ACC4013 FINANCIAL ACCOUNTING 1

TUTORIAL QUESTIONS – REVISION 2

Question 1
Steve has just started a sole trader’s business on 1 January 2021, with a capital of $3,500 paid
into the business bank account. The following are the transactions in the first month of
trading.

1 Jan Pay rent for $1,000 by cheque

2 Jan Purchase goods worth $1,200 on credit
3 Jan Sell goods for $2,800 on credit
7 Jan Customers return goods worth $190
11 Jan Return suppliers some goods worth $250
22 Jan Pay electricity $280 by cheque
24 Jan Sell goods for $400 for cash
26 Jan Pay credit supplier $600 by cheque
28 Jan Receive $1,400 from credit customers by cheque

Required:

a. Journalise all transactions

b. Post all the journalised transactions to the ledger account (T-Account)

c. Prepare trial balance as at 31 January 2021.

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ACC4013 FINANCIAL ACCOUNTING 1

Question 2

Jenny is a sole trader who started trading on 1 June 2021. She introduced $20,000 capital into
the business bank account. The following are the transactions in the month of June 2021.

1 June Purchase goods worth $1,000 on credit

4 June Sell goods for $2,500 on credit
7 June Customers return goods worth $200
10 June Sell goods for $400 for cash
16 June Pay credit supplier $500 by cheque
21 June Receive $1,700 from credit customers by cheque
25 June Pay electricity bill of $240 by cheque
28 June Pay rent for $800 by cheque
30 June Pay cleaner wages of $100 by cash

Required:

a. Journalise all transactions

b. Post all the journalised transactions to the ledger account (T-Account)

c. Prepare trial balance as at 30 June 2021.