The City School PAF Chapter Principles of Accounting Intervention Workbook Class 9 1st Term
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1 The City School PAF Chapter Principles of Accounting Intervention Workbook Class 9 1st Term
2 Topics Role of Accounting Bookkeeping and Accounting Role of accounting in decision-making Uses of ICT in accounting Double-entry bookkeeping/accounting Assets, Liabilities and Capital Accounting equation Double-entry system Double-entry transactions Sub-division of the ledger Documentary Records Business documents used Types of documents and their Purpose The Ledger T-accounts Understanding Debit and Credit Balancing accounts Interpreting balances Running balance format Trial Balance What is a Trial Balance Extracting a Trial Balance Limitations Errors which do not affect the Trial Balance The General Journal What is the Journal Uses/Method of entry Writing narrations The City School /PAF Chapter / Prep + Senior I Section / Worksheet for Intervention Class (1 st Term)/History /Class 6 Page 2 of 11
3 Books of prime entries What are books of prime entry Ledger account entries Trade discount Cash book Dual functions of the cash book Cash and bank transactions Cash discount The City School /PAF Chapter / Prep + Senior I Section / Worksheet for Intervention Class (1 st Term)/History /Class 6 Page 3 of 11
4 Book-keeping and accounting 1. Define the term book-keeping. 2. Define the term accounting. 3. State 3 reasons why it is necessary for a business to maintain accounts. 4. What are the benefits of ICT (Information and Communication Technology) to book-keeping and accounting? Double-entry book-keeping/accounting 1. A trader, Bill Ding provides the following information Balance of cash 250 February 2 Paid property tax in cash 52 3 Cash sales 94 4 Bought stationery and paid in cash 13 Received cash from Penny Wise, a debtor The owner withdrew cash for personal use 50 7 Bought goods and paid in cash 200 Enter the above transactions in Bill Ding s cash account. Balance the account on 7 February and bring down the balance on 8 February On 1 July 20-6 Scott Free started a business. The following are his transactions for the first two weeks of trading. Scott paid capital, $50,000, into the business bank July 1 account 2 Bought premises, $ 25,000, and paid by cheque. 4 Bought equipment, $ 4,000, and paid by cheque. 6 Bought goods, $1,500 on credit from Heaven Lee 7 Paid advertising expenses, $60 by cheque 9 Sold goods, $200, and received a cheque 12 Sold goods, $310, on credit to Mark Maybee 13 Mark Maybee returned damaged goods, $ Paid $1000 by cheque on account to Heaven Lee Enter the above transactions in the ledger of Scott Free. Balance the bank account and account of Heaven Lee and Mark Maybee on 14 July and bring down the balances on 15 July The City School /PAF Chapter / Prep + Senior I Section / Worksheet for Intervention Class (1 st Term)/History /Class 6 Page 4 of 11
5 3. From the following information, write up the accounts of A. Smith in the books of T. Parsons, for the month of May May 1 A.Smith owes Parsons $ Parsons sold goods, $440, on credit to Smith 16 Smith returned goods, $175, to Parsons 19 Smith paid Parsons $100 in cash 21 Parsons sold goods, $93, on credit to Smith 26 Smith paid Parsons $900 by cheque Business Documents 1. Give a description of the purpose of each of the following business documents. a) Invoice b) Statement of account c) Credit note d) Receipt The Ledger 1.. On 1 September 2017, Adams started a business. The following are his transactions for the first month of trading. September 1 Adams paid capital, $90,000, into the business bank account 2 Paid rent, $400, by cheque 4 Bought goods, $2,100, on credit from Benny 8 Cash sales $ Paid sundry expenses, $32, in cash 14 Bought goods, $900 from Benny 19 Sold goods, $380, on credit to Carly 21 Returned faulty goods, $110, to Benny 25 Paid shop assistant's wages in cash, $ Paid the amount owing to Benny by cheque 29 Adams took goods costing $130 for his own use Enter the above transactions in the ledger of Adams. Balance the bank account and the cash account on 30 September and bring down the balances on 1 October The City School /PAF Chapter / Prep + Senior I Section / Worksheet for Intervention Class (1 st Term)/History /Class 6 Page 5 of 11
6 Trial Balance 1. The following trial balance was prepared by an inexperienced bookkeeper and contains error. Prepare a corrected trial balance at 31 December Jasmine Trial Balance for the year ended 31 December 2017 Debit Credit $ $ Cash 300 Bank overdraft 3,000 Capital 42,500 Drawings 750 Land and buildings 30,000 Office equipment 1,050 Loan 2,200 Inventory 7,500 Purchases 9850 Sales 10,650 Sales returns 940 Purchase returns 1,030 Carriage inwards 400 Wages 1,500 Rent received 830 Sundry expenses 1,290 Trade receivables 12,300 Trade payables 5,670 63,670 68,090 The City School /PAF Chapter / Prep + Senior I Section / Worksheet for Intervention Class (1 st Term)/History /Class 6 Page 6 of 11
7 2. On 31 August 2017 the following balances were taken from the books of Chin Kee Onn $ Capital at 1 September ,000 Bank overdraft 3,400 Sales 215,240 Purchases 108,300 Inventory at 1 September ,700 Wages and salaries 86,300 Rent and expenses 10,400 Motor expenses 7,600 General expenses 5,900 Plant and machinery 8,000 Motor vehicles 3,000 Trade receivables 17,500 Trade payables 9,600 Cash 270 Drawings 1,270 Required a) Define the term balance. b) Prepare the trial balance for Chin Kee Onn at 31 August c) Give two uses of a trial balance. d) State one limitation of a trial balance. e) Name four errors which are not revealed by trial balance. Explain each of these errors and give a suitable example of each. The City School /PAF Chapter / Prep + Senior I Section / Worksheet for Intervention Class (1 st Term)/History /Class 6 Page 7 of 11
8 General Journal 1. Draft the journal entries to record the following (all on 31 st December) a) The correction of an error in posting. R. Brown debited instead of credited P. Brown with $50. b) The purchase on credit of a new motor lorry from T. Edmunds (for use in the business), $1000. c) Commission is earned on goods sold to F. Baron. d) Bought a type writer on credit from the Reliance Typewriter Co. at a cost of $ You are to show the journal entries necessary to record the following items which occurred in a) May 1 Bought a motor bike on credit from Lakeside Garage for $5500. b) May 3 A debt of $347 owing from T. Reason was written off as a bad debt. c) May 8 Office chairs bought by us for $600 were returned to the supplier UL Furniture Ltd as they were unsuitable. Full allowance will be given to us. d) May 12 We are owed $300 by J. Day. He is declared bankrupt and we received $190 in full settlement of the debt. e) May 14 We take goods costing $60 out of the business inventory without paying for them. f) May 28 Some time ago we paid an insurance bill thinking that it was all in respect of the business. We now discover that $40 of the amount paid was in fact insurance of our private house. g) May 28 Bought s trailer for $1700 on credit from C-Land Ltd. The City School /PAF Chapter / Prep + Senior I Section / Worksheet for Intervention Class (1 st Term)/History /Class 6 Page 8 of 11
9 3. Show the journal entries necessary to record the following items: 2017 Apr 1 Bought office furniture on credit from Durham Brothers Ltd $ We take goods costing $270 out of the business inventory without paying for them. 9 $90 of the goods taken by us on 4 April is returned back into inventory by us. We do not take any money for the return of the goods. 12 M Sharp owes us $460. He is unable to pay his debt. We agree to take some display cabinets from him at that value and so cancel the debt. 18 Some of the office furniture bought from Durham Brothers Ltd, $36 worth, are found to be unsuitable and are returned to them for full allowance. 24 A debt owing to us by T. Lyle of $ 80 is written off as bad debt. 30 Computers bought on credit from OTF Ltd for $2300. Books of Prime Entry 1. A business sends or receives various documents when it is trading. These documents are recorded in an appropriate subsidiary book (book of prime entry) before posting to the ledger. State the subsidiary books in which details of each of the following documents are recorded. The answer to (a) has been given as an example. a) Cheques issued Answer: cash book b) Credit notes received from suppliers c) Invoices received from suppliers d) Credit notes issued to customers e) Invoices issued to customers. 2. Adam Chandler received the following documents in the week ended April 30, 2017: a) An invoice from Better Goods Ltd for $ 600 b) A credit note from Pat Brown for $ 50 c) A cheque from Stacy Ike, a customer for $ 150 State the purpose of the three documents in 1 3 above. Name the book of prime entry in which Adam Sandler will enter each document. The City School /PAF Chapter / Prep + Senior I Section / Worksheet for Intervention Class (1 st Term)/History /Class 6 Page 9 of 11
10 Cash book 1.. The debit balances on Mai s cash book in 1 June 2017 were: Cash 150 Bank 7,640 Transactions for the month of June 20-9 included the following: $ June 4 Received a cheque, $274, from Chan 9 Paid Tan $1072 by cheque 13 Paid sundry expenses in cash, $93 20 Purchased a motor vehicle, $9,500, and paid by cheque 23 Cash sales $1, Paid $1,000 cash into bank 29 Took $200 cash for personal use Write up Mai s cash book for the month of June Bring down the balances on 1 July a) Explain each of the following terms: i. Contra entry ii. Bank overdraft iii. Cash discount iv. Dishonored cheque b) On 1 April 2017 the cash book of Caroline showed the following debit balances: Cash $200 Bank $1,500 Caroline s transactions for the month ended 30 April 20-7 included the following: April 6 Cash sales $ Paid $800 cash into the bank 13 Paid $780 by cheque to Green Ltd, a credit supplier, in full settlement of the $800 owing 17 Waltham & Co, a credit customer, paid $320 by cheque 21 Kingsley Ltd paid their account of $900 by cheque after deducting 2% cash discount 24 The cheque received from Waltham & Co was returned by the bank dishonoured 26 Paid a cheque to Jim Marlow in settlement of his account of $400 less 3% cash discount 29 Paid wages in cash $ Withdrew $200 from the business bank account for personal use The City School /PAF Chapter / Prep + Senior I Section / Worksheet for Intervention Class (1 st Term)/History /Class 6 Page 10 of 11
11 Enter the above transactions in the cash book of Caroline. Balance the cash book on 30 April 2017 an bring down the balances.3. Christie is a trader. On 1 February 20-8 she had the following balances in her books. Cash book Cash 100 Bank overdraft 480 Sales ledger Susan 200 Purchases ledger Andy 320 Nominal ledger Premises 60,000 Fixtures and fittings 5,500 Capital 65,000 $ Enter the above balances in the appropriate accounts on 1 February The following transactions took place during the month of February February 3 Sold goods, $300, on credit to Susan 7 Susan returned faulty goods, $50 11 Purchased goods, $390, paying by cheque. Paid $10 by cheque or carriage on goods purchased 15 Cash sales, $610, of which $600 was paid into the bank 19 Susan paid the amount owing on 1 February by cheque, after deducting 3% cash discount 21 Paid general expenses, $75, in cash 23 Paid Andy a cheque for the amount due, less a cash discount of 2.5% 25 Sublet part of the premises and received $400 rent in cash 27 Paid $15 by cheque for repairs to fixtures 28 Paid all the cash into the bank except $100 Enter the above transactions in the books of Christie. Balance the cash book and the personal accounts on 28 February. Transfer the totals of the discount columns to the nominal ledger on 28 February. Draw up a trial balance to 28 February The City School /PAF Chapter / Prep + Senior I Section / Worksheet for Intervention Class (1 st Term)/History /Class 6 Page 11 of 11
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