Essay about Level 2 Manual Bookkeeping

691 Words Oct 16th, 2012 3 Pages
ICB Level 2 Manual Bookkeeping and Accounts Suggested Answers to Assignment 1
Question 1 Question 2 Question 3 Question 4 B - £12,000 - £2,000 - £6,000 + £4,000 = £8,000 B - £8,000 - £90 - £300 = £7,610 D - £12,000 - £6,000 + £4,000 - £90 - £100 = £9,810 A - We can assume that the machinery is not for resale, therefore, the Purchases account is £1,200 too high. A - Discount received should be credited to discount received account and debited to the creditor’s personal account. B - £10,000 - £6,000 + £8,000 = £12,000 B - £14,000 - £40,000 - £220 - £1,000 + £53,220 = £26,000 E – The error here is with the creditor’s personal accounts.

Question 5

Question 6 Question 7 Question 8 Question 9

Sales Ledger Control Account
Opening
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Finnigan 1 Balance b/d £50 £50

Office Wages
May Jun 12 Cash 1 Balance b/d £30 £30 May 31 Balance c/d £30

E. Wills
May 14 Sales £510 £510 Jun 1 Balance b/d £445 May 24 Sales Returns 31 Balance c/d £ 65 445 £510

Commission Received
May 31 Balance c/d £130 May Jun 22 Cash 1 Balance b/d £130 £130

3

Sales Returns
May Jun 24 E. Wills 1 Balance b/d £65 £65 May 31 Balance c/d £65

A. Carr
May Jun 26 Sales 1 Balance b/d £70 £70 May 31 Balance c/d £70

Carriage Outwards
May Jun 28 Bank 1 Balance b/d £35 £35 May 31 Balance c/d £35

Drawings
May Jun 30 Cash 1 Balance b/d £30 £30 May 31 Balance b/d £30

Discount Received
May 31 Balance c/d £40 May Jun 31 D. Finnigan 1 Balance b/d £40 £40

4

Trial Balance as at 31 May Dr Capital Bank Electricity Machinery Creditors Purchases Sales Cash Purchases Returns Office Wages *Debtors Commission Received Sales Returns Carriage Outwards Drawings Discount Received £4,165 40 850 1,150 850 650 440 50 30 515 130 65 35 30 40 £7,020 *Debtors total = E. Wills A. Carr £445 70 £515
© Consolidated Training Systems Ltd 2011 Third Edition Printed in Great Britain

Cr £5,000

£7,020

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