User Account

All Pages

accounting , Accounting Basics

Assignment Help:
Jim owns and manages a small business, which provides an office design service, as well as buying and selling office furniture. Jim is a sole trader who manages all aspects of the business. Jim balances the business accounts at the end of each month.

On 1 June, the balances on his accounts were as follows.

Account name £ Debit/credit

Capital 12,000 Credit

Equipment 7,851 Debit

Van 3,000 Debit

Bank 4,600 Debit

Receivables control 16,599 Debit

Payables control 20,050 Credit

On 1 June, the debit balances on the receivables ledger were as follows.

Receivables ledger accounts £

Tim Jones 5,800

Evans Ltd 9,000

DBC Ltd 5,250

During June, the following transactions took place.

Date Amount, as entered Transaction

In cash book

2 450 Jim buys a camera to use in the business

3 2,400 Receives payment from Sunil Ltd

4 80 Receives a credit note from Evans Ltd for damaged chair

6 3,600 Receives payment from K. Peters

8 5,800 Pays in full the amount outstanding on the account of Tim Jones 10 5,000 Receives cash from Richards plc in part settlement of amount outstanding 15 10,500 Invoices Ted Turner for design services now completed to Ted''s satisfaction 16 425 Pays cash on delivery to Smiths for two desk and chair sets, taking up 15% discount for prompt payment 20 825 Buys a sofa and chair set from Tim Jones, agreeing 30 days credit terms 21 97 Pays telephone bill immediately on receipt, taking up 3% discount for prompt payment 23 8,800 Pays in full the amount outstanding on the account of Evans Ltd 27 5,200 Pays DBC Ltd 28 480 Issues a credit note to Ted Turner to correct an error on the invoice issued on 15 June to Ted Turner

(a) Set out Jim''s nominal ledger accounts and the receivables and payables ledger accounts at 1 June.

(b) Post the June transactions and balance the nominal ledger accounts and the receivables and payables ledger accounts. Assume that the cash book and the day books are posted daily.

(c) Present the trial balance at 1 July.

Related Discussions:- accounting

Applied research project, I just want part A and Part B including ppt slide...

I just want part A and Part B including ppt slides to present.

Show employment opportunities in accounting, Q. Show Employment opportuniti...

Q. Show Employment opportunities in accounting? Throughout the last half-century accounting has gained the same professional status as the medical and legal professions. At pre

Cash flow analysis, Cash  Flow Analysis:   As per the Institute of Cost...

Cash  Flow Analysis:   As per the Institute of Cost and Works Accountants of India (AICWAI), a Cash Flow Statement is a declaration setting out the flow of cash under different

First-in first-out inventory, Q. First-in first-out inventory? FIFO (fi...

Q. First-in first-out inventory? FIFO (first-in first-out): Ending inventory contains of the most recent purchases. FIFO presumes that the costs of the first goods purchased ar

Equation, What is the accounting equation?

What is the accounting equation?

State about the posting closing entries, Posting closing entries When c...

Posting closing entries When closing entries are entered in the General Journal, they must appear on the next line after Adjusting Entries. The words "Closing Entries" must be

Principles of accounting, how bookkeeping differ from accounting

how bookkeeping differ from accounting

FIFO LIFO AVERAGE COST, I am trying to figure out FIFO LIFO and AVERAGE COS...

I am trying to figure out FIFO LIFO and AVERAGE COST of the ending inventory and the cost of goods sold.

Explain about freight collect, Q. Explain about Freight collect? Freigh...

Q. Explain about Freight collect? Freight collect indicates the buyer should initially pay the freight bill on the arrival of the goods. To demonstrate the use of these terms s

Prepare the journal entries, Prepare the Journal Entries Journalize th...

Prepare the Journal Entries Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the tr

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd