Tutorial Question solution 9.

Debit Credit

(a) Customer - Gormley Sales Revenue a/c

(b) Purchases a/c Supplier – Morgan a/c

(c) Purchases a/c Cash a/c

(d) Purchases a/c Bank a/c

(e) Cash a/c Sales Revenue a/c

(f) Customer - Earls Sales Revenue a/c

(g) Purchases a/c Supplier – McAfee

Tutorial Question 9.7

Date Transaction DEBIT ( £ ) CREDIT ( £ )

1 Dec Introduced a motor vehicle to the new business worth Motor Vehicle 8,000 Capital 8,000
£8,000
1 Dec Transferred a computer from home to the business: Computer equipment Capital 500
£500 500
1 Dec Withdrew £200 cash from her personal account to Cash 200 Capital 200
cover the cash expenses of the business
1 Dec Put a cheque in the business bank account to cover Bank 10,000 Capital 10,000
business start-up costs: £10,000
1 Dec Purchased goods for sale by cheque: £4,000 Purchases 4,000 Bank 4,000
2 Dec Bought a van using a loan from the bank: £15,000 Van 15,000 Loan 15,000
2 Dec Bought office equipment using a loan from the bank: Office furniture 5,000 Loan 5,000
£5,000
3 Dec Received cheques amounting to £5,000 for sales made Bank 5,000 Sales 5,000
4 Dec Purchased stationery for £450 Stationary expense Cash 450
450
5 Dec Purchased envelopes for £25 using cash Stationary expense 25 Cash 25
6 Dec Paid wages by cheque: £400 Wages 400 Bank 400
9 Dec Purchased goods for sale for £2,000 by cheque Purchases 2,000 Bank 2,000
10 Dec Sales lodged: £3,000 Bank 3,000 Sales 3,000
10 Dec Cash sales: £1,000 Cash 1,000 Sales 1,000
12 Dec Cash lodged: £800 Bank 800 Cash 800
14 Dec Pens purchased in cash: £20 Stationary expense 20 Cash 20
15 Dec Loan instalment transferred by direct debit (DD): Loan 1,000 Bank 1,000
£1,000
18 Dec Mary wrote a business cheque to her personal Drawings 2,000 Bank 2,000
account: £2,000
21 Dec Petrol paid by cheque: £280 Motor expenses 280 Bank 280
22 Dec Petrol for vehicles paid by cash: £40 Motor expenses 40 Cash 40
23 Dec Wages paid by cheque: £400 Wages 40 Bank 40
24 Dec Second loan instalment DD from bank: £1,000 Laon 1,000 Bank 1,000
9.7
Motor vehicle a/c Capital introduced a/c
Dec 1 Cap. Int 8,000 Dec 1 MV a/c 8,000

Dec 2 Loan a/c 15,000 Dec 1 Comp equ 500

Dec 1 Cash 200

Dec 1 Bank 10,000

Computer equipment a/c Bank loan a/c

Dec 1 Cap. Int. 500 Dec 15 Bank a/c 1,000 Dec 2 MV a/c 15,000

Dec 24 Bank a/c 1,000 Dec 2 Off equip 5,000

Cash a/c Bank a/c

Dec 1 Cap. Int. 200 Dec 5 Stat. a/c 25 Dec 1 Cap. Int. 10,000 Dec 1 Purchases 4,000

Dec 10 Sales a/c 1,000 Dec 10 Bank a/c 800 Dec 3 Sales a/c 5,000 Dec 4 Stationery 450

Dec 14 Stat. a/c 20 Dec 10 Sales a/c 3,000 Dec 6 Wages 400

Dec 22 Mot. 40 Dec 10 Cash a/c 800 Dec 9 Purchases 2,000

Exps.

Dec 15 Loan a/c 1,000

Dec 18 Drawings 2,000

Dec 21 Motor exps 280

Dec 23 Wages 400

Dec 24 Loan a/c 1,000

Purchases a/c Office equipment a/c

Dec 1 Bank a/c 4,000 Dec 2 Loan a/c 5,000

Dec 9 Bank a/c 2,000

Sales revenue a/c Stationery a/c

Dec 3 Bank a/c 5,000 Dec 4 Bank a/c 450

Dec 10 Bank a/c 3,000 Dec 5 Cash a/c 25

Dec 10 Cash a/c 1,000 Dec 14 Cash a/c 20

Wages a/c Drawings a/c

Dec 6 Bank a/c 400 Dec 18 Bank a/c 2,000

Dec 23 Bank a/c 400

Motor expenses a/c

Dec 21 Bank a/c 280

Dec 22 Cash a/c 40