From the following list of balances extract from Vivian Trading's book as at 31 May RM RM 400 Trade payables 6,800 Sales 18,000 Purchases 300 Returns Outwards 8,500 Wages 2,100 Rent & rates Cash in hand Cash at bank Capital Drawings 5.425 12,400 9.400 275 Motor vehicles 5,000 3,600 Trade receivables

From the following list of balances extract from Vivian Trading's book as at 31 May RM RM 400 Trade payables 6,800 Sales 18,000 Purchases 300 Returns Outwards 8,500 Wages 2,100 Rent & rates Cash in hand Cash at bank Capital Drawings 5.425 12,400 9.400 275 Motor vehicles 5,000 3,600 Trade receivables

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Happy Inc. provided the following information: Beginning balance of Accounts receivable P5,000,000 Ending balance of Accounts receivable P13, 910,000 Collection of accounts receivable P1,000,000 Sales returns and allowances P50,000 Sales discounts P30,000 Accounts written off P10,000 Cash sales P15,000,000 What should be reported as sales under the cash basis?a. 15,000,000b. 18,000,000c. 17,000,000d. 16,000,000
Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2-30 are as follows: 2. Issued Invoice No. 793 to Ohr Co., $4,680. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. 6. Issued Invoice No. 794 to Pinecrest Co., $1,990. 13. Issued Invoice No. 795 to Shilo Co., $3,450. Post revenue and collections to the accounts receivable subsidiary ledger. 15. Received cash from Pinecrest Co. for the balance owed on April 1. 16. Issued Invoice No. 796 to Pinecrest Co., $5,500. Post revenue and collections to the accounts receivable subsidiary ledger. 19. Received cash from Ohr Co. for the balance due on invoice of April 2. 20. Received cash from Pinecrest Co. for balance due on invoice of April 6. 22. Issued Invoice No. 797 to Mendez Co., $7,470. 25. Received $3,200 note receivable in partial settlement of the balance due on the Shilo Co. account. (Continued)
The information below relates to the Cash account in the ledger of Vaughn Company. Balance September 1-$17,450; Balance September 30-$17,664; The September bank statement shows a balance of $16,682 on September 30 and the following memoranda. Cash deposited-$64.240. Checks written-$64,026. Credits Collection of $1,622 note plus interest $38 $1,660 Interest earned on checking account $53 (a) At September 30, deposits in transit were $4,580, and outstanding checks totaled $2,513. : NSF check: Richard Nance $555 Safety deposit box rent $73 Debits Prepare the bank reconciliation at September 30. (List items that increase cash balance first.) VAUGHN COMPANY Bank Reconciliation $ $ $ $ $
The following extract from the cash book of John for the month of January shows thecompany’s bank transactions:RM RM01 Jan Balance b/f 600 18 Jan Ali 14513 Jan Uno 224 28 Jan PBA 7231 Jan Latif 186 30 Jan TNB 10931 Jan Balance c/f 6841,010 1,010The company’s bank statement for the same period is as follows: Debit (RM) Credit (RM) Balance (RM)01 Jan Balance 63503 Jan Halim 35 60013 Jan Uno 224 82423 Jan Ali 145 67931 Jan Standing order 30 649Required:a. Prepare a corrected cash book using the information given above. b. Draw up a bank reconciliation statement.
Ablema has provided you with the following bank statement and bank account details in respect of the month ended 31 January 2018. Statement date - 31 January, 2018. Account No 1452800 Date Particulars Debit Credit Balance GH¢ GH¢ GH¢ 01-Jan-18 Balance forward 67,580 Cr 06-Jan-18 Cheque 597 120 67,460 Cr 06-Jan-18 Direct debit 2,020 65,440 Cr 12-Jan-18 Credit transfer 4,660 70,100 Cr 13-Jan-18 Cheque 600 1,420 68,680 Cr 14-Jan-18 Cheque 601 12,028 56,652 Cr 16-Jan-18 Lodgement 9,000 65,652 Cr 19-Jan-18 Cheque 599 18,004 47,648 Cr 23-Jan-18 Bank charges for December 2017 422 47,226 Cr 25-Jan-18 Quarterly interest received 62 47,288 Cr 27-Jan-18 Dishonoured cheque 1,600 45,688 Cr 27-Jan-18 Cheque 598 26,090 19,598 Cr 30-Jan-18 Cheque 603 5,048 14,550 Cr 31-Jan-18 Lodgement 14,500 29,050 Cr 31-Jan-18 Standing order: rent first quarter 2018 27,000 2,050 Cr The books and records of Ablema show the followings transactions through the bank account for the month of January 2018: Date Receipts…
5. The following balances were extracted from the books of Atuobi Trading Company on 30 November 2011 GHE 344,890 268,187 14,440 496,600 - Cash Credit Sales Purchases- Cash - Credit 600,570 503,970 5,520 3,510 5,070 Total receipts fram customers Total payments to suppliers Discount allowed Discount received Refunds given to cash customers Balance in the sales ledger-set off-against balance in the purchases ledger Bad debt written off Increase in the provisioh for bad debt Credit notes issued to credit customers Credit note received from suppliers 70 780 06 4,140 1,480 According to the audited financial statement for the previous year, debtors and creditors as at 1 December 2010 were GH¢26,555 and GH¢43,450 respectively. You are required to prepare: a) Total Debtors Ledger Control Account b) Total Creditor Ledger Control Accounts. ....
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QUESTION 3 Presented below are selected accounts for San Marcos Corporation for December 31 of the current year. Debit Credit Accounts Recelvable trade $720 Building and Equipment Cash in bank-operating 1000 Interest Recelvable Installment Receivabies Merchandise Inventory 35 25 Notes Receivable-long term Petty Cash Prepaid Expenses- current 32 Supplies 19 Patent Accounts Payable-rade Accumulated Depreciation 225 Additional Pald-in Capltal Allowance for 600 Uncollectible Accounts Cash Diridends Payable Common Seock-4i par value Income Tax Payable
The Cash Receipts Journal of the Denver Nuggets Company shows the following accounts and account balances Sales- P125,000 Accounts receivable-P65,000 Sundry accounts (credit): P1,802,650 If sales discount is 4% of sales balance, how much is the total debit to cash per cash receipts journal?
Compute for the following using the data provided below: Cash on Hand – P23,500 Cash in Bank – P226,000 Accounts Receivable – P12,500 Allowance for Bad Debts – P2,500 Merchandise Inventory, Beg – P8,200 Merchandise Inventory, End – P8,500 Prepaid Insurance Expense - P4,800 Long-term Loans Receivable - P60,400 Equipment – P45,600 Fixture and Furniture – P118,900 Acc. Depreciation – P26,800 Land – P350,000 write your answer using this format " 123,456 " Total Current Assets: Net Property, Plant and Equipment: Total Non-current Assets: Total Assets:
This information relates to the Cash account for Cullumber Company. Balance September 1-$17,090; Cash deposited-$64,000 Balance September 30-$18,290; Checks written-$62,800 The September bank statement shows a balance of $17,190 at September 30 and the following memoranda. Credits Collection of electronic funds transfer Interest earned on checking account $1,990 50 Debits NSF check: H. Kane Safety deposit box rent $720 65 At September 30, deposits in transit were $4,903 and outstanding checks totaled $2,548.
prepare journa entries and bank rencoliation