Osborne Books Tutor Zone. Advanced Bookkeeping. Answers to chapter activities

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1 Osborne Books Tutor Zone Advanced Bookkeeping Answers to chapter activities Osborne Books Limited, 2016

2 2 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 1 The accounting system 1.1 FINANCIAL DOCUMENTS Summaries of accounting information BOOKS OF PRIME ENTRY Records the dual aspect of business transactions DOUBLE-ENTRY SYSTEM OF LEDGERS Arithmetical checking of double-entry bookkeeping TRIAL BALANCE Measurement of profit or loss, assets, liabilities and capital FINANCIAL STATEMENTS Sources of accounting information

3 a n s w e r s t o c h a p t e r a c t i v i t i e s asset of bank increases by 10,000 asset of vehicles increases by 20,000 capital increases by 30,000 assets 30,000 liabilities 0 = capital 30,000 asset of office equipment increases by 5,000 asset of bank decreases by 5,000 assets 30,000 liabilities 0 = capital 30,000 asset of inventory increases by 3,000 asset of bank decreases by 3,000 assets 30,000 liabilities 0 = capital 30,000 asset of bank increases by 15,000 liability of bank loan increases by 15,000 assets 45,000 liabilities 15,000 = capital 30,000 asset of vehicles increases by 12,500 asset of bank decreases by 12,500 assets 45,000 liabilities 15,000 = capital 30,000 asset of inventory increases by 4,000 liability of trade payables increases by 4,000 assets 49,000 liabilities 19,000 = capital 30, Assets Liabilities Capital 75, ,000 60,000 25,000 35,000 75,500 27,200 48,300 50,300 16,350 33,950 62,940 15,780 47, ,200 37,320 76,880

4 4 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 1.4 (a) - (b) Office equipment has been bought for 20,000, paid from the bank (b) - (c) Inventory has been bought for 5,000, paid from the bank (c) - (d) Inventory has been bought for 3,000, on credit from a supplier (d) - (e) 2,000 of inventory has been sold for 3,000 on credit to a customer (e) - (f) 3,000 has been paid to the trade payables from the bank

5 a n s w e r s t o c h a p t e r a c t i v i t i e s 5 2 Double-entry bookkeeping 2.1 Debit Credit (d) Trade receivables account Sales account 2.2 Debit Credit (a) Sales returns account Tade receivables account

6 6 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 2.3 CAROL PATTISON (a) Dr Bank account Cr May Capital 10,000 6 May Office equipment 5, May L Edwards: loan 2, May Rent May Commission received May Wages May Drawings May Office equipment 2, May Wages 800 (b) Dr Capital account Cr May Bank 10,000 Dr Office equipment account Cr May Bank 5, May Bank 2,000 Dr Rent account Cr May Bank 500 Dr Lucy Edwards: loan account Cr May Bank 2,000 Dr Wages account Cr May Bank May Bank 800 Dr Commission received account Cr May Bank 250 Dr Drawings account Cr May Bank 400

7 a n s w e r s t o c h a p t e r a c t i v i t i e s Transaction Account debited Account credited (a) bank sales (b) rent bank (c) purchases Wyvern Warehouse (d) Severn Systems sales (e) Wyvern Warehouse purchases returns (returns out) (f) sales returns (returns in) Severn Systems (g) drawings bank (h) wages bank

8 8 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 2.5 PAXTON PRODUCTS Dr Purchases account Cr Aug Avon Limited 1, Aug Bank 450 Dr Avon Limited Cr Aug Bank 1,000 2 Aug Purchases 1,000 Dr Sales account Cr Aug Bank Aug Cash Aug Barbourne Ltd 570 Dr Bank account Cr Aug Sales Aug Avon Limited 1,000 7 Aug Bank loan 2, Aug Purchases Aug Barbourne Ltd Aug Rent Aug Leam Ltd 220 Dr Cash account Cr Aug Sales Aug Wages 200 Dr Bank: loan account Cr Aug Bank 2,000 Dr Wages account Cr Aug Cash 200

9 a n s w e r s t o c h a p t e r a c t i v i t i e s 9 Dr Rent account Cr Aug Bank 500 Dr Stationery account Cr Aug Leam Ltd 225 Dr Leam Limited Cr Aug Bank Aug Stationery Aug Discounts received 5 Dr Barbourne Limited Cr Aug Sales Aug Bank Aug Discounts allowed 10 Dr Discounts received Cr Aug Leam Ltd 5 Dr Discounts allowed Cr Aug Barbourne Ltd 10

10 1 0 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 3 Balancing accounts and the trial balance 3.1 (c) Sales ledger control 3.2 (d) Purchases returns 3.3 SANDRA VELAZQUEZ Trial balance as at 30 April 20-6 Dr Cr Cash 125 Bank overdraft 2,340 Vehicles 12,350 Office equipment 3,750 Purchases 18,294 Purchases returns 876 Sales 30,955 Sales returns 1,263 Purchases ledger control 3,097 Sales ledger control 5,932 Rent 1,450 Wages 2,860 Capital 8,756 46,024 46,024

11 a n s w e r s t o c h a p t e r a c t i v i t i e s JANICE CARTWRIGHT Trial balance as at 31 October 20-3 Dr Cr Administration expenses 11,450 Bank loan 12,400 Bank overdraft 2,390 Capital 111,295 Cash 275 Drawings 8,655 Interest paid 1,970 Office equipment 8,400 Premises 110,000 Purchases 84,350 Purchases ledger control 10,465 Sales 170,850 Sales ledger control 22,965 Sales returns 3,270 Telephone 1,865 Travel expenses 2,195 Value Added Tax 2,640 Vehicles 18,990 Wages 35, , , (b) An error of principle 3.6 (b) An error of original entry 3.7 (d) A reversal of entries

12 1 2 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 3.8 (a) and (c) TONI JOHNSON Dr Bank account Cr May Capital 15,000 3 May Shop fittings 6, May Sales 1, May Wages May Sales 1, May Balance c/d 12, May Sales 1,400 19,300 19,300 1 Jun Balance b/d 12,550 6 Jun Rent Jun Sales Jun Shop fittings 2, Jun Sales 1, Jun Hi-Ball Ltd 7, Jun JK Sports Ltd 3, Jun Wages Jun Balance c/d ,040 15,040 1 Jul Balance b/d 340 Dr Capital account Cr May Bank 15,000 Dr Shop fittings account Cr May Bank 6, Jun Balance c/d 8,500 8 Jun Bank 2,500 8,500 8,500 1 Jul Balance b/d 8,500

13 a n s w e r s t o c h a p t e r a c t i v i t i e s 1 3 Dr Purchases account Cr May Hi-Ball Ltd 8, May Balance c/d 11, May JK Sports Ltd 3,000 11,000 11,000 1 Jun Balance b/d 11, Jun Balance c/d 13, Jun JK Sports Ltd 2,150 13,150 13,150 1 Jul Balance b/d 13,150 Dr Hi-Ball Ltd Cr May Purchases returns May Purchases 8, May Balance c/d 7,600 8,000 8, Jun Bank 7,600 1 Jun Balance b/d 7,600 Dr Sales account Cr May Balance c/d 5, May Bank 1, May Bank 1, May Bank 1, May Croome School 1,420 5,720 5, Jun Balance c/d 8,210 1 Jun Balance b/d 5,720 4 Jun Bank Jun Bank 1,640 8,210 8,210 1 Jul Balance b/d 8,210

14 1 4 a d v a n c e d b o o k k e e p i n g t u t o r z o n e Dr JK Sports Limited Cr Jun Bank 3, May Purchases 3, Jun Balance c/d 2, Jun Purchases 2,150 5,150 5,150 1 Jul Balance b/d 2,150 Dr Purchases returns account Cr May Hi-Ball Ltd 400 Dr Croome School Cr May Sales 1, Jun Sales returns Jun Balance c/d 1,295 1,420 1,420 1 Jul Balance b/d 1,295 Dr Wages account Cr May Bank Jun Balance c/d 1, Jun Bank 850 1,600 1,600 1 Jul Balance b/d 1,600 Dr Rent account Cr Jun Bank 750 Dr Sales returns account Cr Jun Croome School 125

15 a n s w e r s t o c h a p t e r a c t i v i t i e s 1 5 (b) Trial balance as at 31 May 20-6 Dr Cr Bank 12,550 Capital 15,000 Shop fittings 6,000 Purchases 11,000 Hi-Ball Limited 7,600 Sales 5,720 JK Sports Limited 3,000 Purchases returns 400 Croome School 1,420 Wages ,720 31,720 (d) Trial balance as at 30 June 20-6 Dr Cr Bank 340 Capital 15,000 Shop fittings 8,500 Purchases 13,150 Sales 8,210 JK Sports Limited 2,150 Purchases returns 400 Croome School 1,295 Wages 1,600 Rent 750 Sales returns ,760 25,760

16 1 6 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 4 Financial statements the extended trial balance 4.1 (a) Purchases 4.2 (c) Capital 4.3 Income Expenses Profit Assets Liabilities Capital or loss* Business 1 50,000 40,000 10, ,000 60,000 40,000 Business 2 90,000 70,000 20, ,000 90,000 60,000 Business 3 50,000 60,000 (10,000) 70,000 30,000 40,000 Business 4 80, ,000 (20,000) 170,000 80,000 90,000 Business 5 110, ,000 (10,000) 110,000 50,000 60,000 *Note: loss is indicated by brackets 4.4 FINANCIAL STATEMENTS TRIAL BALANCE STATEMENT OF STATEMENT OF PROFIT OR LOSS FINANCIAL POSITION Debit Credit Debit Credit Debit Credit (a) Sales (b) Opening inventory (c) Purchases ledger control (d) Rent paid (e) Discounts allowed (f) Office equipment (g) Drawings

17 a n s w e r s t o c h a p t e r a c t i v i t i e s EXTENDED TRIAL BALANCE SAM AVALOS 31 MARCH 20-8 Account name Ledger balances Adjustments Statement of Statement of profit or loss financial position Dr 100,000 Cr Dr Cr Dr Cr Dr Cr Opening inventory 10,475 10,475 Purchases 83,691 83,691 Sales revenue 157, ,648 Rent and rates 10,083 10,083 Heating and lighting 3,624 3,624 Wages and salaries 35,822 35,822 Vehicle expenses 4,046 4,046 Advertising 3,984 3,984 Premises at cost 100,000 Office equipment at cost 22,000 22,000 Vehicles at cost 35,000 35,000 Sales ledger control 19,247 19,247 Bank 3,240 3,240 Cash Capital 112, ,500 Drawings 18,913 18,913 Loan from bank 65,500 65,500 Purchases ledger control 12,286 12,286 Value Added Tax 2,475 2,475 Closing inventory: statement of profit or loss 12,655 12,655 Closing inventory: statement of financial position 12,655 12,655 Profit/loss for the year 18,578 18, , , , , , ,339

18 1 8 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 4.6 EXTENDED TRIAL BALANCE JENNY CLARK 30 JUNE 20-6 Account name Ledger balances Adjustments Statement of Statement of profit or loss financial position Dr 16,346 Cr Dr Cr Dr Cr Dr Cr Capital 26,000 26,000 Sales revenue 94,333 94,333 Purchases 36,147 36,147 Opening inventory 8,175 8,175 Salaries 25,148 25,148 Heating and lighting 3,071 3,071 Rent and rates 5,294 5,294 Vehicles at cost 17,390 17,390 Office equipment at cost 3,450 3,450 Sundry expenses 1,086 1,086 Vehicle expenses 3,417 3,417 Sales ledger control 16,346 Purchases ledger control 9,273 9,273 Value Added Tax 1,212 1,212 Bank 5,954 5,954 Drawings 17,248 17,248 Closing inventory: statement of profit or loss 10,032 10,032 Closing inventory: statement of financial position 10,032 10,032 Profit/loss for the year 22,027 22, , , , ,365 64,466 64,466

19 a n s w e r s t o c h a p t e r a c t i v i t i e s Accruals and prepayments 5.1 (b) An expense prepaid 5.2 (c) A credit balance on prepaid income account 5.3 (a) Interest receivable Accrued income (reversal) 90 Bank 917 Statement of profit or loss 908 Accrued income (b) 1 July 20-7

20 2 0 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 5.4 (a) Advertising expenses Bank 11,200 Accrued expenses (reversal) 650 Statement of profit or loss 9,050 Prepaid expenses 1,500 11,200 11,200 (b) Office expenses 20-4 Prepaid expenses 20-5 Statement of 1 Apr (reversal) Mar profit or loss 4, Mar Bank 4, Accrued 31 Mar expenses 140 4,940 4,940 (c) Extract from the trial balance as at 31 March 20-5 Account Dr Cr Accrued expenses 140 Capital 30,000 30,000 Discount received Drawings 9,500 9,500 Interest received Machinery at cost 18,000 18,000 Prepaid expenses 1,500 Sales returns

21 a n s w e r s t o c h a p t e r a c t i v i t i e s EXTENDED TRIAL BALANCE CHERYL COLLINS 31 DECEMBER 20-1 Account name Ledger balances Adjustments Statement of Statement of profit or loss financial position Dr 109, ,463 6,788 11,209 Cr Dr Cr Dr Cr Dr Cr Capital 40,000 40,000 Drawings 10, ,360 Purchases 110, Sales revenue 195,463 Vehicles at cost 27,500 27,500 Vehicle expenses 6, ,334 Loan from bank 22,500 22,500 Bank 3,147 3,147 Office equipment at cost 9,750 9,750 Wages 45,233 45,233 Discounts allowed Discounts received Rent and rates 7, Sales ledger control 40,296 40,296 Purchases ledger control 19,421 19,421 Administration expenses 11, Sales returns 1,076 1,076 Purchases returns 2,212 2,212 Opening inventory 10,341 10,341 Value Added Tax 3,629 3,629 Closing inventory: statement of profit or loss 10,854 10,854 Closing inventory: statement of financial position 10,854 10,854 Accruals Prepayments Profit/loss for the year 17,842 17, , ,475 1,165 1, , , , ,482

22 2 2 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 6 Depreciation of non-current assets 6.1 (a) 1, (c) 2, (d) 23, (b) Gain on disposal of Debit Credit (c) Statement of profit or loss Disposals account

23 a n s w e r s t o c h a p t e r a c t i v i t i e s (a) Year 1 2,000 Year 2 1,600 Total 3,600 (b) Van at cost Balance b/d 10,000 Disposals 10,000 10,000 10,000 Van: disposals Van: accumulated Van at cost 10,000 depreciation 3,600 Statement of profit or loss 200 Bank 6,600 10,200 10,200 Bank Van disposals * 7,920 Balance c/d 7,920 * 6, ,320 (VAT) 7,920 7,920 (c) Gain

24 2 4 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 6.7 EXTENDED TRIAL BALANCE CINDY SMITH 30 JUNE 20-4 Account name Ledger balances Adjustments Statement of Statement of profit or loss financial position Dr Cr Dr Cr Dr Cr Dr Cr Capital 38,825 38,825 Opening inventory 18,050 18,050 Purchases 74,280 74,280 Sales revenue 149, ,410 Discounts allowed and received 3,210 1,140 3,210 1,140 Rent and rates 7, ,185 Sales and purchases returns 1, , Bank 13,300 13,300 Sales ledger control 14,375 14,375 Purchases ledger control 8,065 8,065 Wages and salaries 43,895 43,895 General expenses 2, ,690 Vehicles at cost 30,000 30,000 Vehicles: accumulated depreciation 7,500 5,625 13,125 Machinery at cost 10,000 10,000 Machinery: accumulated depreciation 3,000 1,000 4,000 Vehicle expenses 6,725 6,725 Disposal of non-current asset Drawings 12,500 12,500 Value Added Tax 3,180 3,180 Closing inventory: statement of profit or loss 95 20,145 20,145 Closing inventory: statement of financial position 20,145 20,145 Accruals Prepayments 95 Depreciation charges 6,625 6,625 Profit/loss for the year 6,445 6, , ,440 6,895 6, , ,570 87,115 87,115

25 a n s w e r s t o c h a p t e r a c t i v i t i e s Irrecoverable debts and allowance for doubtful debts 7.1 Debit Credit (a) Irrecoverable debts account Egan Ltd s account Note: where control accounts see Chapter 10 of the Tutorial are in use, the credit entry will be to sales ledger control account. 7.2 (d) Increase profit for the year 7.3 (b) 4, Year Statement of profit or loss Statement of financial position Dr Dr Cr Dr Cr irrecoverable allowance for allowance for sales ledger allowance for debts doubtful debts: doubtful debts: control doubtful debts adjustment adjustment ,368 84,200 3, ,600 3, ,400 3,656

26 2 6 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 7.5 (a) Irrecoverable debts Sales ledger control 90 Statement of profit or loss 295 (Fennell & Co) Sales ledger control 160 (A Sheldon) Sales ledger control 45 (Palgrave Stores) (b) Allowance for doubtful debts Mar Balance c/d Apr Balance b/d Allowance for doubtful 31 Mar debts: adjustment (c) Extract from the trial balance as at 31 March 20-3 Account Ledger balances Adjustments Dr Cr Dr Cr Allowance for doubtful debts Allowance for doubtful debts: adjustment 206 Irrecoverable debts 295 Purchases ledger control 12,345 Sales ledger control 20, Machinery at cost 15,000 Machinery: accumulated depreciation 8,750 Wages and salaries 33,140

27 a n s w e r s t o c h a p t e r a c t i v i t i e s EXTENDED TRIAL BALANCE ANDREW BROWN 31 DECEMBER 20-5 Account name Ledger balances Adjustments Statement of Statement of profit or loss financial position Dr Cr Dr Cr Dr Cr Dr Cr Purchases 31,480 31,480 Sales revenue 95,660 95,660 Opening inventory 7,580 7,580 Sales and purchases returns Discounts allowed and received 380 1, ,080 Drawings 34,720 34,720 Premises at cost 100, ,000 Premises: accumulated depreciation 10,000 2,000 12,000 Machinery at cost 24,000 24,000 Machinery: accumulated depreciation 3,000 3,000 6,000 Wages and salaries 18, ,120 Advertising 2, ,910 Rent and rates 15,630 15,630 Bank 4,140 4,140 Sales ledger control 5,000 5,000 Purchases ledger control 3,740 3,740 Value Added Tax 3,240 3,240 Capital 81,290 81,290 Bank loan 45,000 45,000 Closing inventory: statement of profit or loss 6,060 5,000 6,060 Closing inventory: statement of financial position 6,060 6,060 Accruals Prepayments Depreciation charges 5,000 Irrecoverable debts Allowance for doubtful debts Allowance for doubtful debts: adjustment Profit/loss for the year 22,250 22, , ,210 6,120 6, , , , ,270

28 2 8 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 8 The rules of accounting 8.1 (d) Accruals 8.2 (b) Materiality 8.3 Professional behaviour Information should not be disclosed to third parties without permission or right Professional competence and due care Ensuring that business transactions are genuine and valid Confidentiality Having up-to-date and relevant skills and knowledge Integrity Not allowing the influence or interest of others to override professional judgement Objectivity Complying with relevant laws and regulations and not discrediting the profession 8.4 (a) Integrity and (b) Objectivity

29 a n s w e r s t o c h a p t e r a c t i v i t i e s (a) Sales revenue for the half year product A (60 at at 22) 3, product B (350 at at 6) 4, total sales 8, (b) FIFO Product A 60 units at per unit units at per unit units 1, (c) FIFO Product B 100 units at 6.00 per unit units at 5.50 per unit units 1, (d) Total inventory valuation product A 1, (cost price) product B 1, (net realisable value) 3, (e) Cost of sales Purchases product A *3, product B **4, , Less closing inventory 3, Cost of sales 5, * , ** 1, , ,

30 3 0 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 8.6 (a) According to IAS 2, Inventories, the basis of inventory valuation is at the lower of cost and net realisable value. (b) (b) 275 (100 at 2 per box + 50 at 1.50 per box) (c) (c) 15 decrease (d) (b) Decrease 8.7 (a) 252,000 Working: 360,000 x (100 30)/100 (b) 125,000 Working: 150,000 x 100/( ) 8.8 (a), (e), (g) and (i) are capital expenditure; (b), (c), (d), (f) and (h) are revenue expenditure

31 a n s w e r s t o c h a p t e r a c t i v i t i e s Accounting for capital transactions 9.1 (d) Land 9.2 (b) Terry Taylor, the owner of Terry s Transport

32 3 2 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 9.3 Depreciation calculations: TOTAL Lorry 1 8,000 6,400 14,400 Lorry 2 8,000 6,400 5,120 19,520 Lorry 3 12,000 12,000 Lorry 4 12,000 12,000 TOTAL 16,000 12,800 29,120 57,920 Dr Vehicles at cost account Cr Jan Bank 40, Dec Balance c/d 80, Jan Bank 40,000 80,000 80, Jan Balance b/d 80, Dec Balance c/d 80, Jan Balance b/d 80, Aug Disposals 40, Jan Bank 60, Dec Balance c/d 160, Jan Bank 60, , , Jan Balance b/d 160,000 Dr Depreciation charge account Cr Dec Vehicles: accumulated depreciation 16, Dec Statement of profit or loss 16, Dec Vehicles: accumulated depreciation 12, Dec Statement of profit or loss 12, Dec Vehicles: accumulated depreciation 29, Dec Statement of profit or loss 29,120

33 a n s w e r s t o c h a p t e r a c t i v i t i e s 3 3 Dr Vehicles: accumulated depreciation account Cr Dec Balance c/d 16, Dec Depreciation charge 16, Dec Balance c/d 28, Jan Balance b/d 16, Dec Depreciation charge 12,800 28,800 28, Aug Disposals 14, Jan Balance b/d 28, Dec Balance c/d 43, Dec Depreciation charge 29,120 57,920 57, Jan Balance b/d 43,520 Dr Vehicle disposals account Cr Aug Vehicles 40, Aug Vehicles: accumulated 11 Aug Statement of profit or loss depreciation 14,400 (gain on disposal) 1, Aug Bank 27,500 41,900 41,900

34 3 4 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 9.4 (a) to (c) NON-CURRENT ASSET REGISTER Description/ Acquisition Cost Depreciation Carrying Funding Disposal Disposal serial number date charges amount method proceeds date Office equipment Conan laser printer 10/02/-5 2, Cash Year ended 31/03/ , Year ended 31/03/ , Year ended 31/03/ HQL computer 15/04/-6 1, Cash Year ended 31/03/ Vehicles VK54 JEC 15/09/-4 12, Cash Year ended 31/03/-5 3, , Year ended 31/03/-6 2, , Year ended 31/03/-7 6, /01/X7 VO55 DBC 10/02/-6 16, Part-exchange Year ended 31/03/-6 4, , Year ended 31/03/-7 3, , Notes: installation of the computer in the office is capitalised the computer software is revenue expenditure 9.5 (d) Hire purchase (e) Finance lease

35 a n s w e r s t o c h a p t e r a c t i v i t i e s Control accounts 10.1 (a) and (c) would cause a difference; (b) and (d) would cause no difference 10.2 (a) PURCHASES LEDGER Dr Bedford Ltd Cr Jan Purchases returns Jan Balance b/d Jan Balance c/d Jan Credit purchases Feb Balance b/d Dr Chester & Co Cr Jan Purchases returns Jan Balance b/d Jan Balance c/d Jan Credit purchases Feb Balance b/d Dr Dennis Trading Cr Jan Bank Jan Balance b/d Jan Balance c/d Jan Credit purchases Feb Balance b/d Dr Farnham Ltd Cr Jan Bank Jan Balance b/d Jan Discounts received Jan Credit purchases

36 3 6 a d v a n c e d b o o k k e e p i n g t u t o r z o n e (b) Dr Purchases ledger control account Cr Jan Purchases returns Jan Balance b/d 1, Jan Payments to trade payables Jan Credit purchases 1, Jan Discounts received Jan Balance c/d 2, , , Feb Balance b/d 2, (c) Reconciliation of purchases ledger control account 1 January January 20-6 Bedford Ltd Chester & Co Dennis Trading Farnham Ltd nil Purchases ledger control account 1, ,002.49

37 a n s w e r s t o c h a p t e r a c t i v i t i e s Dr Purchases ledger control account Cr Jan Purchases returns 1,843 1 Jan Balance b/d 24, Jan Discounts received Jan Credit purchases 137, Jan Payments to trade payables 135, Jan Set-off: sales ledger Jan Balance c/d 23, , ,905 1 Feb Balance b/d 23,708 Dr Sales ledger control account Cr Jan Balance b/d 35, Jan Sales returns 3, Jan Credit sales 205, Jan Discounts allowed Jan Returned cheques Jan Payments from trade receivables 197, Jan Set-off: purchases ledger Jan Irrecoverable debts Jan Balances c/d 40, , ,029 1 Feb Balance b/d 40,433 Note: the increase in allowance for doubtful debts is not recorded in the sales ledger control account (a) (a) Credit; all remaining options Debit (b) (c) Zero

38 3 8 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 10.5 Adjustment Amount Debit Credit number Adjustment Amount Debit Credit number Adjustment Amount Debit Credit number (d) 4,140 credit

39 a n s w e r s t o c h a p t e r a c t i v i t i e s The journal and correction of errors 11.1 (a) Opening transaction of a new business 11.2 Debit Credit (b) Stationery 75 Suspense Debit Credit (d) Bank 84 Suspense 84 Suspense 48 Bank 48

40 4 0 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 11.4 (a) Extract from extended trial balance Ledger balances Adjustments Dr Cr Dr Cr Allowance for doubtful debts Allowance for doubtful debts: adjustment 150 Closing inventory statement of financial position *20,190 Closing inventory statement of profit or loss *20,190 Depreciation charge 1,500 Office equipment accumulated depreciation 5,500 Office expenses 6,350 Rent and rates 4, Purchases 45,300 Purchases ledger control 6, Suspense VAT 1,720 Wages 14,850 *lower of cost and net realisable value: 20, (b) Account Dr Cr Statement of profit or loss Wages

41 a n s w e r s t o c h a p t e r a c t i v i t i e s (a) Journal Dr Cr Irrecoverable debts 150 Sales ledger control 150 (b) Journal Dr Cr Office expenses 1,200 Suspense 1,200 (c) Journal Closing inventory Statement of financial position *15,060 Dr Cr Closing inventory Statement of profit or loss *15,060 *lower of cost and net realisable value: 15, (d) Journal Dr Cr Suspense 6,800 Sales ledger control 6,800 Sales ledger control 8,160 Suspense 8,160

42 4 2 a d v a n c e d b o o k k e e p i n g t u t o r z o n e 11.6 Extended trial balance Ledger account Ledger balances Adjustments Statement of Statement of profit or loss financial position Dr Cr Dr Cr Dr Cr Dr Cr Allowance for doubtful debts ,000 Allowance for doubtful debts: adjustment Bank 5,200 5,200 Capital 35,000 35,000 Closing inventory 11,690 11,690 11,690 11,690 Depreciation charge 3,600 3,600 Machinery at cost 45,000 45,000 Machinery: accumulated depreciation 12,200 3,600 15,800 Office expenses 13, ,900 Opening inventory 12,740 12,740 Payroll expenses 45, ,000 Purchases 76, ,600 Purchases ledger control 17,320 17,320 Rent and rates 6, ,140 Sales 159, ,520 Sales ledger control 33,450 33,450 Suspense 410 1, VAT 2,790 2,790 Profit/loss for the year 13,030 13, , ,240 17,280 17, , ,210 90,140 90,140 Note: the credit balance on suspense account is cleared by the debit adjustment of 1,100 ( 300 and 800), and the credit adjustment of 690 ( 400 and 290).

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