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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

A/c Receivable - Alex

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
A/c Receivable - Alex

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
For The Year Ended 31st Dec 2015
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
For The Year Ended 31st Dec 2015
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
For The Year Ended 31st Dec 2015
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
Non-Current Liabilities:

$ 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:

Current Liabilities:

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
Non-Current Liabilities:

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:

Current Liabilities:

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
Non-Current Liabilities:

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