Accounting Skills: Journal Entries, General Ledger, Financial Statements, Cash Budget

Running head: ACCOUNTING SKILLS
Accounting Skills
Name of the Student:
Name of the University:
Author’s Note:

1ACCOUNTING SKILLS
Table of Contents
Answer to Question 1:.....................................................................................................................3
Requirement A:............................................................................................................................3
i) Journal Entries:.................................................................................................................3
ii) General Ledger:.............................................................................................................4
Requirement B:............................................................................................................................5
Answer to Question 2:.....................................................................................................................6
Requirement A:............................................................................................................................6
Requirement B:............................................................................................................................7
Answer to Question 3:.....................................................................................................................9
Requirement A:............................................................................................................................9
Requirement B:..........................................................................................................................10
Answer to Question 4:...................................................................................................................11
Requirement A:..........................................................................................................................11
Requirement A.i:....................................................................................................................11
Requirement A.ii:..................................................................................................................13
Requirement A.iii:.................................................................................................................14
Requirement B:..........................................................................................................................14
Answer to Question 5:...................................................................................................................15
Requirement A:..........................................................................................................................15

2ACCOUNTING SKILLS
Requirement B:..........................................................................................................................15
Answer to Question 6:...................................................................................................................16
Requirement A:..........................................................................................................................16
Requirement B:..........................................................................................................................16
Requirement C:..........................................................................................................................16
Reference.......................................................................................................................................18

3ACCOUNTING SKILLS
Answer to Question 1:
Requirement A:
i) Journal Entries:
Dr. Cr.
Date Reference Amount Amount
01-10-2016 Cash A/c. Dr. $8,00,000
To, Capital A/c. $8,00,000
02-10-2016 Purchase A/c. Dr. $3,000
To, Cash A/c. $3,000
15-10-2016 Cash A/c. Dr. $25,000
To, Sales A/c. $25,000
18-10-2016 Stationeries A/c. Dr. $4,000
To, Cash A/c. $4,000
23-10-2016 Furniture & Fittings A/c. Dr. $24,000
To, Cash A/c. $24,000
25-10-2016 Electricity Expenses A/c. Dr. $3,000
To, Cash A/c. $3,000
26-10-2016 Salary Expenses A/c. Dr. $18,000
To, Cash A/c. $18,000
28-10-2016 Rent Expenses A/c. Dr. $500
To, Cash A/c. $500
(Stationeries purchased for cash)
(Furniture bought for cash)
(Electricity charges paid with cash)
(Salary expenses paid)
(Rent expense paid)
Particulars
In the books of Phoenix Inc.
Journal Entries
(Caash invested in business by proprietor)
(Goods purchased for cash)
(Goods sold for cash)