Assignment

Assignment

Part A

 

Assets

 

Liabilities

Fixed Assets:

 

Long-term Liabilities:

 

Premises

286000

Mortgage

30,000

Vehicle

30546

 

 

Office Supplies

220

Short-term Liabilities:

 

 

316766

Accounts Payable

15460

Current Assets:

 

Sundry Creditors

10200

Cash

-1119

Accrued Expenses

2818

Inventory

114246

ATO Clearing

2750

Accounts Receivable

67436

 

 

Prepaid Expenses

1540

 

 

Total Assets

498869

Total Liabilities

61,228

Capital As At 1st July 2012

437,641

 

 

Part B

Reversal Entries

Salaries

2545

 

Accrued Salaries

 

2545

 

 

 

Mercury Call

8580

 

Mercury Payable

 

8580

 

 

 

Salaries Commission Payable

1065

 

Salaries Commission

 

1065

 

 

 

Drawings

1000

 

Cash

 

1000

 

 

 

Interest Payable

3200

 

Interest

 

3200

Part C

Sales Journal (4 Marks)

Date

Invoice Number

Details

Post Ref

GST

Amount

Debtors

Balance

68684

2

205

Warner Stores

Credit

2695

9

206

Lyons

Credit

1800

16

207

Didgi Phones

Credit

1782

24

208

Cyrus Stores

Cash

2600

8877

Total Balance

77561

Purchases Journal (4 Marks)

Date

Details

Terms

Post Ref

Purchases

GST

Creditors

Balance

15460

4

Office Supplies

Credit

253

12

Treble Ltd.

5/10, n30

2300

25

Zamsung Ltd.

4.5/10,n60

2120

4673

Total

20133

Cash Payments Journal (12 Marks)

DATE

DETAILS

Ref

DISCOUNT

CREDIT-ORS

SALARIES

MISCELL-ANEOUS

GST

BANK

net

GST

Balance

5

Telephone Bill

320

6

Paid for 2 weeks

2545

23

Mobile Phones

1000

26

NEC Ltd.

2310

27

Treble Ltd.

480

31

Zamsung Ltd.

2120

Total Payments

4910

2545

1000

320

Cash Receipts Journal (4 Marks)

DATE

DETAILS

Post Ref

DISCOUNT

DEBTORS

SALES

MISCELL-ANEOUS

GST

BANK

net

GST

10

Mercury

8580

13

Gahanna Phones

6820

20

Salaries & Commission

1065

26

Sonny Electronics

364

30

Bigga Bay

8340

Total

24104

1065

General Journal - 16 Marks

DATE

PARTICULARS

DEBIT

CREDIT

$

$

2

Warner Stores

2695

Sales

2695

4

Purchases

253

Office Supplies Payable

253

5

Telephone Bill

320

Cash

320

6

Salaries Payable

2545

Cash

2545

9

Lyons

1800

Sales

1800

10

Bank

8580

Mercury Call

8580

12

Purchases

2300

Treble Ltd.

2300

13

Cash

6820

Gamma Phones

6820

16

Didgi Lt.

1782

Sales

1782

20

Bank

1065

Salary Sales & Commission

1065

23

Cash

1000

Drawings

1000

General Journal - 16 Marks

DATE

PARTICULARS

DEBIT

CREDIT

$

$

24

Cyrus Stores

2600

Sales

2600

25

Purchases

150

Accounts Payable

150

25

Purchases

2120

Zamsung Ltd.

2120

26

Cash

1065

Sonny Electronics

1065

26

NEC Ltd.

2310

Cash

2310

27

Treble Ltd.

480

Cash

480

30

Cash

8430

Bigga Buy

8430

31

Telephone ...