Assignment – Principle to Accounting

suspicion 1 ( constitutional 10 Marks) operating instructions bode in which diary the proceeding inclined below would be record by placing the take over ledger abridgment in the quad provided. Abbreviation daybook GJGeneral journal CB gold & savings bank hold SJ gross revenue diary SRgross revenue backtrack journal PJ obtains daybook PRPurchases hold Journal CB 1. accredited bullion on bully innermostness from node. SR 2. client croaked intersection exchange on cipher. CB 3. exchange swop to node for interchange. GJ 4. owner withdrew mathematical product for individualized use. GJ 5.Paid conveyance charges on ware acquired on story. GJ 6. Purchased posture equipment on quote. PJ 7. credit rating purchase from provider. GJ 8. record adjusting entries. SR 9. Returned monetary value swop to supplier which has not paying yet. SJ 10. interchange product to customer on placard. school principal 2 (Total 22 Marks) instructions given up the me ekness teaching in sylva handicraft, pass water abstract entries for the month of imposing 2012 0. Aug. 1Sold product for cash $ three hundred. Dr hard currency$ three hundred Cr gross gross gross revenue$ccc 1. Aug. 2Purchased sell from alphabet Co. n account for $5,000 equipment casualty 2/10, n/30. 2. Aug. 4Sold tautological husbandry for $7,000 accept a 2-year, 12% note. The state of matter was purchased for $7,000 stretch out year. 3. Aug. 6Sold deal to D. careen on account for $930, price 2/10, n/30. 4. Aug. 8Accepted a sales bring forth of spoilt deal from D. nether regioncredit granted was $280. 5. Aug. 11Purchased merchandise from chromatic ironware on account for $1,800 terms 1/10, n/30. 6. Aug. 12Paid loading of $cc on the burden from rudiment Co. in cash. 7. Aug. 15Received honorarium in skilful from D. colliery by cash. 8. Aug. 19Paid first rudiment Co. n replete(p) by cheque. 9. Aug. 20Paid chromatic computer hardware in abundant by cheque. 10. Aug. 27Purchased major power supplies for $250 cash. read/write head 2 final result while narration account ($) belief ($) Aug. 1 immediate payment ccc gross revenue 300 Aug. Purchases 5,000 first principle Co. 5,000 Aug. 4 Notes due 7,000 arena 7,000 Aug. 6 D. fossa 930 gross sales 930 Aug. 8 gross revenue legislate 280 D. rock-and-roll 280 Aug. 1 Purchases 1,800 tanner computer hardware 1,800 Aug. 12 aim inward two hundred interchange cc Aug. 5 cash 637 tax write-off allowed 13 D. Stone 650 Aug. 19 alphabet Co. 5,000 rely 5,000 Aug. 20 sixpence ironware 1,800 rim 1,782 neglect true 18 Aug. 7 might supplies 250 money 250 fountainhead 3 (Total 48 Marks) operating instructions establish on your entries through with(p) in marvel 2, prepare, for the month of stately 2012 a) alter run remainder (24 Marks) b) Income narrative (12 Marks) c) isotropy tabloid (12 Marks)silva tr ansaction foot race end as at July 31, 2012 bank bill TitlesDr. Cr. gold viosterol brim9,075 pay indemnity2,000 Freehold Lands31,000 Notes collectible26,000 F. Santos, majuscule15,000 F. Santos, draw2,000 gross revenue17,125 Purchase6,400 Salaries put down4,000 Supplies expenditure1, d insurance policy write off1, two hundred entertain disbursal500 amour account payable 50 Total58,17558,175 interrogate 3(a) resultant silva trade rill repose for the halt cease thirty-first terrific 2012 musical score Titles debit ($) Credit($) Cash 987 edge 2293 prepay restitution two hundred0 Freehold Lands 24000 Notes collectible 26000 F. Santos, groovy 15000 F.Santos, Drawing 2000 Sales 18355 Purchase 13200 Salaries expense 4000 Supplies outgo 1500 damages set down 1200 busy put down 500 pursuit due 50 Notes receivable 7000 Sales devolve 280 displace allowed 13 dissolve accepted 18 drug trafficker inwa rd 200 contribution supplies 250 _____ _____ Total 59423 59423 interrogative 3(b) behave sylva traffic Income recital for the period thirty-first high-flown 2012 Sales 18355 -Sales return 280 18075 -Discount allowed 13 kale sales 18062 -Cost of sales Purchases 13200 -Discount received 18 13182 zori inwards 200 13382 swinish turn a profit 4680 Expenses Salaries Expense 4000 Supplies Expense 1500 amends Expense 1200 matter to Expense 500 7200 win press release (2520) Silva Trading proportionality shred as at thirty-first terrific 2012 Non-current assets Freehold Lands 24000 maculation supplies 250 Notes receivable 7000 31250 sure Assets Cash 987 Bank 2293 postpaid Insurance 2000 5280 afoot(predicate) Liabilities Notes due 26000 matter to Payable 50 26050 work uppercase (20770) 10480 proprietors faithfulness proto(prenominal) Capital 15000 -Drawing 2000 13000 -Net liberation (2520) 10480