Match the transactions in List A with the Books of Original Entry in List B. d) Purchases
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1 CHAPTER 5 STRUCTURED QUESTIONS 1. Match the transactions in List A with the Books of Original Entry in List B LIST A LIST B 1. Sales on credit a) Petty cash 2. Purchases on credit b) Sales 3. Goods sold to customers were overcharged c)returns outwards 4. Goods bought were returned to the supplier for exchange d) Purchases 5. Cash received and Cheques paid out e) Returns Inwards 6. Small sums of cash paid out f) Cash
2 2. June 10 th 20 Russell Babb from 7 Downtown Road, Santa Cruz, Barbados prepared a document for Shirley of 10 Alltheway Road, Belize. Shirley sent Purchase Order #205 to Russell requesting the following items: PURCHASE ORDER QUANTITY DESCRIPTION PRICE PER UNIT TOTAL 100 Cases of Quaker oats $180 $18 16 Cases of evaporated milk $200 $ Bales of flour $500 $ 5 TOTAL COST $ (a) What is the name of the document prepared by Russell Babb? (b)in which book of original entry will Russell Babb enter the above transaction? (c)who is the creditor in the transaction, is it Russell or Shirley? (d) Assume that Shirley decides to settle her account, which book of original entry will Russell record the entry? 3. Explain the difference between trade discount and cash discount?
3 4. Gaynelle owns a bookstore. On August 13 th she received the credit note shown below from Gay Distributors Limited TO: Gaynelle Bookstores Limited Coffee Street Trinidad Gay Distributors Limited Tinstown Trinidad CREDIT NOTE CN 101 DATE DETAILS QUANTITYPRICE $ August 13 Boxes of Modern Studies textbooks damaged in transit and returned 10 $1 per box????? (a) Calculate the missing amount at (???) on the credit note and enter it in the box (b)apart from damaged books being returned to Gaynelle, give another reason that a credit note may be issued? (c)in the books of Gaynelle Bookstores Limited, in which book of original entry will the transaction be posted? 5. Explain briefly the rule (procedures) for journalizing entries in the general journal?
4 CHAPTER 5 ANSWERS 1. LIST A LIST B 1. B 2. D 3. E 4. C 5. F 6. A 2. (a) Invoice (b)sales (c)russell Babb (d)cash book
5 3. Trade discount - offered to customers who normally make large purchases -the amount is deducted from the original price and shown on the invoice as the amount to be paid Cash discount -are only offered to credit customers -used to encourage customers to pay the full amount due earlier than the final date 4. (a) $10 (b) When goods are overcharged (c)returns inward (Sales returns) 5. -record the debit entry first -then record the credit entry -values in the debit and credit entry columns must be equal -give a description (narration) of the entire transaction
6 CHAPTER 6 STRUCTURED QUESTIONS 1. You are to open the books of Lazeena s Clothing Store a trader. Record the daily transactions below for the month of July to the appropriate journals, post to the ledger, close the ledger (showing the transfers to the relevant final account) and prepare a trial balance July 1 Assets: Buildings $100 ; Furniture $20 ; Stock $3 ; Debtors: Lynette $2 ; Cash At bank $4 ; Cash in hand $500 Liabilities: Creditors: Margaret Box $800 1 Bought goods on credit from Margaret Box $1 and D. Lopez Sold goods on credit to Lynette $1 and P. Singh $ Paid for wages by cheque $3 11 Goods returned to Lynette $200 and P. Singh $ Lazeena received cheques less 2% discount from the following persons: Lynette and P. Singh 20 The following creditors were settled by cheques less 7% discount: Margaret Box and D. Lopez
7 2. Indicate the books of original entry which EACH of the following transactions would be recorded and mark () the appropriate column GENERAL JOURNAL CASH BOOK SALES PURCHASES SALES RETURNS PURCHASES RETURNS PETTY CASH Started business with debtors Received cash Bought goods from a supplier Sold goods to a customer Bought postage stamps for $20 Goods returned to a supplier Customers returned goods for exchange
8 3. Give the name of the ledger used to record the following: 4. (a) Goods sold on credit (b) Revenues and expenses (c) Goods bought on credit Categorize the following transactions under the appropriate classification of business transactions REVENUE EXPENDITURE CAPITAL EXPENDITURE REVENUE RECEIPT CAPITAL RECEIPT Salaries paid to workers Paid a plumber to fix a burst water line Purchased a machine Received payment for commissions Goods sold for cash Received a 20 year bank loan
9 The owner invested additional capital into the business
10 CHAPTER 6 ANSWERS 1. GENERAL JOURNAL DATE DETAILS DR CR July 1 Buildings 100 Furniture 20 Stock 3 Debtor: Lynette 2 Cash at bank 4 Creditors: Margaret Box 800 Capital: Lazeena
11 CASH BOOK DATE DETAILS DIS CASH BANK DATE DETAILS DIS CASH BANK July 1 Capital July 10 Wages 3 July 18 Lynette July 20 Margaret Box July 18 P. Singh July 20 D. Lopez July 31 Balance cd Aug 1 Balance bd
12 SALES JOURNAL DATE DETAILS AMOUNT July 7 Lynette 1 P. Singh 800 TOTAL SALES PURCHASES JOURNAL DATE DETAILS AMOUNT July 1 Margaret Box 1 D. Lopez TOTAL PURCHASES RETURNS INWARD JOURNAL DATE DETAILS AMOUNT July 11 Lynette 200 P. Singh 100 TOTAL RETURNS INWARDS 300
13 GENERAL LEDGER Buildings ac July 1 Capital $100 July 31 Balance cd $100 Aug 1 Balance bd 100 Furniture ac July 1 Capital $20 July 31 Balance cd $20 Aug 1 Balance cd 20 Returns Inwards ac July 31 $300 Total returns July 31 $300 Balance cd to Trading ac
14 Stock ac July 1 Capital $3 July 31 $3 Balance cd to Trading ac Purchases ac July 11 $2 500 Total purchases July 31 $2 500 Balance cd to Trading ac Capital ac July 31 $ Balance cd July 1 Balance bd $ Aug Balance bd
15 July 31 $1 800 Balance cd to Trading ac Sales ac July 31 Total sales $1 800 July 10 $3 Bank Wages Expenses ac July 31 Balance cd to Profit and Loss ac $3 Discount Allowed ac July 31 Total Discounts $ 70 July 31 Balance cd to Profit and Loss ac $70 Discount Received ac July 31 Balance cd d to Profit and Loss ac $231 July 31 Total Discounts $231
16 DEBTORS LEDGER Lynette ac July 1 Capital $2 7 Sales 1 July 11 Returns In $ Bank Discount allowed 3 3 P. Singh ac July 7 $800 Sales July 1 $100 Returns In 18 Bank Discount allowed
17 CREDITORS LEDGER Margaret Box ac July 20 Bank $1 674 July 1 $800 Capital 126 Discount received 1 Purchases D. Lopez ac July 20 Bank $1 395 July 1 Purchases $ Discount received
18 Lazeena s Clothing Store Trial Balance As at July 31 st Dr. Cr. Cash $ 500 Bank Returns inwards 300 Purchases Sales Discount allowed 70 Building 100 Furniture 20 Stock 3 Capital Wages 3 Discount received 231
19 GENERAL JOURNAL CASH BOOK SALES PURCHASES SALES RETURNS PURCHASES RETURNS PETTY CASH Started business with debtors Received cash Bought goods from a supplier Sold goods to a customer Bought postage stamps for $20 Goods returned to a supplier Customers returned goods for exchange
20 3. (a) Sales (Debtor) (b) General (c)purchases (Creditor) 4. REVENUE EXPENDITURE CAPITAL EXPENDITURE REVENUE RECEIPT CAPITAL RECEIPT Salaries paid to workers Paid a plumber to fix a burst water line Purchased a machine Received payment for commissions Goods sold for cash Received a 20 year bank loan The owner invested additional capital into the business
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