Accounting Docx
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Added on 2020-01-23
Accounting Docx
Added on 2020-01-23
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ACCOUNTING
Table of ContentsJournal entries..............................................................................................................................3General legder accounts...............................................................................................................5Inventory card of Rock n roll in FIFO.........................................................................................7Inventory card for Blues drum in FIFO.......................................................................................8Petty cash Book............................................................................................................................9Sales Journal................................................................................................................................9Sales Return Journal..................................................................................................................10Purchase Journal........................................................................................................................10Purchase return Journal..............................................................................................................10Accounts receivable and schedule.............................................................................................11Accounts payable and schedule.................................................................................................12Cash payment Journal................................................................................................................14Cash receipt Journal...................................................................................................................15Bank reconciliation statements..................................................................................................15Unadjusted Trial balance...........................................................................................................16Adjusted Trila balance...............................................................................................................17Income statements......................................................................................................................18Balance sheet.............................................................................................................................182
Journal entriesDateParticularsDebitCredit0-101-17Bank a/c Dr4000Motor vehicles a/c Dr60000Office supplies a/c Dr600To capital64600(Being capital brought by damian)01/01/17Capital a/c Dr20000To financing loan20000(Being Loan taken by damian)01/01/17Petty cash a/c Dr400To bank400(Being petty cash fund established)02/01/17Insurance600To bank600(Being insurance paid through cheque)02/01/17Rent a/c Dr16000To bank1600003/01/17Purchase a/c DrTo Tiger King(80*1000 with credit term of 3/10 nett 60)80000To Blues drums(300*600 with credit term of 5/15 nett 30)180000(Being goods purchased on credit)04/01/17Foxy drummers(60*1400)84000Creative music Ltd(200*900)180000To sales(being rock n roll drum set sold on credit with invoice no. 4001)05/01/17Tiger King Ltd a/c Dr(4*1000)4000To Purchase return4000(Being rock n roll drum set purchased from tiger king Ltd returned)3
06/01/17Taxi expense150To Petty cash150(Being tax expense paid from pettycash with voucher no. 1001)07/01/17Cash a/c Dr82320Discount allowed(84000*2%) a/c Dr1680To Foxy drummers84000(Being cash received by giving sales discount)08/01/17Music a/c Dr(12*1400)16800To sales16800(Being rock n roll sold to music)09/01/17Tiger king drums a/c (80000-4000)Dr76000To cash73720To discount received2280(Being cash paid to tiger king in full)10/01/17Sign age a/c Dr190To Petty cash190(Being sign age paid from petty cash)15/01/17Wages a/c Dr2000Electricity a/c Dr600To bank2600(Being amount of wages and electricity paid from cheque)17/01/17Drummers Feast a/c Dr (4*1400) 5600To sales5600(being rock n roll sold to new customers)18/01/17Sales return a/c Dr(2*1400)2800To feast drummers2800(Being two rock n roll drum set return by feast drummers)4
18/01/17Drawing a/c Dr2000To capital2000(Being amount withdrawn by Damian)19/01/17Purchase a/c Dr(24*1020)24480To Best drums24480(Being 24 rock n roll drum set purchased from best drum with credit term of 5/10 nett 30 days)19/01/17Motor vehicles a/c Dr340To bank340(being auto services paid through cheque)21/01/17Taxi expense a/c Dr150Sign age a/c Dr190To bank340(Being amount of petty cash reimbursed)21-Jan-17Petty cash a/c Dr500To bank500(being 500 added to increase the petty cash advance)22/01/17Wages a/c Dr2000Telephone services a/c Dr480To bank2480(Being amount paid through cheque)23/01/17Cash a/c Dr1000To commission1000(Being prepaid commission received for future event)General JournalFor the year ended 31st January 2017DateParticularDebit($)Credit($)1st SepCash at bank40005
Motor vehicle 60,000Motor vehicle finance loan20,000Drawings 2,000Electricity600Equipment Running Cost340Insurance Equipment600Interest7,200Office Supplies600Rent16,000Telephones480Wages4,000Total(opening Entries)Balance Day AdjustmentFor the year ended 31st January 2017DateDetailsDebit($)Credit($)31st JanuaryDepreciation Equipment6376.8Accumulated Depreciation6376.8(Depreciation of equipment )31st JanuaryInterest Expenses7200Interest Payable7200(Accrued interest payable for January 2017 )31st JanuaryWages expenses1200Cash at Bank 1200(Employees are owned wages)31st JanuaryStock/ Inventory( Asset)118560Stock on hand/ Ending Inventory(exp)118560(Record stock on hand at End of Period)31st JanuarySales 286400Stock On hand/ Ending Inventory(Expenses)118560Purchase284480Purchase Return4000Profit and Loss Summary124480(Close revenue and operating expenses to profit and loss summary)6
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