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Write up the accounts to record the following transactions:
20X7 March 1
== 2
== 3
== 5
== 8
== 15
== 17
== 24
== 31
Started business with £750 cash and £9,000 in the bank. Received a loan of £2,000 from B Blane by cheque.
Bought a computer for cash £600.
Bought display equipment on credit from Clearcount Ltd £420. Took £200 out of the bank and put it in the cash till.
Repaid part of Blane’s loan by cheque £500.
Paid amount owing to Clearcount Ltd £420 by cheque. Repaid part of Blane’s loan by cash £250.
Bought a printer on credit from F Jones for 200
Write up the accounts to record the following transactions:
20X7 March 1
== 2
== 3
== 5
== 8
== 15
== 17
== 24
== 31
Started business with £750 cash and £9,000 in the bank. Received a loan of £2,000 from B Blane by cheque.
Bought a computer for cash £600.
Bought display equipment on credit from Clearcount Ltd £420. Took £200 out of the bank and put it in the cash till.
Repaid part of Blane’s loan by cheque £500.
Paid amount owing to Clearcount Ltd £420 by cheque. Repaid part of Blane’s loan by cash £250.
Bought a printer on credit from F Jones for £200.
Chapter 2 l The double entry system for assets, liabilities and capital
The accounting equation and the balance sheet
2 The double entry system for assets, liabilities and capital
3 The asset of stock
4 The effect of profit or loss on capital and the double entry system for expenses and revenues
5 Balancing off accounts
6 The trial balance
3 18 28
38 49 57
On 15 May 20X7, Blake pays a cheque for £3,000 to D Smith in part payment of the amount owing. The asset of cash at bank is therefore reduced, and the liability to the creditor is also reduced. The balance sheet is now:
B Blake
Balance Sheet as at 15 May 20X7
Shop
Stock of goods Debtor
Cash at bank
Less: Creditor
Capital
Assets
£ 32,000 6,000 600 25,400 64,000
( 4,000) 60,000
60,000
Note how the total of each part of the balance sheet has not changed. The business is still worth £60,000 to the owner.
a) Describe ONE MAIN accounting principle, concept, assumption, rule, quality or other conceptual framework of accounting component that may be used in resolving the following accounting problems:
i. A logistics service provider of the company ferrying delicate goods from Mombasa has had a long standing history of damaging some of the goods under its care with no recourse.
Mr A wish to know in detail about fundamentals of accounting subject imagine that you have got an opportunity to orient Mr.A kindly to the needful
With reference to financial management, write a short essay(600 words) on the concept of sources of finance.
NB:references must be included.
With reference to financial management, write a short essay on the concept of capital budgeting as a key fundamental in respect of managers’ maximising corporate value for shareholders. Maximum 600 words and include references.
With reference to financial management, write a short essay on the concept of capital structure as a key fundamental in respect of managers’ maximising corporate value for shareholders. Maximum 600 words and include references.
QUESTIONS:
Identify whether the following independent transaction is a book or a bank reconciling. In addition, determine the amount of the error and state whether the amount will be added or deducted in the preparation of the bank reconciliation (use adjusted method):
1. Eagle Repairs received P1,500 from Jane. The bookkeeper recorded the amount as P500.
The bank teller deducted CK 123 for P3,500 from the account of Eagle. The said check was issued by Egles Company a different
4. The bookkeeper of Eagle recorded Check No. 345 in the Cash Disbursement Journal as P5,205. The correct amount of the check
5. The deposits of Eagle earned interest of P100 for the month. Eagle does not have knowledge of interest earned until it receives
the bank statement.
Answer:
2. Nation Bank collected from the customer of Eagle the sum of P5,000 representing payment of the said customer to Eagle. No entry
was made in the books of Eagle.
Answer: 3.
depositor of the bank.
Answer:
was P5,250.
Answer:
Answer:
