Accounting Fundamentals Group Project
ACCT102: Accounting Fundamentals and the Professional Accountant
Question 1. P. Sinclair drew up the following trial balance as at 30 September 2022. You are to draft the statement of profit or loss for the year ending 30 September 2022 and a statement of financial position as at that date.
Dr Cr
$ $
Capital 49,675
Drawings 28,600
Cash at bank 4,420
Cash in hand 112
Accounts receivable 38,100
Accounts payable 26,300
Inventory: 30 September 2021 72,410
Van 5,650
Office equipment 7,470
Sales 391,400
Purchases 254,810
Returns inwards 2,110
Carriage inwards 760
Returns outwards 1,240
Carriage outwards 2,850
Motor expenses 1,490
Rent 8,200
Telephone charges 680
Wages and salaries 39,600
Insurance 745
Office expenses 392
Sundry expenses 216
468,615 468,615
Inventory at 30 September 2022 was £89,404 (60 marks)
Question 2
Enter the following in the three-column cash book of an office supply shop. Balance-off the
cash book at the end of the month of June 2022.
June 1 Balances brought forward: Cash $420; Bank $4,940.
June 2 The following paid us by cheque, in each case deducting a 5 per cent cash discount:
- Braga $820; L. Pine $320; G. Hodd $440; M. Rae $1,040.
June 3 Cash sales paid direct into the bank $740.
June 5 Paid rent by cash $340.
June 6 We paid the following accounts by cheque, in each case deducting 5%
Cash discount: M. Peters $360; G. Graham $960; F. Bell $400.
June 8 Withdrew cash from the bank for business use $400.
June 10 Cash sales $1,260.
June 12 B. Age paid us their account of $280 by cheque less $4 cash discount.
June 14 Paid wages by cash $540.
June 16 We paid the following accounts by cheque: R. Todd $310 less cash discount $15;
- Dury $412 less cash discount $12.
June 20 Bought fixtures by cheque $4,320.
June 24 Bought lorry paying by cheque $14,300.
June 29 Received $324 cheque from A. Line.
June 30 Cash sales $980.
June 30 Bought stationery paying by cash $56.
(20 marks)
Question 3
You are to enter up the sales, purchases, returns inwards and returns outwards day books from the following details, then to post the items to the relevant accounts in the sales and purchases ledgers. The totals from the day books are then to be transferred to the accounts in the General Ledger as of May 2022
May 1 Credit sales: T. Thompson $560; L. Rodriguez $1480; K. Barton $1450.
May 3 Credit purchases: P. Potter $1440; H. Harris $250; B. Spencer $760.
May 7 Credit sales: K. Kelly $890; N. Mendes $780; N. Lee $2570.
May 9 Credit purchases: B. Perkins $240; H. Harris $580; H. Miles $1230.
May 11 Goods returned by us to: P. Potter $120; B. Spencer $220.
May 14 Goods returned to us by: T. Thompson $50; K. Barton $110; K. Kelly $140.
May 17 Credit purchases: H. Harris $540; B. Perkins $650; L. Nixon $750.
May 20 Goods returned by us to B. Spencer$£140.
May 24 Credit sales: K. Mohammed $570; K. Kelly $650; O. Green $1120.
May 28 Goods returned to us by N. Mendes $240.
May 31 Credit sales: N. Lee $550
(20 marks)