chpt 3 elements of accounting self practice
TRANSCRIPT
-
7/24/2019 Chpt 3 Elements of Accounting Self Practice
1/8
CHAPTER 3 ELEMENTS OF ACCOUNTING
1 Junweis Trading Company commenced business on 1St July 2015 with thefollowing capital:otor !ehicle "15#000
Cash at $an% "10#000Cash in hand "5#000
The following transactions too% place in the month of July 2015:
July2
&urchased goods worth "'#(00 from )elly on credit*
+ Junwei withdrew cash "200 to pay for wifes facial session*
( Cash Sales of "+#,00* The goods cost "2#500
10 -ecei!ed commission by che.ue "1#20011 /ithdraw money "2#000 from ban% to put into office use*
15 &urchased more goods from )elly worth "150 and paid by cash*
1, &aid ffices internet bills by che.ue "1,0
22 Sold "00 worth of goods which cost "+00 to Joel# of which half of thegoods were paid by cash and the rest on credit*
2 Joel returned defecti!e goods worth "100 to Junwei* The original costwas "50
2 &aid salaries "2#000 by che.ue*
2, &urchased more goods from )elly "2#000 on credit*
'1 &aid electricity bills "200 by cash*
REQUIRED
&repare the 3ournal entries for the month of July 2015*
-
7/24/2019 Chpt 3 Elements of Accounting Self Practice
2/8
2 The following transactions appear in the boo%s of 4!an# a music retailer*
Item Transactin E!!ect n
Assets Lia"i#ities E$%it&
i 4!an contributed "20 000 cashto the business
Cash inand620 000
Capital620 000
ii 4!an paid amount owing of "500 to Simpson in cash
iii $ought a printer on credit for "'50 from Copy 7td
i! 4!an brought in his ownboo%shelf costing "1 200 foroffice use
! Too% a loan from 7eong 8inanceto purchase a machine of ",000
!i &aid 9anny the supplier "' 000for amount owing using apersonal che.ue
!ii -epaid "10 000 loan from ban%using a che.ue
REQUIRED
Copy the table in the multicolumn paper* ;ou are not re.uired to write thetransactions*
/rite down the effects of the transactions using the accounting e.uation* hasbeen done as an e?ample for you*
'Tta#( 12)
-
7/24/2019 Chpt 3 Elements of Accounting Self Practice
3/8
3 @ahirah deals in fashion accessories* $elow are some of the transactions thatoccurred during the month* /rite down the accounts and the amount to debit orcredit gi!en the transactions* The first one has been done as an e?ample*
Transactin Acc%nt t *e"it Acc%nt t cre*ita Too% goods costing "50 for her
personal use*9rawings "50 -ecord the abo!e transactions using the doubleentry system*
=b> State the accounting concept that Jeremy applied when recording thetransaction on 22 April 2015* *
-
7/24/2019 Chpt 3 Elements of Accounting Self Practice
4/8
- a!is 7in had the following transactions for the month of arch 2011*
1$ought goods of "' 000 on credit*2Sold goods costing "2 500 for "' (00 on credit*'-epaid ban% loan of "2 000 by che.ue*
+"00 goods were returned by the customers* These goods cost "'50*5&aid insurance of ",00 by cash*/ithdrew "1 000 from ban% for office use*
-
7/24/2019 Chpt 3 Elements of Accounting Self Practice
5/8
Q1 SOLUTION
Date Partic%#ars Dr Cr 2011 " "July
1otor !ehicleCash at $an%Cash in and
Capital
15 00010 0005 000
'0 000
2
-
7/24/2019 Chpt 3 Elements of Accounting Self Practice
6/8
Q2 SOLUTION
Item E!!ect n
Assets Lia"i#ities E$%it&
iiCash in hand500
Trade payable:Simpson500
iiiffice 4.uipment6'50
ther payable: Copy7td6'50
i!8urniture61200
Capital61200
!achinery6,000
7oan from 7eong8inance6,000
!iTrade payable: 9anny'000
Capital6'000
!iiCash at $an%10000
7oan from ban%10000
Q3 SOLUTION
Acc%nt t *e"it Acc%nt t cre*it
b ffice 4.uipment "2 100 Capital "2 100
c
-
7/24/2019 Chpt 3 Elements of Accounting Self Practice
7/8
Q, SOLUTIONGenera# %rna#
Date Partic%#ars Dr Cr 2015 " "
April 1 Cash in $an% 15 000Capital 15 000
Cash in and '00Capital '00
ffice 4.uipment + 250Capital + 250
2 Cash in $an% 12 0007oan from $an% 12 000
+
-
7/24/2019 Chpt 3 Elements of Accounting Self Practice
8/8
Cost of sales2 500
=iii> $an% loan 2 000 Cash at ban% 2 000 Eo effect=i!> Sales returns 00