FA - Hand Out - Page 6 & 7 - Solved PDF

HARRY PLC
General Journal
For the Year Ended 31st Dec 2015
FA - Hand Out - Practice Question 1
S. No Date
1
Particulars
a
Cash
PR
Dr
$
Capital
Rent Expense
Purchases
Cash
Shop Fittings
Cash
A/c Receivable - Alex
A/c Payable
Cash
Interest Expense
Other Expenses
Drawings
$
Cash
2,000.00
10,000.00
2,500.00
5,000.00
2,500.00
100.00
1,900.00
1,500.00
1,900.00
Cash
13
100.00
Cash
11
1,000.00
2,500.00
A/c Receivable
10
5,000.00
Cash
5,000.00
2,500.00
Sales Revenue
10,000.00
Sales Revenue
3,500.00
2,000.00
Cash
1,000.00
Loan Payable
7,000.00
5,000.00
A/c Payable - Bob
3,500.00
Cash
Cr
7,000.00
1,500.00
Harry PLC
General Ledger
For The Year Ended 31st Dec 2015
Cash
Capital
Capital
7,000.00 Rent Expense
3,500.00
Loan
1,000.00 Shop Fittings
2,000.00
Sales Revenue
10,000.00 A/c Payable - Bob
5,000.00
2,500.00 Interest Expense
100.00
Other Expenses
1,900.00
Drawings
1,500.00
20,500.00 31/12/15 Balance c/f
6,500.00
$
1/1/2016 b/f
6,500.00
Cash
5,000.00 Purchases
5,000.00
5,000.00
5,000.00
Rent Expense
Cash
31/12/15 Balance c/f
7,000.00
7,000.00
$ 7,000.00 1/1/2016 b/f $
7,000.00
$ 7,000.00
Cash
Purchases
3,500.00 31/12/15 I/S $ 3,500.00
3,500.00
A/c Payable - Bob $
$ 3,500.00
5,000.00 31/12/15 I/S
5,000.00
5,000.00
5,000.00
10,000.00
2,500.00
12,500.00
$ 20,500.00
A/c Payable - Bob
Loan Payable
Cash
Shop Fittings
$
1,000.00
1,000.00
$ 1,000.00 1/1/2016 b/f $
1,000.00
Cash
Sales Revenue
2,000.00
31/12/15 I/S
2,000.00 31/12/15 Balance

$ 2,000.00
c/f
2,000.00
$ 12,500.00 Cash
31/12/15 Balance c/f
A/c Receiveable - Alex

Sales Revenue
$ 1,000.00
1/1/2016 b/f
Interest Expense
2,500.00 Cash
2,500.00
2,500.00
2,500.00
Cash
$ 2,000.00
$ 12,500.00
Other Expenses
100.00 31/12/15 I/S
100.00
100.00
100.00
Cash
Drawings
1,900.00 31/12/15 I/S $ 1,900.00
1,900.00
Cash
$ 1,900.00
1/1/2016 b/f
1,500.00
1,500.00 31/12/15 Balance c/f
1,500.00
1,500.00
1,500.00
Harry PLC
Trial Balance
Particulars
Cash
Dr
$
6,500.00
Rent Expense
3,500.00
Purchases
5,000.00
2,000.00
Interest Expense
100.00
Other Expenses
1,900.00
Drawings
1,500.00
TOTAL
Capital
7,000.00
1,000.00
12,500.00
20,500.00 $
20,500.00
Loan Payable
Shop Fittings
Cr
Sales Revenue
Question # 2
General Ledger
Cash
Capital
Sales Revenue
A/c Receivable - Joseph$
5,000.00 Rent Expense
Capital
$
1,500.00
250.00 Advertising Expense
50.00
500.00 A/c Payable - John
300.00
2,000.00 Equipment
3,000.00
7,750.00 31/12/15 Bal c/f
2,900.00
1/1/16 Bal b/f
2,900.00
7,750.00
Cash
1,000.00
Bank Loan
Cash
31/12/15 Bal c/f
A/c Payable - John

300.00 Purchases
Rent Expense
$
5,000.00
5,000.00
$ 5,000.00 1/1/16 Bal b/f $
5,000.00
$ 5,000.00
Cash
1,500.00 31/12/15 I/S
$ 1,500.00
A/c Payable - John $
1,500.00
$ 1,500.00
1,750.00 A/c Receivable - Joseph
A/c Receivable - Joseph

Sales Revenue
$ 1,500.00 Cash
Sales Revenue
$
500.00
31/12/15 I/S
Cash
31/12/15 Bal c/f
$
$
700.00
1,000.00 1/1/16 Bal b/f
1,000.00
700.00
1/1/16 Bal b/f
Bank Loan
Cash
31/12/15 Bal c/f
$ 1,500.00 31/12/15 Bal c/f$
1,000.00
$ 1,000.00
1,500.00
$ 3,000.00 31/12/15 Bal c/f$
3,000.00
$ 3,000.00
3,000.00
Equipment
$
2,000.00
2,000.00
2,000.00
2,000.00 1/1/16 Bal b/f
2,000.00
Cash
1/1/16 Bal b/f
Purchases
$ 3,000.00
1,750.00
1,000.00 31/12/15 I/S
$ 1,000.00
1,000.00
$ 1,000.00
Advertising Expense
$ 1,500.00
$
Cash
50.00 31/12/15 I/S
50.00
50.00
50.00
250.00
$ 1,750.00
Question # 2
Trial Balance
Particulars
Cash
Dr
Cr
2,900.00
Rent Expense
1,500.00
Purchases
1,000.00
1,000.00
50.00
Capital
A/c Payable - John

A/c Receivable - Joseph
Sales Revenue
Advertising Expense
Bank Loan
5,000.00
700.00
1,750.00
2,000.00
9,450.00
Equipment
3,000.00
TOTAL
9,450.00 $
Harry PLC
Balance Sheet
As on 30th June 2016
$
Current Assets:
$
Current Liabilities:
A/c Receivables
22,365.00
A/c Payable
77,095.00
Cash
16,710.00
Tax Payable
9,135.00
42,970.00
Wages Payable
1,820.00
Inventories
Current Assets
82,045.00
Fixed Assets:
Current Liabilities
$ 550,000.00
Furniture
78,300.00
Computers
76,650.00
Machinery
33,570.00
Owner's Equity:
Building
20,125.00
Capital
Equipment
$ 120,780.00
Fixed Assets
88,050.00
Non-Current Liabilities:
Land
Total Assets
Notes Payable
$ 530,000.00
$ 530,000.00
$ 343,420.00
$ 879,425.00
$ 961,470.00
$ 961,470.00
Harry PLC
Balance Sheet
As on 30th Sep 2016
$
Current Assets:
A/c Receivables
11,200.00
Cash
6,940.00
7,000.00
Supplies
Current Assets
A/c Payable
16,200.00
Salaries Payable
8,900.00
Current Liabilities
$
25,100.00
74,900.00
25,140.00
Fixed Assets:
Notes Payable
Building
84,000.00
Equipment & Fixtures
44,500.00
Land
67,000.00
Fixed Assets
74,900.00
Owner's Equity:
$ 195,500.00 Capital
Owner's Equity
Total Assets
Non-Current Liabilities
$ 220,640.00
$ 120,640.00
$ 120,640.00
$ 220,640.00
Harry PLC
Balance Sheet
For the Year ended 31st Dec 2016
$
Current Assets:
A/c Receivables
1,250.00
Cash
7,400.00
3,440.00
Supplies
Current Assets
A/c Payable
8,500.00
Current Liabilities
$
8,500.00
70,000.00
54,090.00
12,090.00
Fixed Assets:
Notes Payable
Building
45,500.00
Equipment & Fixtures
20,000.00
Land
55,000.00
Fixed Assets
70,000.00
Owner's Equity:
$ 120,500.00 Capital
Owner's Equity
Total Assets
Non-Current Liabilities
$ 132,590.00
54,090.00
$ 132,590.00

FA - Hand Out - Page 6 & 7 - Solved PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

FA - Hand Out - Page 6 & 7 - Solved PDF

Uploaded by

Copyright:

Available Formats

HARRY PLC

A/c Receivable - Alex

A/c Payable - Bob

7,000.00 Rent Expense

1,000.00 Shop Fittings

10,000.00 A/c Payable - Bob

A/c Receivable - Alex

2,500.00 Interest Expense

20,500.00 31/12/15 Balance c/f

31/12/15 Balance c/f

$ 7,000.00 1/1/2016 b/f $

3,500.00 31/12/15 I/S $ 3,500.00

A/c Payable - Bob $

5,000.00 31/12/15 I/S

A/c Payable - Bob

$ 1,000.00 1/1/2016 b/f $

2,000.00 31/12/15 Balance

31/12/15 Balance c/f

A/c Receiveable - Alex

100.00 31/12/15 I/S

1,900.00 31/12/15 I/S $ 1,900.00

1,500.00 31/12/15 Balance c/f

A/c Receivable - Joseph$

5,000.00 Rent Expense

250.00 Advertising Expense

500.00 A/c Payable - John

7,750.00 31/12/15 Bal c/f

1/1/16 Bal b/f

A/c Payable - John

$ 5,000.00 1/1/16 Bal b/f $

1,500.00 31/12/15 I/S

A/c Payable - John $

1,750.00 A/c Receivable - Joseph

A/c Receivable - Joseph

1/1/16 Bal b/f

31/12/15 Bal c/f

$ 1,500.00 31/12/15 Bal c/f$

$ 3,000.00 31/12/15 Bal c/f$

2,000.00 1/1/16 Bal b/f

1/1/16 Bal b/f

1,000.00 31/12/15 I/S

50.00 31/12/15 I/S

A/c Payable - John

Equipment & Fixtures

Equipment & Fixtures

You might also like