Scribd Logo
Upload

Welcome to Scribd!

  • 196 views

    Cash Book - Answers

    Uploaded by

    Josh
    1. The document provides examples of various accounting books and documents used for recording transactions, including cash books, sales journals, purchase journals, invoices, and statements. 2. Details are given for sample transactions showing debits and credits to different accounts. Accounting equations are provided showing debits equaling credits. 3. Key terms are defined, such as books of prime entry, discount, credit notes, and accounting periods. Examples are given of calculating credit periods and discount amounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Cash Book - Answers

    Uploaded by

    Josh
    196 views6 pages
    1. The document provides examples of various accounting books and documents used for recording transactions, including cash books, sales journals, purchase journals, invoices, and statements. 2. Details are given for sample transactions showing debits and credits to different accounts. Accounting equations are provided showing debits equaling credits. 3. Key terms are defined, such as books of prime entry, discount, credit notes, and accounting periods. Examples are given of calculating credit periods and discount amounts.

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    1. The document provides examples of various accounting books and documents used for recording transactions, including cash books, sales journals, purchase journals, invoices, and statements. 2. Details are given for sample transactions showing debits and credits to different accounts. Accounting equations are provided showing debits equaling credits. 3. Key terms are defined, such as books of prime entry, discount, credit notes, and accounting periods. Examples are given of calculating credit periods and discount amounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    196 views6 pages

    Cash Book - Answers

    Uploaded by

    Josh
    1. The document provides examples of various accounting books and documents used for recording transactions, including cash books, sales journals, purchase journals, invoices, and statements. 2. Details are given for sample transactions showing debits and credits to different accounts. Accounting equations are provided showing debits equaling credits. 3. Key terms are defined, such as books of prime entry, discount, credit notes, and accounting periods. Examples are given of calculating credit periods and discount amounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    You are on page 1of 6

    1 40 000 b) a c) b

    Book of prime entry Source document


    Cash book Cheque counterfoil
    Sales journal Sales invoice
    Purchases journal Purchases invoice

    b) Reduces number of entries in ledger.


    c) 1) Discount Received 2) Discount allowed

    3)

    Date Details $ Date Details $


    Jan 1 Balance b/d 300 Dec 31 Income 1380
    statement
    April 1 Bank 1440 Balance c/d 360
    1740 1740

    Jan 1 Balance b/d 360

    b)

    Account debited Account credited


    Drawings Bank

    6c)

    Book of prime entry


    Ali sold goods, $250, to Farhad Sales journal
    Farhad returned half of the goods bought Sales returns journal
    on 5 January
    Farhad paid the amount owed on 1 January Cash Book
    having deducted 3% cash discount

    Transaction Account debited $ Account credited $


    1 Bank 10000 Loan 10000
    2 Motor vehicles 8000 Bank 8000
    3 Purchases 300 John 300
    4 Cash 80 Sales 80

    Debit Credit
    1 Capital 300
    2 Motor Vehicle 12000
    3 Valley Machine 990

    9a) 1) 15% 2) $187 3) $217

    b) Jai Kapur

    c) The goods are faulty and have been returned to the seller

    d) Debit note

    e)

    Books of Jai Kapur Books of Vijay Singh


    Account debited Account credited Account Debited Account credited
    Sales returns Vijay Singh Jai Kapur Purchases returns

    10a)

    11a) 640*100/80= $800

    b)

    a)

    February Transaction Document


    4 Payment Cheque counterfoil
    8 Purchases Invoice
    14 Purchases returns Credit note

    b)

    Feb 14 Returns 280 Feb 1 Balance b/d 560


    26 Bank 546 8 Purchases 640
    Discount 14
    28 Balance c/d 360
    1200 1200
    March 1 Balance b/d 360

    Feb 4 Bank 200 Feb 1 Balance b/d 200


    28 Balance c/d 690 10 Bank 200
    19 Purchases 480
    28 Interest 10
    890 890
    March 1 Balance b/d 690

    12a)

    b)

    13a) 15 300/154 400= 37 days

    b)

    14a) The book where transactions are recorded

    b) Cash book 2) General journal

    15a)

    Debit entry Credit entry


    $ $
    1 Bank account 8000 Capital account 8000
    2 Bank account 2000 Loan account 2000
    3 Van account 5200 A1 Motors account 5200
    4 Purchases account 3700 Bank account 3700
    5 Rent account 1000 Bank account 1000
    6 Cash account 100 Bank account 100

    b) 5 200

    16) Issued when goods are returned to the supplier

    When goods are faulty and have been returned to the seller

    Used for checking if they are no errors made by supplier

    17a) $316 2) Mariam Soliman

    b)

    Transaction Document Book of prime


    Aug 9 Goods Sales invoice Sales Journal
    13 Returns Credit Sales Returns Journal
    24 Payment Cheque Cash book

    c)

    $ $
    Aug 13 Returns 24 Aug 1 Balance b/d 520
    24 Bank 507 9 Purchases 340
    Discount 13
    31 Balance c/d 316
    860 860
    Sep 1 Balance b/d 316
    18a) 8500/45000*365= 69days

    b)

    c) May result in further supplies being refused

    19)

    Document Paul Chew’s book of Kim Chan’s book of


    prime entry prime entry
    Paul Chew sold goods Invoice Sales Journal Purchases Journal
    on credit to Kim Chan
    Kim Chan notified Paul Debit note No entry No entry
    Chew of an
    overcharge
    Paul Chew notified Credit note Sales Journal Purchases Journal
    Kim Chan that he
    agreed the overcharge
    Paul Chew sent Kim Statement of No entry No entry
    Chan a summary of accounting
    the month’s

    19)

    $ $
    Sep 7 Bank 274 Sep 1 Balance b/d 274
    Fed 1 Cash 96 Aug 31 Income 209
    Statement
    Aug 31 Balance c/d 113
    483 483
    Sep 1 Balance c/d 113

    b)

    Debit Credit
    Drawings 300
    Drawings 108

    20a) Assets= Capital + Liabilities

    b) Actual resources in the business- Assets

    Name given to the amount owing to assets- Liabilities

    Goods bought for resale not yet sold- Inventory


    c)

    d)

    Debit account Credit account


    Taha receives a cheque from Bank Michael
    Micheal, a credit customer
    Taha writes off of a debt owed Bad Debts Zoe
    by Zoe

    e) Sales Ledger

    f) False

    False

    False

    True

    False

    21a) $75, $1000, $750, $175, $1575

    b) $1575

    c) Credit Note

    d) A service business provides a service to its customers or clients

    21) Purchases are amounts paid by the business

    22) A

    23a) Sales invoice

    Credit note

    b) Cash book

    General journal

    c)

    $ $
    520
    96
    600
    48
    1264 1264

    You might also like