QUESTION 2Jane Lee maintains double-entry records; she has suppliedthe following information:RMCreditors at 30 June 200930 June 2010Debtors at 30 June 200930 June 2010Cash received from debtors438,000Cash salesCredit salesCash paid to creditors?Discount allowedDiscount received?Additional information for the year ended 30 June 2010:£RM33,000 Creditors at63,620 Debtors at83,800462,654216,9403,8001,49052,200Cash purchasesSales ledger contra/Purchases ledger contra5,000Credit purchasesReturns inwardsReturns outwardsRequired:(a) Prepare for the year ended 30 June 2010 the:() Sales Ledger Control Account(ii) Purchases Ledger Control Account.(b)Suggest five reasons why there may be adifference between the Purchase Ledger balances anda Ledger Control Account balance.228,4901,0003,000

Ledgers are the accounts that summarize transactions related to a particular head so that the net…

QUESTION 2 Jane Lee maintains double-entry records; she has supplied the following information: RM Creditors at 30 June 2009 30 June 2010 Debtors at 30 June 2009 30 June 2010 ? Cash received from debtors 438,000 Cash sales Credit sales Cash paid to creditors Discount allowed Discount received ? RM Creditors at 63,620 Debtors at 33,000 Additional information for the year ended 30 June 2010: £ Cash purchases Sales ledger contra/Purchases ledger contra 5,000 83,800 462,654 216,940 3,800 1,490 52,200 Credit purchases Returns inwards Returns outwards Required: (a) Prepare for the year ended 30 June 2010 the: (1) Sales Ledger Control Account (ii) Purchases Ledger Control Account. (b) Suggest five reasons why there may be a difference between the Purchase Ledger balances and a Ledger Control Account balance. 228,490 1,000 3,000

QUESTION 2 Jane Lee maintains double-entry records; she has supplied the following information: RM Creditors at 30 June 2009 30 June 2010 Debtors at 30 June 2009 30 June 2010 ? Cash received from debtors 438,000 Cash sales Credit sales Cash paid to creditors Discount allowed Discount received ? RM Creditors at 63,620 Debtors at 33,000 Additional information for the year ended 30 June 2010: £ Cash purchases Sales ledger contra/Purchases ledger contra 5,000 83,800 462,654 216,940 3,800 1,490 52,200 Credit purchases Returns inwards Returns outwards Required: (a) Prepare for the year ended 30 June 2010 the: (1) Sales Ledger Control Account (ii) Purchases Ledger Control Account. (b) Suggest five reasons why there may be a difference between the Purchase Ledger balances and a Ledger Control Account balance. 228,490 1,000 3,000

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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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:
QUESTION 1 The summary of the bank column in the cash book of APINO Ltd. for the month ended October 31, 2020 is presented to you below; CASH BOOK Bal. b/d 11,000 Total Payments 54,000 Receipts 79,000 Bal. c/d 36,000 90,000 90,000 When the bank statement of the company was received on 31st October 2020, it showed a balance which differed from that of the cash book. Your investigation of the accounting records for the period reveals the following information. Bank charges of GH¢320 appear in the bank statement on 30th October 2020 but have not been recorded in the cash book. Cheques from a customer Papa Kay totaling GH¢2,890 entered in the cash book on 29th October, 2020 were credited by the bank on 2nd November, 2020. A cheque for GH¢ 1,000 entered in the cash book was yet to be submitted for payment by the payee. A cheque for GH¢12, 900 drawn by APINO Ltd. To pay for a new item of plant had been mistakenly entered…
1 Find the new balance, assuming that the bank charges 2-% per month on the unpaid balance. 2 Previous New Balance Payment Purchases $592.88 $81.26 A. $575.61 B. $572.61 C. $576.51 O D. $574.41 $50.00
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Al-Hofuf 100000 carry-over balance 100000 100000 100000 Transferred balance i Example: The following balances are extracted from the records of Al-Yaqeen commercial stores and homework (on 31/12/2009: 1500000 Fund, 2000000 Bank, 1100000 Debtors, 700000 Receipt Papers, 4000000 Goods, 7500000 Purchases, 3500000 Returns of Purchases) 1,200,000 inbound transportation expenses 400,000 customs taxes, 10,000,000 sales, 420,000 sales returns, 60,000 discounts allowed, 500,000 furniture, 450,000 tax, 300,000 general expenses, 650,000 selling expenses, 8,500,000 creditors, 65,000 payment papers, 100,000 deduction earned, 50,000 profits from selling assets Fixed, 6 million buildings, 2,000,000 cars, 300,000 personal withdrawals, 3,000,000 long-term loans, 13,000,000 capital. If you know that the goods at the end of the period are estimated after the inventory at 4,500,000 dinars. Required: Prepare trial balance with balances. : .6
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