Financial Accounting II / © ICCG / Page 46Question 1The following figures were extracted from head office books of the HPD Co.,and submitted by the branches as at 31 December 2006.Head OfficeDurbanBranchPrieskaBranchCash at bank (Dr)Branch account Durban (Dr)Branch account Prieska (Dr)CreditorsDebtorsFurniture and fittings at costHead office account (Cr)Land and buildings at costVehicles at cost10 0003 0002 0004 8004 8004 6002 0001 0007 0006 0004 0001 5001 5002 0004 6004 90012 0004 0001 000Depreciation provisionFurniture and fittings1 000400300Vehicles2 000400Owner's capital50 000Stock at 31 DecemberAdministration expensesGross profit4 0003 0005 80010 0002 0003 0007 60030 00031 000Durban Branch sent goods valued at R200 to Prieska Branch. The entries weremade in the branch books, but not in the head office books. Prieska sent HeadOffice R100, which was only received on 3 January 2002.RequiredPass all journal entries necessary to bring the branch trial balances into headoffice books. Show the branch accounts and the branch income statementaccounts of the HPD Co. as at 31 December 2006.Question 2Kariema Samaar carries on a retail business under the name of KS Stores (Pty)Ltd. and has a branch in Bloemfontein, the head office and principal storebeing in Cape Town. She has an agreement with the manager of the branchwhereby the manager is to receive a commission of 10% of the net profits ofthe branch calculated before such commission is deducted.The trial balances extracted on 30 June 2007 from the sets of books kept atBloemfontein and Cape Town were as follows.Financial Accounting II / © ICG / Page 47BloemfonteinCane Town Question 1On 2 July 2005, H Ltd. purchased the entire issued ordinary share capital ofS Ltd. On this date, S Ltd. had a retained income balance of R4 000 and nogeneral reserve. Any purchase difference is to be attributed to the fixed assetsof S Ltd. On 30 June 2007, the trial balances of the two companies were asfollows:H Ltd.S Ltd.RRShare capital (R1 ordinary shares)General reserveRetained incomeAccumulated depreciation40 00020 00010 0005 00034 00010 0006 000R90 000R35 000Fixed assets at cost30 00014 000Investments in S Ltd.36 000Net current assets24 00021 000R90 000R35 000Included in the net current assets of both companies is a dividend dueby S Ltd. to H Ltd. of R2 000.Note:RequiredDraw up a consolidated balance sheet of H Ltd. and subsidiary S Ltd. on30 June 2007.Question 2H Ltd. bought all the shares in S Ltd. on 30 June 2004 when the retainedincome of S Ltd. was R8 000 and the general reserve was R12 000. Thefollowing list of balances appeared in the books of the two companies on30 June 2007.H Ltd.S Ltd.RRDebitsLand and buildings at costEquipment at costInvestment in S Ltd.Stock60 00028 00044 00024 00080 00048 00024 000Bank60 00028 000R292 000R104 000CreditsShare capital (ordinary R1 shares)General reserveRetained incomeCreditorsAccumulated depreciation on equipment120 00048 00088 00020 00020 00018 00052 00010 00012 0008 000R292 000R104 000Financial Accounting II / © ICG / Page 55RequiredDraw up a consolidated balance sheet of H Ltd. and subsidiary S Ltd. on30 June 2007.Question 3

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Answered: 12 000 4 000 1 nd fittings 1 000 2 000…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter9: Accounting For Purchases And Cash Payments

Section9.1: Subsidiary Ledgers And Controlling Accounts

Problem 1OYO

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1. OBJECTIVES: 1. prepare journal entries to record basic business transaction (ABM FABM12-Illa-b3) II. TOPIC: ACCOUNTING BOOKS-Journal and Ledgers III. Direction:a. Journalize the transactionsbelow. b. Post to ledger using the T-account format On April 1, 2019, Nels Ferrer organized a business called Friendly Trucking. During April, the company entered into the following transactions: Nels Ferrer deposited Php500,000 cash in a bank account in the name of the business. Purchased for Php250,000 a transportation equipment to be use in the business. Nels paid 50% as down payment while the balance will be paid on May 15, 2019 Paid rental for the month of April, Php 5,000 Earned and collected trucking income from Ryan, Php8,000 Earned trucking income from Jesper, Php 30,000 on account. Jesper will pay on May 8, 2019 Apr 1 Apr 1 Apr 1 Apr 5 Apr 8 Apr 10 Paid salaries of drivers, Php10,000 Apr 15 Rented the vehicle to Joshua for Php35,000, Joshua paid Php20,000 on that date and the balance on…
5. Record the following transactions for the month of November 2020 in the generaljournal and post to the appropriate ledger account and balance all the accounts theprepare the trial balance as November 2020. Nov 1 Started business with RM6,000 in the bank2 Bought goods on credit from Ab Bhd RM 390 and XY Trading RM7105 Cash sales RM2407 Paid rent by cheque RM309 Paid sundry expenses by cheque RM20011 Sold goods on credit to Mina RM80 and Chee RM1,15016 Paid wages by cash RM4518 Returned goods to AB Bhd RM20 and XY Trading RM3519 Goods returned by Mina RM10 and Chee RM5021 Bought motor van on credit from Tan Ching Motor RM8,00024 Paid AB Bhd RM250 and XY Trading RM400 by cheque27 Received a loan of RM500 cash from Aman29 Received a cheque from Mina RM70 and Chee RM60030 The owner deposited a further RM1,000 into a business bank account
Parts wriiten Subparts to be solve are the ones to be solved Question Requirement 1For each of the following transactions make the required entries in the General Journal:(See the General Ledger tab in the workbook Chapter 03 b - Problem 3-1 Forms for the accounts in OPJ’s accounting system.)Feb 01 Take $4,000 cash out of Big Bank to pay for February’s warehouse rent.Feb 04 Sale of inventory to a customer – selling price $62,000 – cost of inventory sold $16,000 – customer paid cash which was deposited in Big Bank.Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned.Feb 15 Sale of inventory to a customer – selling price $88,000 – cost of inventory sold $22,000 – customer will pay in the future.Feb 18 Sale of inventory to a customer – selling price $110,000 – cost of inventory sold $28,000 – customer pays $40,000 cash which is deposited in Little Bank – customer will pay for the remaining amount of the sale in 30 days.Feb 22 Purchase additional…
0. The journal in which invoices for services provided are recorded is the revenue journal0. ____ 1. The ledger which contains all of the financial statement accounts is called th 1. ____ 2. Each transaction in the cash receipts journal will have an amountentered in the debit column entitled2. ____ 3. Each subsidiary ledger is represented by a summarized account in thegeneral ledger, called a(n)3. ____ 4. The accounts in the accounts payable ledger have a normal balance of(debit or credit)4. ____ 5. E-commerce performs transactions over the 5. ____ 6. The special journal designed for recording sales on account is the 7. The special journal designed for recording cash receipts is the 6. ____ 8. The subsidiary ledger containing information on the amounts due from individual customers is the 7. ____ 9. Entries to adjust depreciation expense at…
Question 1 The following is a list of balances relating to Phiri Properties Ltd during 2010. 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 01/01/10 66,300Credit balance in creditors account 01/01/10 50,600Sunday credit balance on debtors ledger 724Goods purchased on credit 257,919Goods sold on credit 323,614Cash received from debtors 299,149Cash paid to suppliers…
EA21. Prepare journal entries to record the following transactions.A. July 1, issued common stock for cash, $15,000B. July 15, purchased supplies, on account, $1,800C. July 25, billed customer for accounting services provided, $950
Philippine Accounting standard The following information was provided for Macy company. The purpose of presenting these account balances is for you to prepare an income statement for the year ended December 31, 2018. Use the functional presentation and provide a supporting schedule ornotes to financial statements. Make also a narrative description highlighting the importance of the information embodied herein to the users of financial statements.Sales 3,750,000Depreciation-store equipment 35,000Purchases 1,500,000Office salaries 75,000Direct Labor 475,000Depreciation-office equipment 20,000Indirect Labor 125,000Depreciation-machinery 30,000Superintendence 105,000Sales returns and allowances 25,000Light, heat and power 160,000Interest income 5,000Rent-factory building 60,000Gain on sale of equipment 50,000Repair and Maintenance-Machinery 25,000Delivery expenses 100,000Factory Supplies used 55,000Accounting and legal fees 75,000Sales salaries 200,000Office expenses 125,000Advertising…
Requirement 1 For each of the following transactions make the required entries in the General Journal: (See the General Ledger tab in the workbook Chapter 03 b - Problem 3-1 Forms for the accounts in OPJ’s accounting system.) Feb 01 Take $4,000 cash out of Big Bank to pay for February’s warehouse rent. Feb 04 Sale of inventory to a customer – selling price $62,000 – cost of inventory sold $16,000 – customer paid cash which was deposited in Big Bank. Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned. Feb 15 Sale of inventory to a customer – selling price $88,000 – cost of inventory sold $22,000 – customer will pay in the future. Feb 18 Sale of inventory to a customer – selling price $110,000 – cost of inventory sold $28,000 – customer pays $40,000 cash which is deposited in Little Bank – customer will pay for the remaining amount of the sale in 30 days. Feb 22 Purchase additional inventory – pay $17,000 cash out of Big Bank for the inventory. Feb 27…
1. Prepare a General ledger for thr following information below: Use the pictures as reference J & M Accounting Services and Office Supplies, LLC Trial Balance January 1, 2022 Title Debit Credit Cash 9,200 Accounts Receivable 2,400 Merchandise Inventory 2,100* Supplies 860 Equipment 23,000 Accumulated Depreciation 1,500 Accounts Payable 3,300 Unearned Service Revenue 3,600 Salaries and Wages Payable 2,485 Common Stock 20,000 Retained Earnings 6,675 Totals $37,560 $37,560 *(3,000 units at $0.70) During the month of January, the following summary transactions were completed. 3 Paid January’s rent $350.3 Purchased merchandise on account from dd’s Discount Supply terms 2/10, n/30. (4,000 units @ $0.75) 4 Sold 4,400 units of inventory for Cash at $0.96 each. (3,000 @ $0.70 and 1,400 @ $0.75) 7 Gave a January 4th customer $192 for 200…
3. The following was the trial balance extract from ABC Trading as at 31 March 2019.Particulars DEBIT (RM) CREDIT (RM)Purchases and Sales 22,800 41,000Inventory on 1 April 2018 5,100Capital 8,170Bank overdraft 4,300Cash 140Discount allowed and received 1,440Returns inwards and outwards 790Carriage outwards 2,180Office expenses 450Fixtures and fittings 1,210Delivery van 2,000Accounts receivables and account payables 11,900 6,720Rent and insurance 1,790Drawings 2,850Wages and salaries 8,980TOTAL 61,690 61,690Additional information as at 31 March 2019:a. Inventory on 31 March 2019 was RM4,250b. Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office expenses was RM30c. Rent and insurance prepaid was RM150Required:i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2019ii. Prepare Statement of Financial Position as at 31 March 2019
Show the solution in good accounting form. Thank you! Main Corporation has operated a branch in Cavite for one year. Shipments are billed to the branch at cost. The branch carries its own accounts receivable, makes its own collections, and pays its own expenses. The branch reported an inventory on December 31, 2021: Outsiders, P3,391; Home office, P7,625 The transactions for the year are given effect to in the trial balance below: (see photo attached) 1. Using the same information above, shipments to the Branch account in the Home Office books on January 1, 2022.
account_circle Business AccountingQ&A LibraryAccording to the list items below, tick (√) either the debit column or credit column based to which side of the trial balance you would expect the item to appear. Items DEBIT CREDIT Office Equipment Creditors Insurance Cash Rent payable Debtors Sales Rent receivable Drawings Motor vehicles Loan from CAMB Bhd. Capital Wages Premises Carriage inwards Question The following balances were extracted from Gerut Trading as at 31 December 2019. Items RM Cash in hand 1,000 Sales 200,000 Purchases 80,000 Land and Building 300,000 Creditors 60,000 Salaries 28,000 Capital 101,000 Bank 10,000 Machinery 150,000 Debtors 30,000 Stock 12,000 Loan 250,000 According to the list items below, tick (√) either the debit column or…

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12 000 4 000 1 nd fittings 1 000 2 000 50 000 10 000 2 30.000