settlement of a debt of RM168 10 Cash sales paid directly to bank RM2,086 12 Drew a cheque RM75 in favour of Winifred Engineering, in settlement of an outstanding debt 14 Paid RM35 cash for stationery 16 Paid Frederick Sung the sum of RM86 by cheque in settlement of an amount owed to him of RM90 18 Drew a cheque for office cash RM150 20 Cash sales RM1,120; cash kept in the office safe 21 Received interest of RM60 and paid this into the bank The sales of the previous day were also banked in 24 Paid telephone charges by cheque RM147 26 Received a cheque of RM704 from Benny Chan in settlement of his account…
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The following data pertaining to the cash transactions and bank account of Ella Company for the month of May are available to you: Cash balance, per records, May 31 15,000 Cash balance, per bank statement, 5/31 30,000 Bank service charge for May 100 Debit memo for the cost of printed checks delivered by the bank 100 Outstanding checks, May 31 7,000 Deposit of May 30 not recorded by bank until June 1 4,500 Proceeds of a bank loan of May 30, net of interest of P300 5,000 Proceeds from a customer's promissory note, including interest of P100 8,000 Check No. 2772 issued to a supplier entered in the accounting records at P2,150 but the bank statement at an erroneous amount of deducted in 900 Stolen check lacking an authorized signature, deducted from Ella's account by the bank in error 800 Customer's check returned by the bank marked NSF; no entry has been made in the records to record the returned check accounting 750 What is the correct cash balance at May 31?
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PROBLEM #5 Jorjan Co. showed the following information on August 31: Balance of cash in bank account Balance of bank statement Outstanding checks, August 31: Number 555 1,300,000 1,200,000 10,000 761 55,000 762 40,000 763 25,000 764 65,000 765 70,000 Receipts of August 31, deposited September 1 275,000 Service charge for August NSF check received from a customer The cashier-bookkeeper had misappropriated P30,000 and an additional P10,000 by charging sales discount and crediting accounts receivable. The stub for check no. 765 and the invoice relating thereto showed that it wo for P50,000. It was recorded incorrectly in the cash disbursement journal as P70,000. This check was drawn in payment of an accounts payable. Payment has been stopped on check no. 555 which was drawn in payment of an accounts payable. The payee cannot be located. 5,000 85,000 What is the ADJUSTED CASH IN BANK on August 31?
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Q.2 ABC Co. reports the following information concerning cash balances and cash trausactions for the month of September: 1.Cash balance per bank statement as of September 30 was Rs.20,893.25. 2.Two debit memoranda accompanied the bank statement: one for Rs. 10 was for service charges for the month; the oher for Rs.64.60 was attached to an NSF check from A.Smith. 3.Included with the bank statement was Rs.69 credit memorandum for interest carned on the bank account ia September. 4.The paid checks retumed with the September bank statement disclosed an error in Co's cash records. Check no. 851 for Rs.77.44 for telephone expense had erroneously been listed in the cash payments journal as Rs.44.77. 5.A collection charge for Rs.26.00 was erroneously deducted from the account by the bank. Notice that this was the bank's error. 6.Cash eceipts of September 30 amounting to Rs.585.25 were mailed to the bank too late to be included in the September bank statement. 7.Checks oulstanding as of…
1 At November 30, cash per the bank statement was $37,758; per the accounting At November 30, One Day Cleaners has available the following data concerning its PROBLEM 7A-2 þank checking account: At November 30, cash per the bank statement was $37,758; per the accounti. records, $42,500. 2 The cash receipts of $6,244 on November 30 were 'deposited on December 1 Preparing a Bank Reconcll- lation 3 Included on the bank statement was a credit for $167 interest earned on thi. checking account during November. 4 Two checks were outstanding at November 30: no. 921 for $964 and no. 925 for $1,085. 5 Enclosed wvith the bank statement were two debit memoranda for the following items: service charge for November, $14; and a $700 check of customer Tanya Miller, marked "NSF." INSTRUCTIONS a Prepare a bank reconciliation at November 30. b Prepare adjusting entries (in general journal form) based on the bank reconcili- ation.
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