Financial Accounting: Ledger Accounts and Trial Balance

Desklib provides solved assignments and past papers to help students succeed.

Accounting Fundamentals
1

Table of Contents
Task 1..............................................................................................................................................3
a.......................................................................................................................................................3
b.......................................................................................................................................................4
c........................................................................................................................................................4
Task 2..............................................................................................................................................6
(a).....................................................................................................................................................6
(b)....................................................................................................................................................7
(c).....................................................................................................................................................8
Task 3..............................................................................................................................................9
(a).....................................................................................................................................................9
(b)..................................................................................................................................................11
(c)...................................................................................................................................................12
Task 4............................................................................................................................................14
Task 5............................................................................................................................................18
References.....................................................................................................................................20
2

Task 1
a.
Cash A/c
Date Particulars
Amoun
t Date Particulars
Amoun
t
5th April To Capital A/c 300 7th April By Purchase A/c 200
8th April
To Loan from Tatiana
A/c 250
15th
April By Motor Van A/c 150
20th
April To Sales A/c
350 28th
April By rent A/c
50
29th
April
By Loan from Tatiana
A/c
200
30th
April
By Drawings A/c 60
30th
April By Balance c/d
240
TOTAL 900 TOTAL 900
Capital A/c
Date Particulars Amount Date Particulars Amount
30th April To Balance c/d 300 5th April By cash A/c 300
TOTAL 300 TOTAL 300
Purchase A/c
Date Particulars Amount Date Particulars Amount
7th April To cash A/c 200 30th April By Balance c/d 200
TOTAL 200 TOTAL 200
Loan from Tatiana A/c
Date Particulars Amount Date Particulars Amount
29th April To cash A/c 200 8th April By Cash A/c 250
30th April To Balance c/d 50
TOTAL 250 TOTAL 250
Motor Van A/c
Date Particulars Amount Date Particulars Amount
15th April To Cash A/c 150 30th April By Balance c/d 150
3

TOTAL 150 TOTAL 150
Sales A/c
Date Particulars Amount Date Particulars Amount
30th April To Balance c/d 350 20th April By Cash A/c 350
TOTAL 350 TOTAL 350
Rent A/c
Date Particulars Amount Date Particulars Amount
28th April To Cash A/c 50 30th April By Balance c/d 50
TOTAL 50 TOTAL 50
Drawings A/c
Date Particulars Amount Date Particulars Amount
30th April To Cash A/c 60 30th April By Balance c/d 60
TOTAL 60 TOTAL 60
Stock A/c
Date Particulars Amount Date Particulars Amount
7th April 200 20th April 350
TOTAL TOTAL
b.
TRIAL BALANCE
Particulars Amount Amount
Dr. Cr.
Cash A/c 240
Capital A/c 300
Purchase A/c 200
Loan from Tatiana A/c 50
Motor Van A/c 150
Sales A/c 350
Rent A/c 50
Drawings A/c 60
TOTAL 700 700
c.
STATEMENT OF FINANCIAL POSITION
4

Particulars Amount
EQUITY AND LIABILITIES
Capital 300
Less: Drawings -60
Add: Net profit 200
NON CURRENT LIABILITIES
Loan from Tatiana 50
TOTAL 490
NON CURRENT ASSETS
Motor Van 150
ASSETS
CURRENT ASSETS
Cash 240
Stock 100
TOTAL 490
5

Task 2
(a)
Ledger Accounts of Pendo
Cash Account
Date Particular Amount Date Particular Amount
1-Jan To Capital Account £ 5,000 2-Jan By Motor Van £ 600
4-Jan To Loan £ 1,000 3-Jan By Purchase £ 1,300
13-Jan To Sales £ 300 10-Jan By expenses £ 200
20-Jan To Sales £ 500 24-Jan By expenses £ 150
27-Jan By Loan £ 350
30-Jan By Drawing £ 175
31-Jan By Closing Balance £ 4,025
Total £ 6,800 Total £ 6,800
1-Feb To Opening Balance £ 4,025
Sales Account
Date Particular Amount Date Particular Amount
31-Jan To Closing Balance £ 800 13-Jan By Cash £ 300
20-Jan By Cash £ 500
£ 800 £ 800
1-Feb By opening Balance £ 800
Expenses Account
Date Particular Amount Date Particular Amount
10-Jan To Cash £ 200 31-Jan By Closing Balance £ 350
24-Jan To Cash £ 150
£ 350 £ 350
1-Feb To Opening Balance £ 350
6

Loan Account
Date Particular Amount Date Particular Amount
27-Jan To Cash £ 350 4-Jan By Cash £ 1,000
31-Jan To Closing Balance £ 650
£ 1,000 £ 1,000
1-Feb By opening Balance £ 650
Purchase Account
Date Particular Amount Date Particular Amount
3-Jan To Cash £ 1,300 31-Jan By Closing Balance £ 1,300
1-Feb To Opening Balance £ 1,300
Motor Van Account
Date Particular Amount Date Particular Amount
2-Jan To Cash £ 600 31-Jan By Closing Balance £ 600
1-Feb To Opening balance £ 600
Capital Account
Date Particular Amount Date Particular Amount
31-Jan To Closing Balance £ 1,300 1-Jan By Cash £ 5,000
1-Feb Opening Balance £ 5,000
(b)
Trial Balance
Particular Dr. Cr.
Cash Account £ 4,025
Sales Account £ 800
Expenses Account £ 350
Loan Account £ 650
Purchase Account £ 1,300
Motor Van Account £ 600
Capital Account £ 5,000
Drawing Account £ 175
7

Total £ 6,450 £ 6,450
(c)
Statement of profit & loss a/c and financial position
Profit & Loss Account
Particular Amount Amount
Sales £ 800
Add: Closing Stock £ 800
Less:
Purchase -£ 1,300
Expenses -£ 350 -£ 1,650
Net Profit -£ 50
Balance Sheet
Liability Amount Assets Amount
Capital £ 5,000 Cash £ 4,025
Add: Net Profit -£ 50 Motor van £ 600
less: Drawing -£ 175 Stock £ 800
Loan £ 650
Total £ 5,425 £ 5,425
8

Task 3
(a)
Ledger Accounts
Cash A/c
Date Particulars Amount Date Particulars Amount
1/1/2019 To Balance b/d £ 343 1/5/2019 By Wages
£
12
1/7/2019 To Smith
£
18 1/9/2019 By Max
£
21
1/11/201
9 To Sales
£
64
1/14/201
9 By Wages
£
14
1/21/201
9 To Sales £ 110
1/14/201
9 By Purchases
£
75
1/23/201
9 To Harvey
£
25
1/15/201
9 By Rich £ 162
1/28/201
9 To Sales
£
84
1/20/201
9
By Furniture &
Fittings
£
32
1/31/201
9 To Sales
£
30
1/21/201
9 By Wages
£
17
1/23/201
9 By Office Expenses
£
3
1/28/201
9 By Wages
£
15
1/31/201
9 By Balance c/d £ 323
£ 674 £ 674
Furniture & Fittings A/c
Date Particulars Amount (£) Date Particulars Amount (£)
1/1/2019
To Balance
B/D £ 198
1/31/201
9 By Balance C/D £ 230
1/20/201
9 To Cash
£
32
£ 230 £ 230
9

Harvey A/c
Date Particulars Amount (£) Date Particulars Amount (£)
1/1/2019
To Balance
B/D
£
39
1/23/201
9 By Cash
£
25
1/2/2019 To Sales £ 124
1/31/201
9 By Balance C/D £ 138
£ 163 £ 163
Max A/c
Date Particulars Amount (£) Date Particulars Amount (£)
1/9/2019 To Cash
£
21 1/1/2019 By Balance B/D
£
21
£
21
£
21
Moon A/c
Date Particulars Amount (£) Date Particulars Amount (£)
1/1/2019
To Balance
B/D
£
26
1/31/201
9 By Balance C/D
£
26
£
26
£
26
Office Expense A/c
Date Particulars Amount (£) Date Particulars Amount (£)
1/23/201
9 To Cash
£
3
1/31/201
9 By Balance C/D
£
3
£
3
£
3
Purchases A/c
Date Particulars Amount (£) Date Particulars Amount (£)
1/5/2019 To Rich £ 150
1/31/201
9 By Balance C/D £ 225
1/14/201
9 To Cash
£
75
£ 225 £ 225
10

Rich A/c
Date Particulars Amount (£) Date Particulars Amount (£)
1/15/201
9 To Cash £ 162 1/1/2019 By Balance B/D
£
12
1/5/2019 By Purchases £ 150
£ 162 £ 162
Sales A/c
Date Particulars Amount (£) Date Particulars Amount (£)
1/31/201
9
To Balance
C/D £ 412 1/2/2019 By Harvey £ 124
1/11/201
9 By Cash
£
64
1/21/201
9 By Cash £ 110
1/28/201
9 By Cash
£
84
1/31/201
9 By Cash
£
30
£ 412 £ 412
Smith A/c
Date Particulars Amount (£) Date Particulars Amount (£)
1/1/2019
To Balance
B/D
£
18 1/7/2019 By Cash
£
18
£
18
£
18
Wages A/c
Date Particulars Amount (£) Date Particulars Amount (£)
1/5/2019 To Cash
£
12
1/31/201
9 By Balance C/D
£
58
1/14/201
9 To Cash
£
14
1/21/201
9 To Cash
£
17
11

1/28/201
9 To Cash
£
15
£
58
£
58
(b)
Trial Balance of Mafuta as at 31 Jan
Particulars Debit Credit
Cash A/c £ 323
Furniture & Fittings A/c £ 230
Harvey A/c £ 138
Moon A/c £ 26
Office Expenses A/c £ 3
Purchases A/c £ 225
Sales A/c £ 412
Wages A/c £ 58
Total £ 1,003 £ 412
(c)
Statement of profit & loss a/c and financial position
Income Statement of Mafuta for the month ended 31st January
Particulars Amount Amount
Sales £ 412
Less: Cost of goods sold
Opening Stock £ 458
Add: Purchases £ 225
Less: Closing Stock -£ 374
COGS -£ 309
Less: Expenses
Wages -£ 58
Office Expenses -£ 3
Total expenses -£ 61
Net Profit £ 42
12