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1 Chapter 5 Books of Original Entry and Ledgers (III) Question 7 Record the following transactions into the books of original entry including the journal, return outwards journal and cash book May 1 Bought office equipment on credit from Hugo Co for $22,330. " 3 The proprietor took furniture costing $500 from the business for his personal use. " 5 The proprietor took goods totalling $300 as a gift for his wife and $300 cash for his personal use. " 8 Bought goods for $3,000 in cash. " 10 A sum of $230 owed by a customer, Brooke Lam, was settled by cheque. " 16 Settled Hugo Co s account by cheque. " 18 Bought a motor vehicle for $30,000 by cheque from Cooper Motors Ltd. " 22 Returned an item of office equipment costing $1,200 to Hugo Co and received a cheque of the same amount from Hugo Co. " 27 Goods costing $250 were returned to the supplier, Wilson Ltd. The refund would be made next month. " 28 Withdrew cash $1,300 from the bank for business use. " 30 Insurance premiums of $4,560 on the proprietor's apartment were paid from the business bank account. $ Date Details Cash Bank Date Details Cash Bank $ $ Returns Outwards Journal
2 Question 8 Record the following transactions in the books of original entry including the journal, cash book and purchases journal Jun 1 Dominic So, the owner, deposited a sum of $75,000 into the business bank account. " 2 Paid rent of $1,700 in cash. " 5 Bought office furniture on credit from Ace Furniture Co for $3,000. " 10 Bought goods on credit from Ian Lai for $660. " 13 Dominic took office furniture costing $6,500 from the business for his personal use. " 18 Bought fixtures on credit from Zoe Ltd for $12,300. " 22 A trade debtor, Jessica Chan, settled her account of $4,550 in cash. " 26 Deposited $800 cash into the bank. " 28 A trade debtor, Maria Kwan, owed the business $2,000. She was unable to repay and Dominic agreed to accept a photocopier from her to settle the debt. " 30 Bought goods on credit from Cynthia Ltd for $1,900, less a 10% trade discount. Date Details Cash Bank Date Details Cash Bank $ $ $ Purchases Journal
3 Chapter 5 Books of Original Entry and Ledgers (III) Question 17 Use the journal to open a set of books for Justin Yim, the owner of a boutique, to record assets, liabilities and capital. Then record the daily transactions for September 2008 in the books of original entry and cash book Sept 1 Assets: Shop premises $550,000; Motor vehicles $76,000; Shop equipment $60,000; Inventory $126,800; Accounts receivable: Adrian Tam $6,000, Lily Ng $5,000; Bank $94,600; Cash in hand $23,100. Liabilities: Accounts payable: Julia Lam $6,000, Victoria Ho $2,000. " 1 Paid $3,500 by cheque for water and electricity. " 2 Paid $12,000 in cash for rent. " 6 Goods bought on credit from: Victoria Ho $3,000 Julia Lam $7,920 Henry Lui $5,640 Sofia Cheung $4,680 (10% trade discount to be deducted) " 7 Cash drawings of $3,000 were made by Justin Yim. " 8 Goods sold on credit to: Adrian Tam $7,920 Louis Pang $10,560 (10% trade discount to be deducted) Carlos Ho $10,440 Jasmine Lam $6,000 " 10 Paid $5,200 in cash for motor vehicle repairs. " 13 Goods sold on credit to: Bryan Tse $3,840 Alex Lau $6,960 " 16 Goods returned to: Julia Lam $1,560 Henry Lui $2,100 " 17 Goods returned from: Lily Ng $1,400 Adrian Tam $1,680 " 18 Bought a lorry from Destiny Motors Ltd for $34,000 by cheque. " 19 The following trade debtors settled their accounts by cheque, less a 5% cash discount: Adrian Tam, Lily Ng, Jasmine Lam. " 19 Goods of $1,000 were returned to Victoria Ho. " 20 Goods bought on credit from: Parker Pang $4,608 Sofia Cheung $8,352 " 21 The following trade creditors accounts were settled by cheque, less a 5% cash discount: Julia Lam, Henry Lui, Victoria Ho. " 23 Bought a photocopier on credit from Carson Co for $22,000 for use in the shop. " 24 Justin took shop equipment costing $1,500 for his personal use. " 25 Paid $2,500 by cheque for rates. " 29 Paid $1,540 by cheque for salaries. " 30 Settled Carson Co s outstanding balance by cheque. $
4 Purchases Journal Sales Journal Returns Inwards Journal Returns Outwards Journal Date Details Discount Cash Bank Date Details Discount Cash Bank $ $ $ $
5 Question 18 Use the journal to open a set the books for Bobbie Yu, a sole trader, to record assets, liabilities and capital. Then record the daily transactions for September 2009 in the books of original entry and cash book Sept 1 Assets: Premises $150,000; Motor vehicles $60,000; Office equipment $50,000; Inventory $26,800; Accounts receivable: Tiger Hung $5,000, Kitty Ng $8,000; Bank $224,500; Cash in hand $47,000. Liabilities: Accounts payable: Wolfson Yiu $5,000, Yobie Ho $20,000. " 1 Paid $1,500 by cheque for rent. " 2 Goods bought on credit from: Wolfson Yiu $2,500 Toby Lee $6,600 Henry Ho $47,000 (5% trade discount to be deducted) Amy Wong $3,900 " 5 Goods sold on credit to: Kenneth Ho $6,600 Tony Sun $88,000 (5% trade discount to be deducted) Sunny Cheung $8,700 Kitty Ng $5,000 " 7 Paid $7,300 in cash for motor expenses. " 9 Cash drawings of $4,320 were made by Bobbie Yu. " 10 Goods sold on credit to: Tony Sun $3,200 Logan Ping $5,800 " 11 Goods returned from: Kenneth Ho $1,300 Sunny Cheung $1,700 " 15 Bought a delivery van on credit from Samuel Motors for $26,000. " 17 The following trade debtors settled their accounts by cheque, less a 5% cash discount: Tiger Hung, Kitty Ng, Sunny Cheung. " 18 Goods of $900 were returned to Amy Wong. " 19 Goods bought on credit from: Jordan Wan $7,720 Isaac Chan $8,550 " 21 The following trade creditors accounts were settled by cheque, less a 5% cash discount: Wolfson Yiu, Yobie Ho, Amy Wong. " 22 Salaries of $3,440 were paid by cheque. " 24 Paid $3,500 by cheque for electricity. " 28 Settled Samuel Motors outstanding balance by cheque. " 29 Bought two computers for $11,000 each on credit from Billy Co. $
6 Purchases Journal Sales Journal Returns Inwards Journal Returns Outwards Journal Date Details Discount Cash Bank Date Details Discount Cash Bank $ $ $ $
7
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