Financial Accounting: General Journal, Cash Receipts Journal, Cash Payment Journal, Sales Journal, Purchase Journal, Ledgers, General Ledgers

Running head: FINANCIAL ACCOUNTING
Financial Accounting
Name of the Student:
Name of the University:
Author’s Note:

1FINANCIAL ACCOUNTING
Table of Contents
General Journal:...............................................................................................................................2
Cash Receipts Journal:.....................................................................................................................4
Cash Payment Journal:....................................................................................................................4
Sales Journal:...................................................................................................................................5
Purchase Journal:.............................................................................................................................5
Accounts Receivable Subsidiary Ledgers:......................................................................................6
Accounts Payable Subsidiary Ledgers:...........................................................................................7
General Ledgers:..............................................................................................................................7
Worksheet:.....................................................................................................................................17
Schedules of Subsidiary Ledgers:..................................................................................................18
Income Statement:.........................................................................................................................18
Statement of Changes in Equity:...................................................................................................19
Balance Sheet:...............................................................................................................................20
Post-Closing Trial Balance:...........................................................................................................21
Bibliography:.................................................................................................................................23

2FINANCIAL ACCOUNTING
General Journal:
General Journal
Date Account Post
Ref. Debit Credit
09-06-
2018 Showroom Fittings.....Dr. 150 58,590
To,Wagner Violins 200-2 58,590
11-06-
2018 Wagner Violins.....Dr. 200-2 18,900
To, Showroom Fittings 150 18,900
22-06-
2018 Sales Returns & Allowances....Dr. 402 23,562
To, Chopin Pianos 101-3 23,562
29-06-
2018 Dividend Declared....Dr. 302 1,77,100
To, Dividend Payable 206 1,77,100
30-06-
2018 Depreciation Expense- Showroom Fittings A/c......Dr. 602 56,700
To, Accum Depr. - Showroom Fittings A/c. 151 56,700
Depreciation Expense- Equipment A/c......Dr. 603 17,010
To, Accum Depr. - Equipment A/c. 161 17,010
Rent Expense A/c.....Dr. 605 2,46,537
To, Prepaid Store Rent A/c. 104 2,46,537
Supplies Expense A/c......Dr. 604 71,190
To, Store Supplies A/c. 102 71,190
Insurance Expense A/c......Dr. 606 7,560
To, Prepaid Insurance A/c. 105 7,560
Interest Expense A/c......Dr. 608 38,945
To, Interest Payable A/c. 201 38,945
Bad Debts Expense A/c......Dr. 613 29,610
To, Ludwig Trumpets A/c. 101-4 29,610

3FINANCIAL ACCOUNTING
Utilities Expense A/c........Dr. 609 6,426
To, Utilities Payable A/c. 202 6,426
Salaries Expense - Office Staff A/c......Dr. 612 36,729
To, Salaries Payable A/c. 204 36,729
Wages Expense - Sales Staff A/c.......Dr. 601 8,910
To, Wages Payable A/c. 203 8,910
Tax Expense A/c.......Dr. 610 86,400
To,Tax Payable A/c. 205 86,400
Sales Revenue A/c......Dr. 400 44,40,555
Purchase Discounts A/c......Dr. 501 24,192
Purchase Returns & Allowance A/c.....Dr. 502 10,143
Inventory A/c......Dr. 103 14,16,492
To, Profit & Loss Summary A/c. 303 58,91,382
Profit & Loss Summary A/c......Dr. 303 56,32,535
To, Purchases A/c. 500 21,17,115
To, Sales Discounts A/c. 401 31,059
To, Sales Returns & Allowance A/c. 402 32,319
To, Freight- Out A/c. 600 19,908
To, Wages Expenses - Sales Staff A/c. 601 11,01,771
To, Depreciation Expense - Showroom Fittings A/c. 602 56,700
To, Depreciation Expense - Equipment A/c. 603 17,010
To, Supplies Expense A/c. 604 71,190
To, Rent Expense A/c. 605 2,46,537
To, Advertising Expense A/c. 607 43,848
To, Insurance Expense A/c. 606 7,560
To, Interest Expense A/c. 608 38,945
To, Utilities Expense A/c. 609 64,890
To, Tax Expense A/c. 610 86,400
To, Sundry Expenses A/c. 611 15,624
To, Salary Expenses - Office Staff A/c. 612 8,70,849
To, Bad Debts Expense A/c. 613 29,610
To, Inventory A/c. 103 7,81,200
Profit & Loss Summary A/c......Dr. 303 2,58,847
To, Retained Profit A/c. 301 2,58,847

4FINANCIAL ACCOUNTING
Retained Profit A/c......Dr. 301 1,77,100
To, Dividend Declared A/c. 302 1,77,100
Cash Receipts Journal:
CASH RECEIPTS JOURNAL:
Date Account Post.
Ref.
Cash at
Bank
(100)
Sales
Discounts
(401)
Sales
(400)
Accounts
Receivable
(101)
Other
DR DR CR CR CR
01-06-2018 Amadeus
Cellos 101-1 95,256 95,256
04-06-2018 Cash Sales 400 19,278 19,278
08-06-2018 Chopin
Pianos 101-3 27,342 27,342
12-06-2016 Cash Sales 400 26,334 26,334
19-06-2018 Cash Sales 400 25,011 25,011
25-06-2018 Chopin
Pianos 101-3 1,38,600 1,38,600
26-06-2018 Cash Sales 400 39,312 39,312
28-06-2018 Bach
Guitars 101-2 1,16,424 1,16,424
30-06-2018
Additional
Share
Capital
Issued
300 1,26,000 1,26,000
30-06-2018 Cash Sales 400 23,436 23,436
30-06-2018 TOTAL 6,36,993 0 1,33,371 3,77,622 1,26,000
Cash Payment Journal:
CAH PAYMENT JOURNAL:
Date Account Chq
. No.
Post
Ref.
Other
Accounts
Payable
(200)
Purchases
(500)
Cash at
Bank
(100)
Purchase
Discounts
(501)
DR DR DR CR CR
01-06-2018 Freight Out 153 600 7,560 7,560
03-06-2018 Schubert
Synthesisers 154 200-1 43,470 43,470

5FINANCIAL ACCOUNTING
09-06-2018 Purchase of
Store Supplies 155 102 5,544 5,544
16-06-2018 Freight Out 156 600 9,450 9,450
16-06-2018 Paid Office Staff
Salaries 157 612 73,458 73,458
16-06-2018 Paid Sales Staff
Wages 158 601 62,370 62,370
18-06-2018 Wagner Violins 159 200-2 1,49,814 1,49,814
23-06-2018 Donation to
Charity Fund 160 611 12,600 12,600
29-06-2018 Wagner Violins 161 200-2 75,600 75,600
29-06-2018 Paid Sales Staff
Wages 162 601 62,370 62,370
TOTAL 2,33,35
2 2,68,884 0 5,02,236 0
Sales Journal:
SALES JOURNAL
Date Invoice No. Account Post Ref. Amount
01-06-2018 910 Bach Guitars 101-2 68,292
10-06-2018 911 Amadeus Cellos 101-1 68,796
16-06-2018 912 Chopin Pianos 101-3 1,24,362
TOTAL 2,61,450
Purchase Journal:
PURCHASE JOURNAL
Date Invoice Date Account Terms Post Ref. Amount
15-06-2018 14-06-2018 Schubert Synthesisers 2/10,n/30 200-1 96,390
24-06-2018 22-06-2018 Wagner Violins 1/10,n/45 200-2 93,870
TOTAL 1,90,260