Assignment 4 Answers
Assignment 4 Answers
Assignment 4 Answers
Dr Bank $ 300 Opening Trial Balance Adjusted Trial Balance Closing Trial Balance
01-Dec
Cr Contribution $ 300 Account Dr Cr Dr Cr Dr Cr
Dr Bank $ 100 Inventory $ 5,000 $ 5,000
02-Dec
Cr Loan $ 100
Equipment $ 3,700 $ 3,700
Dr Purchases $ 320 Payables $ 500 5. 20 3. 320 $ 800
03-Dec 6. 600
Cr Payables (Holmes) $ 320
Receivables $ 300 8. 500 $ 1,400
1.300 4. 500
2.100 9. 450
Dr Motor van $ 500
04-Dec 6. 400 10. 120
Cash at Bank $ 1,200 11. 210 $ 720
Cr Bank $ 500 Capital $ 9,700 $ 9,700
Dr Payables (Holmes) $ 20 Contribution 1. 300 $ 300
05-Dec
Cr Returns outwards $ 20 Loan (Watson) 2. 100 $ 100
Dr Receivables (AB) $ 600 Motor van 4. 500 8. 500
Dr Bank $ 400 Returns outwards 5. 20 $ 20
06-Dec
3. 320
Cr Sales $ 1,000
Purchases 9.450 7. 220 $ 550
Dr Drawings $ 220 Sales 6. 1000 $ 1,000
07-Dec
Cr Purchases $ 220 Hire expense 10. 120 $ 120
Dr Receivables (Lamb) $ 500 Drawings 7. 220 $ 220
08-Dec
Cr Motor van $ 500 Wage expense 11. 210 $ 210
Dr Purchases $ 450 Total $ 10,200 $ 10,200 $ 3,740 $ 3,740 $ 11,920 $ 11,920
09-Dec
Cr Bank $ 450
Dr Hire expense $ 120 a. Record all transaction
10-Dec
Cr Bank $ 120 b.Trial balance
Dr Wage expense $ 210
11-Dec
Cr Bank $ 210
$ 3,740 $ 3,740
Bank
Dec 300 Dec 4 500
100 9 450
400 10 120
480 11 210
1280 1280
Jan 1 Balance b/d 480
Capital
300 1 Dec 300
300 300
Jan 1 Balance b/d 300
Loan
100 Dec 2 100
100 100
Jan 1 Balance b/d 100
Purchases
3 320 Dec 7 220
9 450 Jan 1 Balance c/d 550
770 770
31 Dec Bl b/d 550
Payable (Holmes)
5 20 Dec 3 320
300
320 320
Jan 1 Balance b/d 300
Van
4 500 Dec 8 500
Return outward
Dec 5 20
20
20 20
Jan 1 Balance b/d 20
Receivable (AB)
6 600 Jan 1 Balance c/d 600
600 600
600
Sales
Dec 6 1000
Drawings
7 220
220
Receivable (Lamb)
8 500
500
Hire expense
10 120
Wage
11 210
Joel Co. Joel Co.
Statement of Profit or Loss Financial Position
for the month ending 31 December, 20X8 as at 31 December, 20X8
$ $ $ $
Sales $ 1,000 Assets
Net sales $ 1,000 Non-current assets $ 3,700
Cost of good sold = open inventory +
purchases + return inward - return
outward - closing inventory $ 400 Equipment $ 3,700
Opening inventory $ 5,000 Current assets $ 7,250