Journal Entries: Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order. Accounting rules for journal entries : To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains. To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains. Bank reconciliation: A procedure through which difference between bank balance provided in the bank statement and bank balance appearing in the books of account, is being ascertained at a particular point of time of a company is known as bank reconciliation 1. To prepare: Bank reconciliation of S Company as at December 31, 2017.

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Answer 1

Question

Chapter 6, Problem 4PSB

To determine

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Bank reconciliation:

A procedure through which difference between bank balance provided in the bank statement and bank balance appearing in the books of account, is being ascertained at a particular point of time of a company is known as bank reconciliation

1.

To prepare: Bank reconciliation of S Company as at December 31, 2017.

2.

To determine

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of December 31, 2017.

3.

To determine

To explain: Nature of communications conveyed by the bank when bank sends the depositor (a) a debit memorandum and (b) a credit memorandum.

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The following is a list of balances relating to Phiri Properties Ltd during 2024. The company maintains a memorandum debtors and creditors ledger in which the individual account of customers and suppliers are maintained. These were as follows: Debit balance in debtors account 01/01/2024 66,300 Credit balance in creditors account 01/01/2024 50,600 Sunday credit balance on debtors ledger Goods purchased on credit 724 257,919 Goods sold on credit Cash received from debtors Cash paid to suppliers Discount received Discount allowed Cash purchases Cash sales Bad Debts written off Interest on overdue account of customers 323,614 299,149 210,522 2,663 2,930 3,627 5,922 3,651 277 Returns outwards 2,926 Return inwards 2,805 Accounts settled by contra between debtors and creditors ledgers 1,106 Credit balances in debtors ledgers 31/12/2024. 815 Debit balances in creditors ledger 31/12/2024.698 Required: Prepare the debtors control account as at 31/12/2024. Prepare the creditors control account…

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Answer 2

Question

Chapter 6, Problem 4PSB

To determine

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Bank reconciliation:

A procedure through which difference between bank balance provided in the bank statement and bank balance appearing in the books of account, is being ascertained at a particular point of time of a company is known as bank reconciliation

1.

To prepare: Bank reconciliation of S Company as at December 31, 2017.

2.

To determine

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of December 31, 2017.

3.

To determine

To explain: Nature of communications conveyed by the bank when bank sends the depositor (a) a debit memorandum and (b) a credit memorandum.

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Answer 3

Question

Chapter 6, Problem 4PSB

To determine

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Bank reconciliation:

A procedure through which difference between bank balance provided in the bank statement and bank balance appearing in the books of account, is being ascertained at a particular point of time of a company is known as bank reconciliation

1.

To prepare: Bank reconciliation of S Company as at December 31, 2017.

2.

To determine

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of December 31, 2017.

3.

To determine

To explain: Nature of communications conveyed by the bank when bank sends the depositor (a) a debit memorandum and (b) a credit memorandum.

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Answer 4

Question

Chapter 6, Problem 4PSB

To determine

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Bank reconciliation:

A procedure through which difference between bank balance provided in the bank statement and bank balance appearing in the books of account, is being ascertained at a particular point of time of a company is known as bank reconciliation

1.

To prepare: Bank reconciliation of S Company as at December 31, 2017.

2.

To determine

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of December 31, 2017.

3.

To determine

To explain: Nature of communications conveyed by the bank when bank sends the depositor (a) a debit memorandum and (b) a credit memorandum.

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Answer 5

Chapter 6, Problem 4PSB

To determine

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Bank reconciliation:

A procedure through which difference between bank balance provided in the bank statement and bank balance appearing in the books of account, is being ascertained at a particular point of time of a company is known as bank reconciliation

1.

To prepare: Bank reconciliation of S Company as at December 31, 2017.

2.

To determine

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of December 31, 2017.

3.

To determine

To explain: Nature of communications conveyed by the bank when bank sends the depositor (a) a debit memorandum and (b) a credit memorandum.

Answer 6

Chapter 6, Problem 4PSB

To determine

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Bank reconciliation:

A procedure through which difference between bank balance provided in the bank statement and bank balance appearing in the books of account, is being ascertained at a particular point of time of a company is known as bank reconciliation

1.

To prepare: Bank reconciliation of S Company as at December 31, 2017.

Answer 7

Chapter 6, Problem 4PSB

To determine

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

Bank reconciliation:

A procedure through which difference between bank balance provided in the bank statement and bank balance appearing in the books of account, is being ascertained at a particular point of time of a company is known as bank reconciliation

1.

To prepare: Bank reconciliation of S Company as at December 31, 2017.

Answer 8

2.

To determine

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of December 31, 2017.

Answer 9

2.

To determine

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of December 31, 2017.

Answer 10

3.

To determine

To explain: Nature of communications conveyed by the bank when bank sends the depositor (a) a debit memorandum and (b) a credit memorandum.

Answer 11

3.

To determine

To explain: Nature of communications conveyed by the bank when bank sends the depositor (a) a debit memorandum and (b) a credit memorandum.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 6 - Prob. 1MCQ Ch. 6 - Prob. 2MCQ Ch. 6 - Prob. 3MCQ Ch. 6 - Prob. 4MCQ Ch. 6 - Prob. 1DQ Ch. 6 - Prob. 2DQ Ch. 6 - Prob. 3DQ Ch. 6 - Prob. 4DQ Ch. 6 - Prob. 5DQ Ch. 6 - Prob. 6DQ

Solution Summary: The author explains that journal entries are transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in business in chronological order.

Concept explainers

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of December 31, 2017.

To explain: Nature of communications conveyed by the bank when bank sends the depositor (a) a debit memorandum and (b) a credit memorandum.

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Chapter 6 Solutions