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Default Interest on Fixed Deposit 2.1.1 500 (500) = - + + equity

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THE MANAGEMENT COLLEGE OF SOUTHERN AFRICA

   

Added on  2020-02-24

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Smith's Balance trnsfd (No.4) 1,000 Undercasted Sales (No.2) SJ 2,000 Bad debts (No.7) 1,200 Error rectified (No.3) 1,000 Error in credit note amount (No.5) 4507,500 31-May-16 Balance c/d 91,674 Cheque dishonoured (No.6) 3,000 Interest income (No.8) 24 188,674 188,674 Solution 3 Solution 3.1 IN THE ACCOUNT OF WALNUT STORES Bank A/c Date Particular

Default Interest on Fixed Deposit 2.1.1 500 (500) = - + + equity

   

THE MANAGEMENT COLLEGE OF SOUTHERN AFRICA

   Added on 2020-02-24

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ContentsSolution 2...........................................................................................................................1Solution 2.1.....................................................................................................................1Solution 2.2.....................................................................................................................1Solution 3...........................................................................................................................1Solution 3.1.....................................................................................................................1Solution 3.2.....................................................................................................................1Solution 4...........................................................................................................................1Solution 4.1.....................................................................................................................1Solution 4.2.....................................................................................................................1Solution 5...........................................................................................................................1Solution 2Solution 2.12.1 ACCOUNTING EQUATION:TransactionNo. ASSET = LIABILITIES + EQUITY Bank Debtors Stationery Loan Drawings Bad debt Interest on fixed deposit2.1.1500(500)=-+---2.1.2--(50)=-+(50)--2.1.3-(400)-=-+-(400)-2.1.4100--=-+--1002.1.5(2,000)--=(2,000)+---Total(1,400)(900)(50)(2,000)(50)(400)100Solution 2.22.2 REDRAFTING THE DEBTOR CONTROL ACCOUNTDate Particulars Amount Date Particulars Amount 01-May-16 Balance b/d b/d 100,00031-May-16 Bad debts J 1,000
Default Interest on Fixed Deposit 2.1.1 500 (500) = - + + equity_1
Bank CPJ 2,00031-May-16 Bank and Discount CRJ 90,000 Interest income J 200 Sales returns SRJ 3,800 Sales SJ 80,000 R. Smith's Balance trnsfd (No.4) 1,000 Undercasted Sales (No.2) SJ 2,000 Bad debts (No.7) 1,200 Error rectified (No.3) 1,000 Error in credit note amount (No.5) 45031-May-16 Balance c/d 91,674 Cheque dishonoured (No.6) 3,000 Interest income (No.8) 24188,674188,674Solution 3Solution 3.1IN THE BOOKS OF WALNUT STORES Bank A/c Date Particulars Amount Date Particulars Amount31-Jan-16 Fixed deposit 12,000 31-Jan-16 Balance b/d 10,000 31-Jan-16 Interest income on fixed deposit 180 31-Jan-16 Debtor (cheque dishonoured) 900 31-Jan-16 Donation (Soccer club) 2,000 31-Jan-16 Bank charges 550 31-Jan-16 Stationery (error in posting) 3,600 31-Jan-16 Balance c/d 6,330 17,780 17,780 Contra AccountsDebtor A/c Date Particulars Amount Date Particulars Amount 31-Jan-16 Bank 90031-Jan-16 Balance c/d 95031-Jan-16 Discount allowed 50 950 950
Default Interest on Fixed Deposit 2.1.1 500 (500) = - + + equity_2
Discount Allowed A/c Date Particulars Amount Date Particulars Amount 31-Jan-16 Balance c/d 5031-Jan-16 Debtor 50 50 50 Bank Charges A/c Date Particulars Amount Date Particulars Amount 31-Jan-16 Bank 55031-Jan-16 Balance c/d 550 550 550 Fixed Deposit A/c Date Particulars Amount Date Particulars Amount 31-Jan-16 Balance c/d 12,00031-Jan-16 Bank 12,000 12,000 12,000 Interest income on Fixed Deposit A/c Date Particulars Amount Date Particulars Amount 31-Jan-16 Balance c/d 18031-Jan-16 Bank 180 180 180 Donation A/c Date Particulars Amount Date Particulars Amount 31-Jan-16 Balance c/d 2,00031-Jan-16 Bank 2,000 2,000 2,000 Stationery A/c Date Particulars Amount Date Particulars Amount 31-Jan-16 Balance c/d 3,60031-Jan-16 Bank 3,600 3,600 3,600Solution 3.2ZINHLE TRADERS
Default Interest on Fixed Deposit 2.1.1 500 (500) = - + + equity_3

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