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Exam style Q
Apr 1 Balance b/f 80 000
Apr 1 Balance b/f 2000
Apr 1 Balance b/f 30 000
This is a credit because the goods
to the value of 2000 have left the
business
Apr 1 Balance b/f 5000
Apr 1 Balance b/f 3000
Apr 1 Balance b/f 2000
Apr 1 Balance b/f 10 000
You have put 3000 in to the rent a/c
You have bought stationary to the value of 2000.
You owe this money to the bank. It is leaving your business.
Apr 1 Balance b/f 4000
Apr 1 Balance b/f 8000
Apr 1 Balance b/f 6000
Apr 1 Balance b/f 12000
These balances on the credit side, because you owe the money to them. Money is leaving the business
Apr 1 Balance b/f 80 000
Apr 30 creditors 124 000
You have bought goods from these people, so goods have come in to your business.
You could write all 5 creditors, or just write a summary for all creditors at the end of the money
Apr 1 Balance b/f 2000
Here, you have returned goods. Goods have left your business, so it is a credit.
Apr 30 Creditors 250
Apr 1 Balance b/f 30 000Apr 30 purchase retur 275
Apr 5 Bank (cash book) 4000 Apr 30 purchases 13640
We pay Allen & Co 4000This will also be shown in the Allen & Co T a/c
Try this one by your self…
Think. VAT collected by the business on the sale of goods is shown on the credit side because it is a liability (money owed to the government).
VAT paid by the business for purchases is shown on the debit side because in the end the VAT is paid by the consumer, not the business. So it is money owing to you.
Apr 30 Creditors 1240
Apr 10 Bank (cash book) 15
Apr 30 Balance c/d 3990
Apr 1 Balance b/f 5000
Apr 30 Creditors 25
Apr 30 Bank (Cash book) 220
5245
May 1 balance b/d 3990
Apr 1 Balance b/f 3000
Apr 2 Bank (cash book) 3000
Apr 1 Balance b/f 2000
Apr 10 Bank (cash book) 150
Apr 1 Balance b/f 10000Apr 22 Bank (cash book) 250
Apr 1 Balance b/f 4000
Apr 1 Balance b/f 8000
Apr 10 Purchase return 220
Apr 5 Bank (cash book) 4000 Apr 10 Purchase s 1100
Apr 23 Purchase s 2200
Apr 17 Purchase s 3300
Apr 1 Balance b/f 6000
Apr 12 Purchases 440
Apr 12 Purchases returns 55
Apr 1 Balance b/f 12000
Apr 28 Purchases 6600