BREGADO FLAX EDUCATIONAL CENTRE- SECONDARY

FORM 4

TRINITY TERM TEST THREE (1)

PRINCIPLES OF ACCOUNTS PROJECT

ASSIGNMENT: Use the transactions presented to prepare all necessary

books and accounts (from the Opening Journal Entry to the
Final Accounts) for Mr. A. Sedeno during the month of
June, 2010.

DATE GIVEN:

April, 2011

DUE DATE: No later than May, 2010

N OTE: This assignment is a test of all that you have learnt so far and an
insight into your School Based Assessment for C.X.C. Review
earlier chapters before attempting it. Start on the date given and do
a bit every day. Do not wait at the last moment to begin. Pay
particular attention to Journal entries and postings to the ledger.

A. Sedeno had the following assets and liabilities on 1st June, 2010.
$
Cash

100

Bank

$
Fittings and equipment

27 500

2 180

Premises

40 000

Stock

5 900

Petty Cash

120

Debtors: L. Robertson

1 900

Creditors: T. Hosein

250

H. Henry

520

N. Akua

1 200

Transactions during the month of June were as follows:

June 1

Paid N. Akuas account less 5% discount by cheque

2 Bought $20 stamps and $40 in stationery for cash

3 Drew $200 cash for office use
6

Cash sales $1 660 of which $1 600 was banked

Paid wages $800 and advertising expense $300 by cheque

14 Robertson paid his account in cash less 3% discount. He bought a

further $400 goods on credit.
16 Received a months rent for a sub-let office $1 500 by cheque

18

Cash purchases $1 800

20

Sedeno drew a $1 250 cheque for private use.

22 Bought a computer $8 000 on credit from T. Saine

23 Bought $860 of goods from T. Hosein on credit. Paid for cleaning
supplies $36 in cash.
24 Cash Sales $960. Bought stationery $24 in cash
26 Paid wages $1 200 by cheque. Returned $160 of goods bought from T.
Hosein on 23 June. Paid Hoseins account at the beginning of the
month in cash.
28 Sold goods to H. Henry invoiced at $600 less 10% trade discount.
Purchased goods worth $430 on credit from N. Akua.
30 Henry returned $40 of the goods bought the previous day and paid the
balance in cash.
Sedeno borrowed $2 000 from his sister C. Sedeno. Petty cashier
reimbursed.
Closing stock was counted and valued at $4 800
a) Write-up the proper subsidiary books for all information. (All cash
expenditure under $50 should be recorded as petty cash.)
b) Open all accounts in their respective ledgers.
c) Balance all accounts and extract a Trial Balance.
d) Prepare a Trading and Profit & Loss Account and Balance Sheet as at
30 June 2010.