Accounting Fundamentals Assignment 2022

ACCOUNTING FUNDAMENTALS 1
ACCOUNTING
FUNDAMENTALS

ACCOUNTING FUNDAMENTALS 2
Task 1:
Part a:
Journal entries:
Particulars Debit Credit
Apr-05 Cash 300.00
Capital 300.00
Apr-07 Purchases 200.00
Accounts payable 200.00
Apr-08 Cash 250.00
Loan 250.00
Apr-15 Motor van 150.00
Cash 150.00

ACCOUNTING FUNDAMENTALS 3
Apr-20 Accounts receivables 350.00
Sales 350.00
Apr-28 Rent expense 50.00
Cash 50.00
Apr-29 Loan 200.00
Cash 200.00
Apr-30 Rent expense 60.00
Cash 60.00
Part b:
Particulars Debit Credit
Cash
240.0
0
Accounts receivables
350.0
0
Motor van
150.0
0
Loan
50.0
0
Accounts payable 350.0

ACCOUNTING FUNDAMENTALS 4
0
Capital
300.0
0
Drawings
60.0
0
Purchases
200.0
0
Sales
350.0
0
Rent expense
50.0
0
Total
1,050.0
0
1,050.0
0
-
Part c:
Statement of income
Particulars Amount
Sales 350.00

ACCOUNTING FUNDAMENTALS 5
Less: purchases 200.00
Gross profit 150.00
Less: expenses:
Rent expense 50.00
Net profit 100.00
Statement of financial position
Particulars Amount
Assets:
Cash
240.0
0
Accounts receivables
350.0
0
Motor van
150.0
0
Total Assets
740.0
0

ACCOUNTING FUNDAMENTALS 6
Liabilities and
shareholders equity:
Loan
50.0
0
Accounts payable
350.0
0
Capital less drawings
340.0
0
Total liabilities and
shareholders equity 740
Task 2:
Part a:
Cash Purchases Motor Van Loan
Part
icula
rs
De
bit
C
r
e
di
t
Pa
rti
cul
ars
D
e
b
it Credit
Pa
rti
cul
ars
D
e
b
it
C
r
e
di
t
Pa
rti
cul
ars
D
e
b
it
C
r
e
di
t
J
a
Capi 5
,00
J
a
Ca 1
3
J
a
Ca 6
0
J
a
Ca 1
0

ACCOUNTING FUNDAMENTALS 7
n
-
0
1 tal
0.0
0
n
-
0
3 sh
0
0
n
-
0
2 sh 0
n
-
0
4 sh
0
0
J
a
n
-
0
2
Mot
or
van
6
0
0
J
a
n
-
2
7
Ca
sh
3
5
0
J
a
n
-
0
3
Purc
hase
s
1
3
0
0
J
a
n
-
0
4 Loan
10
00
J
a
n
Mot
or
expe
2
0
0

ACCOUNTING FUNDAMENTALS 8
-
1
0 nses
J
a
n
-
2
4
Stor
age
expe
nses
1
5
0
J
a
n
-
2
0
Sale
s
80
0
J
a
n
-
2
7 Loan
3
5
0
J
a
n
-
Dra
wing
s
1
7
5