1a.

General Journal and petty cash book or sales journal

2. THE SALES LEDGER CONTROL ACCOUNT

Date Details Dr$ Date Detail Cr$

Balance b/d 6170 Balance b/d 53,140

Credit Sales 55,460 May 1,17 Owed 2390

Account
Payable
May 31, 17 Owed 4900
Sales return 230

Cheques from 470

debitor
Discount 250
Allowed
May 31, 2017 Balance b/f 61,380 May 31, 2017 Balace c/d 430

Balncee b/d 61,380

B.

Date Details Debit Credit

$ $
Debitor 1500

Bad dept 872

Rent 18000

2372 18000

2i.

Nominal Account Purchases

Personal Account Emily’s Hair Products
Current Liability Wages
Non-Current Asset Motor Vehicles
Long-term liabilty 6% FIVE-YEAR BANK LOAN
ii)
01 May A balance was brought
forward of $18,000. This was
the figure that was recorded
on the first day of the business
which acts as the capital of
the Motor Vehicle Account
03 May

06 May

07 May

Bi) prepayment

Ii)

3a)
 $11

b)

Selling Unit $11

Less cost per sale ( 2.50
c) 8.50
 $

Wages/ 54,240
revenue 275,00
19.72%

4a)

$ $ $

Fixed assets: 180,000

Ships 93,000
Loading equipment 273,000

Current Assets: 18,000

Cash 42,000
Account receivable 60,000

Less: Current
Liabilities
Loan 12,000
Insurance 15,000
Bank overdraft 8,000
Total Current 35,000
Liabilities $25,000
Working Capital
Financed by $147,000
Capital

Long Term Liabilities

Bank loan (5-year, 90,000
5% p.a. interest) 61,000
Account payable 151,000