Principles of Accounts Test

Accrual/Prepayments
Fourth Form.

The financial year of S. Sylvester ended on 31 December 2020. Show the ledger accounts for the
following items including the balance transferred to the necessary part of the final accounts also
the balances carried forward.

(a) Motor expense: paid in 2020 $1488; owing at 31 December 2020 $56
(b) Stationery: paid for the year 31 December 2020 $1710, stocks of stationery at 31
December 2019 $580; at 31 December 2020 $690
(c) S. Sylvester earns commission from the sales of one item. Received for the year to 31
December 2020 $1700; owing at 31 December 2019 $160; owing at 31 December 2020
$290.
(d) Rent: Paid during 2020 $900; Owing as at 31 December 2019 £300; Owing as at
31 December 2020 $400.
(e) General expenses: Paid for the year to 30 June 2020 £470; Owing at 30 June 2019 £32;
Owing at 30 June 2020 £60.

Motor Expenses A/C

Date Particular F Amount $ Date Particular F Amount $
2020 Dec Bank 1488 2020 Dec Profit and loss 1544
31 31
31 Accrued c/ 56
d
1544 1544
2021 Jan 1 Accrued b/ 56
d

Stationery A/C
Date Particular F Amount $ Date Particular F Amount $
2019 Jan 1 Prepaid b/ 580 2020 Dec 31 Profit and loss 1600
d
Dec 31 Bank 1710 31 Prepaid c/ 690
d
2290 2290
2020 Jan 1 Prepaid b/ 690
d

Commission Received A/C

Date Particular F Amount $ Date Particular F Amount $
2019 Jan 1 Accrued b/d 160 2020 Dec 31 Bank 1700
Dec 31 Profit and loss 1830 31 Accrued c/d 290
1990 1990
2020 Jan 1 Accrued b/d 290

Rent Paid A/C

Date Particular F Amount $ Date Particular F Amount $
2019 Dec 31 Bank 900 2019 Jan 1 Accrued b/ 300
d
31 Accrued c/d 400 Dec 31 Profit and loss 1000
1300 1300
2020 Jan 1 Accrued b/ 400
d

General Expenses A/C

Date Particular F Amount $ Date Particular F Amount $
2020 June 30 Bank 470 2019 July 1 Accrued b/d 32
30 Accrued c/ 60 2020 June 30 Profit and loss 498
d
530
2020 July 1 Accrued b/d 60