Prepare a trial balance as at 31st may 2015

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Reference no: EM131190031

Please answer all Questions.

QUESTION 1:

Frank, a hospitality event consultant, started business on 01 May. The following is a list of transactions for the month of May.

01 May

Frank O'Donoghue deposits €25,000 into a business bank account.

02 May

The business purchased office equipment for €7,000 paying by cheque.

04 May

The business purchased furniture on credit from Bargain Pieces Ltd. for €5,000.

05 May

Purchased stock of goods on credit from Cianod Ltd. for €2,000.

06 May

Purchased stock of goods paying by cheque for €3,000.

10 May

Sold goods for €5,000 receiving the money by cheque.

15 May

Paid rent of €1,800 by cheque.

16 May

Paid stationery bill of €500 by cheque.

16 May

Paid €650 for advertising by cheque.

18 May

Returned some of the goods to the value of €800 purchased on credit from Cianod Ltd.

20 May

Jack took €900 out of bank for his own use.

22 May

Paid the balance owed to Cianod Ltd. by cheque.

23 May

Paid wages €1,800 by cheque.

25 May

Let part of the premises receiving €1,000 rent by cheque.

26 May

Paid €75 for travel and motor expenses.

27 May

Jack took stock to the value of €200 for his own use.

28 May

Sold goods worth €950 on credit to G. Dunne.

30 May

Paid Bargain Pieces Ltd the amount outstanding.

a) Enter the above transactions in the appropriate ledger accounts for May, balancing off all accounts.

b) Prepare a trial balance as at 31st May 2015.

QUESTION 2:

Describe any SIX of the following accounting concepts:

a) The business entity concept

b) The dual aspect concept

c) The money measurement concept

d) The historic cost concept

e) The going concern concept

f) The realisation concept

g) The accruals concept

Reference no: EM131190031

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