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- answer questions on attachments,very easy for an accountant or someone who has accounting degree, review lectures ppt and do the Mathematics
Answer questions on attachments,very easy for an accountant or someone who has accounting degree, review lectures ppt and do the Mathematics Essay Example
- Category:Finance & Accounting
- Document type:Assignment
- Level:Undergraduate
- Page:1
- Words:528
5Financial Statements
FINANCIAL STATEMENTS
General Journal
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DESCRIPTION |
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2012 Nov. |
Inventory Cash Payable Bought inventory at credit from M. Merlow, due in 30 days. |
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Insurance Cover Bought 1 year’s insurance cover, cheque no. 400 |
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Account payable Paid to M. Merlow, cheque no. 402 |
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Prepaid rent Paid November rent for premises, cheque no. 403 |
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Share capital Cash received Received additional share capital |
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Salaries expense Paid fortnightly salaries, Ck. 405 |
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Account receivable Adjustment note Defective goods returned to Lenny Ltd |
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Sales payment Cash receivable Balance due Received check from D. Draper and a promissory note for the balance of his account |
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Sales payment T. Tremble forwarded a cheque for purchase made on Nov. 18 |
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Account payable Purchase expense Paid Lenny Ltd for the purchase of 13 Nov. ck. 408 |
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Salaries expense Paid fortnightly salaries Ck. 409 |
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Account payable Electricity account paid ck. 410 |
Sales Journal
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Description |
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Received a cheque from D. Draper for sale of Oct. 28 |
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Cash receivable Sold inventory on account to A. Arnott due in 30 days |
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Cash received Sold merchandise to D. Draper on account |
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Cash received Cash sales from 1 to 14 Nov. |
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Cash receivable Sold goods on account to T. Tremble due in 30 days |
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Cash sales from 15 to 30 Nov. |
Purchases Journal
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Description |
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Purchases Paid Lenny Ltd. for purchase of 23 Oct. Ck. 401 |
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Cash payable Purchases Purchased inventory from Laws Ltd due in 60 days |
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Cash payable Purchases Purchased goods on credit from Lenny Ltd. due in 30 days |
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Purchase Purchased goods for cash from A. Arnott Ck. 407 |
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Account payable Paid Lenny Ltd. for the purchase made on Nov. 13. Ck. 408 |
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Cash payable Purchased Purchased inventory on credit from Lenny Ltd due in 30 days |
Cash Receipt Journal
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Cash at bank |
Accounts receivable |
Other accounts |
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D. Draper |
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T. Tremble |
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D. Draper |
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T. Tremble |
Cash Payments Journal
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Cash at bank |
Purchases |
Accounts payable |
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GST outlays |
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Lenny Ltd |
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M. Merlow |
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Lenny Ltd |
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Lenny Ltd |
Perpetual Inventory System
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Inventory Account payable (Bought 40 lamps on account) |
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Freight inwards Cash at bank (paid freight on purchase) |
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Account receivable (sold 22 lamps on account) Freight outwards Inventory (paid freight on goods sold) |
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Accounts Payable Inventory (defective lamps returned) Accounts payable Cash at bank (paid balance on purchase) |
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Accounts receivable Inventory (3 lamps returned by customer) |
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Inventory Accounts payable (bought 20 lamps on credit) |
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Accounts receivable Cash at bank (customer paid for sale of April) |
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Cash at bank (sold 39 lamps at cash) |
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Accounts payable Cash at bank (paid supplier amount owed on April 13) |
Periodic Inventory System
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Purchases Account payable (Bought 40 lamps on account) |
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Freight inwards Cash at bank (paid freight on purchase) |
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Account receivable (sold 22 lamps on account) Freight outwards Inventory (paid freight on goods sold) |
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Accounts Payable Purchase returns (defective lamps returned) Accounts payable Cash at bank (paid balance on purchase) |
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Sales returns and allowances Cash receivable (3 lamps returned by customer) |
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Purchases Accounts payable (bought 20 lamps on credit) |
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Accounts receivable Cash at bank (customer paid for sale of April) |
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Cash at bank (sold 39 lamps at cash) |
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Accounts payable Cash at bank (paid supplier amount owed on April 13) |
General Journal
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DESCRIPTION |
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Salaries expense |
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Rent received |
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Prepaid expense |