BZ102 Accounting Principles: General Ledger, Subsidiary Ledgers

This assignment provides a comprehensive solution to an accounting problem involving the creation and reconciliation of general and subsidiary ledgers. It includes journal entries, postings to the general ledger (including accounts such as Cash at Bank, Accounts Receivable, Supplies, Prepaid Insurance, Inventory, Furniture, and Accounts Payable) and subsidiary ledgers (Accounts Receivable and Accounts Payable), and the preparation of a trial balance. The assignment also demonstrates the reconciliation of subsidiary accounts receivable ledger with the general ledger control account for accounts receivable. The transactions cover various aspects of business operations, including sales, purchases, returns, and cash receipts and payments. Desklib offers a wide range of solved assignments and past papers to aid students in their studies.

Running Head: Accounting Principles
1

Accounting Principles
2
General ledger accounts:
CASH RECEIPTS JOURNAL
Date
Accou
nt
Post
Ref
Debits Credits
Cost
of
Sales
Cash
at
Bank
Disco
unt
Allow
ed
Expen
se
Accou
nts
Receiv
able
Sales
Reven
ue
Othe
r
Acco
unts
Ma
r 4
Sales
revenu
e X
3,410.
00
3,410.
00 1820
Ma
r 8
Interes
t
revenu
e 419 120 120
Ma
r 12
L. E.
Woote
n
112
(c)
2,303.
00 47
2,350.
00
Ma
r 19
Canbe
rra
Associ
ates
112
(a)
6,125.
00 125
6,250.
00
Ma
r 24
Suppli
es 116 80 80
Ma
r 31
L. E.
Woote
n
112
(c)
1,825.
00
1,825.
00
13,86
3.00 172
10,425
.00
3,410.
00 200
1,82
0.00
Post Balances to General
Ledger accounts 111 412 112 411 X
511 /
118
14,03
5
14,0
35
CASH PAYMENTS JOURNAL
Date
Accou
nt
Cheq
no
Post
Ref
Debits Credits
Accou
nts
Payab
le
Invent
ory
Salar
y
expen
se
Othe
r
Acco
unts
Cash
at
Ban
k
Disco
unt
Recei
ved*
Ma
r
5 Furnit
ure 473
151 1080 1,08
0.00
Ma 10 Invent 474 118 770 770

Accounting Principles
3
r ory
Ma
r
13 Delwo
od
Plaza 475
211 5,900.
00 5,72
3.00 177
Ma
r
22 Prepai
d
Insura
nce 476
117 1,34
5.00
1,34
5.00
Ma
r
25 Electri
city
and
gas
expen
se 477
541 380
380
Ma
r
30 Hough
ton
Suppli
es 478
211 680
680
Ma
r
31 Salary
expen
se 479
531 1,100.
00 1,10
0.00
6,580.
00 770
1,100.
00
2,80
5.00
11,0
78.0
0 177
Post Balances to General Ledger
accounts 211 118 531 X 111 414
11,2
55.0
0
11,25
5.00
* This account has been created additionally as no
corresponding account exists for discount received.
SALES JOURNAL
Date Account
Invoice
Number Post Ref Terms
Accounts
Receivable
Cost of
Sales
Mar
2
L. E.
Wooten
191 112 (c) 2/10,
n/30 2,350.00 1,390.00
Mar 9 Canberra
Associates
192 112 (a) 2/10,
n/30 6,250.00 3,300.00
Mar 15 J. R.
Wakeland
193 112 (b) 2/10,
n/30 740 410

Accounting Principles
4
Mar 18 L. E.
Wooten
194 112 (c) 2/10,
n/30 1,825.00 970
Mar 29 Canberra
Associates
195 112 (a) 2/10,
n/30 1,800.00 1,000.00
12,965.00 7,070.00
Post Balances to General Ledger accounts 112 / 411
511 /
118
PURCHASES JOURNAL
Date Account Terms Post Ref
Accounts
Payable
Mar 3 Delwood
Plaza
3/10,
n/60
211 (a) 5,900.00
Mar
20 Jasper
Sales
net 30 211 (c)
2,150.00
Mar
28 Houghton
Supplies
2/10,
n/30
211 (b)
420
8,470.00
Post Balances to General Ledger accounts 118 / 211
Journal entry:
GENERAL JOURNAL
Date Details Post
Ref
Debit Credit
Mar 13 Supplies 116 680
Houghton Supplies 211 680
(Supplies purchased on credit,
terms net end of month)
Mar 17 Sales returns and allowances 413 740
J. R. Wakeland 112 740
(Credit note issued for return of
goods)
Mar 17 Inventory 118 410

Accounting Principles
5
Cost of Sales 511 410
(Cost of sales reversed on return)
Mar 22 Furniture 151 775
Delwood Plaza 211 775
(Purchase of furniture at credit
term 3/10, n/60)
Mar 29 Houghton Supplies 211 420
Inventory 118 420
(Returned defective inventory)
General Ledger:
DEBIT CREDIT
Date Details Amt. $ Date Details Amt. $
Cash at Bank A/c 111
31st
Mar
Total
from cash
receipt
journal 13,863.00 31st Mar
Total
from cash
payment
journal 11,078.00
Accounts Receivable A/c 112
31st
Mar
Total
from
sales
journal 12,965.00 17th Mar
Credit
note
issued 740
31st Mar
Total
from cash
receipt
journal 10,425.00
31st Mar
Closing
balance 1,800.00
12,965.00 12,965.00
Supplies A/c 116
13th
Mar
Purchase
on credit 680 24th Mar
Supplies
sold 80

Accounting Principles
6
Prepaid Insurance a/c 117
22nd
Mar
Insurance
purchased 1,345.00
Inventory A/c 118
17th
Mar
Inventory
returned
by client 410 29th Mar
Inventory
returned
by us 420
31st
Mar
Total
from cash
payment
journal 770 31st Mar
Total
from cash
receipt
journal 1,820.00
31st
Mar
Total
from
purchase
journal 8,470.00 31st Mar
Total
from
sales
journal 7,070.00
Furniture A/C 151
5th
Mar
Purchased
furniture
for cash 1080
22nd
Mar
Purchased
furniture
on credit 775
Accounts Payable A/c 211
29th
Mar
Inventory
returned 420 13th Mar
Purchase
on credit 680
31st
Mar
Total
from cash
payment
journal 6,580.00 22nd Mar
Purchased
furniture
on credit 775
31st
Mar
Closing
balance 2,925.00 31st Mar
Total
from
purchase
journal 8,470.00
9,925.00 9,925.00
Sales Revenue a/c 411

Accounting Principles
7
31st Mar
Total
from cash
receipt
journal 3,410.00
31st Mar
Total
from
sales
journal 12,965.00
Sales discounts 412
31st
Mar
Total
from cash
receipt
journal 172
Sales Returns and Allowances
413
17th
Mar
Credit
note
issued 740
Discount received - 414
31st Mar
Total
from cash
payment
journal 177
Interest Revenue A/c 419
8th Mar
Interest
received 120
Cost of Sales A/c 511
31st
Mar
Total
from cash
receipt
journal 1,820.00 17th Mar
Inventory
returned 410
31st
Mar
Total
from
sales
journal 7,070.00
Salary expense 531

Accounting Principles
8
31st
Mar
Total
from cash
payment
journal 1,100.00
Electricity and Gas expense
541
25th
Mar
Expesnes
paid 380
Accounts receivable subsidiary ledger:
DEBIT CREDIT
Date Details Amt. $ Date Details Amt. $
Canberra
Associates (a)
9th Mar
Sales on
credit 6,250.00
19th
Mar Cash received 6250
29th
Mar
Sales on
credit 1,800.00 31st Mar
Closing
balance 1800
8,050.00 8050
JR Wakeland (b)
15th
Mar
Sales on
credit 740
17th
Mar
Credit note
issued 740
740 740
L E Wooten (c)
2nd Mar
Sales on
credit 2,350.00
12th
Mar Cash received 2350
18th
Mar
Sales on
credit 1,825.00 31st Mar Cash received 1825
4,175.00 4,175.00
Accounts payable subsidiary ledger:
DEBIT CREDIT

Accounting Principles
9
Date Details Amt. $ Date Details Amt. $
Delwood Plaza
(a)
13th
Mar Cash paid 5,900.00
3rd
Mar
Purchase on
credit 5,900.00
31st
Mar
Closing
balance 775
22nd
Mar
Purchased
furniture on
credit 775
6,675.00 6,675.00
Houghton
Supplies (b)
29th
Mar
Inventory
returned 420
13th
Mar
Purchase on
credit 680
30th
Mar Cash paid 680
28th
Mar
Purchase on
credit 420
1,100.00 1,100.00
Jasper Sales (c)
31st
Mar
Closing
balance 2,150.00
20th
Mar
Purchase on
credit 2,150.00
2,150.00 2,150.00