ABFA1153 FINANCIAL ACCOUNTING 1 1 May 2019

Tutorial 7 – Posting to ledger and trial balance

Purchases Account
Section 4: Question 1 Mar RM Mar RM
2 T. payable - Beyer 10,450 31 SPL 10,450
General Ledger

Bank Account Trade Payables: Beyer Trading Account

Mar RM Mar RM Mar RM Mar RM
1 Capital 15,000 5 Rent 150 17 Bank 740 2 Purchases 10,450
24 T.R – Kyle 815 17 Beyer 740 21 Return outward 500
31 Van 6,250 31 Bal c/d 9,210
Bal. c/d 8,675 10,450 10,450
15,815 15,815
Cash Account
Capital Account
Mar RM Mar RM
Mar RM Mar RM
31 Bal. c/d 15,000 1 Bank 15,000 5 Sales 5,100 6 Wages 110
31 Bal. c/d 4,990
5,100 5,100

Sales Account
Mar RM Mar RM
31 SPL 5 Cash 5,100
Trade Receivables:
7 1,650
Kyle
6,750 6,750

Wages Account
Mar RM Mar RM
6 Cash 110 31 SPL 110

Trade Receivables: Kyle Account

Mar RM Mar RM
7 Sales 1,650 24 Bank 815
31 Bal. c/d 835
1,650 1,650
ABFA1153 FINANCIAL ACCOUNTING 1 2 May 2019

Trade Receivables: Kyle 835

Rent Account Returns Outwards 500
Mar RM Mar RM Motor Vehicles 6,250
9 Bank 150 31 SPL 150
32,660 32,660

Furniture & Fittings Account My Gift Shop

Mar RM Mar RM
Statement of Profit or Loss for the month ended 31 March
15 Other payable: Courtz 1,200 31 Bal. c/d 1,200
RM RM RM
Sales
Less: Cost of goods sold 6,750
Other Payables: Courtz Account
Mar RM Mar RM
Purchases 10,450
31 Bal. c/d 1,200 15 Furniture & Fittings 1,200 Less: Return outwards (500)
Add: Wages 110
10,060
Returns Outwards Account Less: Closing Inventories (5,200) 4,860
Mar RM Mar RM Gross Profit 2,000
31 SPL 500 21 T.P- Bayer 500
Less: Expenditure
Motor Vehicles Account Rent 150 (150)
Mar RM Mar RM Net Profit 1,740
31 Bank 6,250 31 Bal. c/d 6,250

My Gift Shop
My Gift Shop Statement of Financial Position as at 31 March
Trial Balance as at 31 March RM RM RM
Debit (RM) Credit (RM) Non-current assets
Bank 8,675 Fixtures & fittings 1,200
Cash 4,990 Motor vehicles 6,250 7,450
Capital 15,000
Fixtures & Fittings 1200 Current assets
Purchases 10,450 Inventories 5,200
Trade Payables: Beyer Trading 9,210 Trade receivables 835
Sales 6,750 Bank 8,675
Wages 110 Cash 4,990 19,700
Rent 150 27,150
Other Payables: Courtz 1,200
ABFA1153 FINANCIAL ACCOUNTING 1 3 May 2019

Equity
Capital as at 1 March 0
Add: Additional capital 15,000
Add: Net Profit 1,740
Capital as at 31 March 16,740

Current liabilities
Trade payables 9,210
Other payables 1,200 10,410
27,150

Question 2:

Vivian Trading
Trial Balance as at 31 May

RM RM
Cash in hand 400
Cash at bank 6800
Capital 18000
Drawings 300
Motor vehicles 8500
Trade receivables 2100
Trade payables 5425
Sales 12400
Purchases 9400
Returns outwards 275
Wages 5000
Rent & rates 3600
36,100 36,100