IFA Week 3 Tutorial Solutions Brockville Solutions
IFA Week 3 Tutorial Solutions Brockville Solutions
IFA Week 3 Tutorial Solutions Brockville Solutions
Date May-01
Debit 1,155
Credit 1,155
May-02
1,200 120 1,320 1,540 140 1,400 700 700 1,500 150 1,650 1,650 1,650 1,509.20 28 2.8 1,540 77 7 70 1,573 1,541.54 2.86 28.6 3,070 3,070
May-04
May-08
May-11
May-12
Date May-15
Brockville Ltd General Journal Details Cash at Bank Accounts Receivable - Keo Ltd Office Equipment GST Receivable Cash at Bank Cash at Bank GST Payable Sales Cost of Sales Inventory
Debit 1,155
Credit
1,155 4,500 450 4,950 4,400 400 4,000 2,000 2,000 1,562 142 1,420 710 710 770 70 700 350 350 2,640 2,640 990 90 900 450 450
May-16
May-18
May-19
Accounts Receivable - Lossett Ltd GST Payable Sales Cost of Sales Inventory
May-19
May-23
Accounts Payable - Tall Timbers Cash at Bank Cash at Bank GST Payable Sales Cost of Sales Inventory
May-25
Date May-26
Brockville Ltd General Journal Details Sundry expenses GST Receivable Cash at Bank Cash at Bank Accounts Receivable - South Ltd Cash at Bank Accounts Receivable - G. Garson
Debit 410 41
Credit
May-30
May-31
Date Details 1-May Balance Accounts Receivable May-08 Accounts Receivable May-15 Accounts Receivable May-18 Sales / GST Payable May-25 Sales / GST Payable May-30 Accounts Receivable Accounts Receivable Jun-01 Balance
Cash at Bank Amount Date 8550 May-02 1155 May-08 1509.2 May-11 1155 May-12 4400 990 1485 770 $20,014.20 4391.66 May-16 May-23 May-26 May-31
Details Prepaid Rent / GST Accounts Payable Accounts Payable Sales Commission Office Equipment / GST Accounts Payable Sundry expenses / GST Balance
Amount 1320 1650 1541.54 3070 4950 2640 451 $4,391.66 $20,014.20
Accounts Receivable - Lossett Ltd Amount Date Details 1155 1-May Cash at Bank 1562 May-31 Balance $2,717
Jun-01 Balance
1562
Details Balance Cash at Bank Accounts Payable Accounts Payable Cash at Bank
GST Receivable Amount Date 0 May-10 120 May-11 150 May-31 450 41 $761 751.14
761.00
Jun-01 Balance
GST Payable Amount Date 2.8 May-01 May-04 839.2 May-18 May-19
Details Balance Accounts Receivable Cash at Bank Accounts Receivable Accounts Receivable May-25 Cash at Bank Jun-01 Balance
$842
Date May-04
Accounts Receivable - Blue Ltd Amount Date Details Cash at Bank / Sales 1540 May-08 Disc.
Amount 1540
Details Accounts Receivable Cash at Bank Accounts Receivable Accounts Receivable May-25 Cash at Bank
$8,420
Cost of Sales Amount Date Details 700 May-31 Profit & Loss Account 2000 710 350 450 $4,210
Amount 4210
$4,210
Details Cost of Sales Accounts Payable Cost of Sales Cost of Sales Cost of Sales May-25 Cost of Sales May-31 Balance
Date
Details Inventory / GST May-10 Receivable Cash at Bank / Purch. May-11 Disc.
Accounts Payable - E. East Amount Date Details Inventory / GST 77 May-05 Receivable 1573 $1,650
Amount 1650
$1,650
Amount 1650
Sales Discount Amount Date Details 28 May-31 Profit & Loss Account
Amount 28
Amount 28.6
Prepaid Insurance Amount Date Details 1200 May-31 Insurance expense Balance $1,200 1100 Sales Commission expense Amount Date Details 3070 May-31 Profit & Loss Account
Jun-01 Balance
Amount 3070
Accounts Receivable - Keo Ltd Amount Date Details 2310 May-15 Cash at Bank May-31 Balance $2,310 1155
Jun-01 Balance
Office Equipment Amount Date Details 17,000 May-31 Balance 4500 $21,500
Amount 21500
$21,500
Balance
21500
Date
Details
Amount 2500
Accounts Receivable - G. Garson Amount Date Details 770 May-30 Cash at bank
Amount 770
Accounts Payable - Tall Timbers Amount Date Details 2640 May-01 Balance
Amount 2640
Sundry Expenses Amount Date Details 410 May-31 Profit & Loss Account
Amount 410
Accounts Receivable - South Ltd Amount Date Details 1485 May-30 Cash at Bank
Amount 1485
Date
Details
Amount 20000
Retained Earnings Amount Date Details 9941.42 May-01 Balance May-31 Profit & Loss Account $9,941.42 Jun-01 Balance
Date
Details
Amount 2310
Date
Details
Amount 100
Date Details May-31 Cost of Sales Sales Discount Insurance expense Sales Commission Sundry expenses Income tax expense Retained Earnings
Profit & Loss Account Amount Date Details 4210 May-31 Sales Revenue 28 Purchase Discount 100 3070 410 $189.18 $441.42 $8,448.60
$8,448.60
Income Tax Payable Amount Date Details 189.18 May-31 Income Tax expense
Amount 189.18
Brockville Ltd Trial Balance as at 31st May 2013 Account Number 1-100 1-110 1-110 1-140 1-150 1-160 1-170 2-200 2-250 2-300 1-175 3-300 3-350 Account Cash at Bank Account Receivable - Lossett Ltd Account Receivable - Keo Ltd GST Receivable Inventory Prepaid Insurance Office Equipment Accounts Payable - Newitt Ltd Income Tax Payable GST Payable Accumulated Depreciation - Office Equip. Share Capital Retained Earnings Debit 4391.66 1562 1155 751.14 5320 1100 21500 Credit
$35,779.80