Solution Balancing of Accounts

Page 107 Question 6

Books of Krypto
Dr Cash Account Cr

Date Details F Amount Date Details F Amount

2011 $ 2011 $
Jun 1 Capital 150 000 Jun 2 Ordinary goods purchased 70 000
8 Revenue 90 000 3 Ordinary goods purchased 30 000
9 Revenue 55 000 15 Rent 5 000
12 Commission Received 8 000 17 Electricity 1 000
18 Stationery 2 500
20 Insurance 3 000
25 Wages and salaries 15 000
30 Balance c/d 176 500

303 000 303 000

Jul 1 Balance b/d 176 500

Capital Account

Jun Balance c/d 150 000 Jun 1 Cash 150 000

30

150 000 150 000

Jul 1 Balance b/d 150 000

Ordinary goods purchased Account

Jun 2 Cash 70 000

3 Cash 30 000 Jun Income Statement 100 000
30

100 000 100 000

Revenue Account

Jun 8 Cash 90 000

Jun Income Statement 145 000 9 Cash 55 000
30

145 000 145 000

Commission Received Account

 Jun Income Statement 8 000 Jun Cash 8 000
30 12

8 000 8 000

Rent Account

Jun Cash 5 000 Jun Income Statement 5 000

15 30

5 000 5 000

Electricity Account

Jun Cash 1 000 Jun Income Statement 1 000

17 30

1 000 1 000

Stationery Account

Jun Cash 2 500 Jun Income Statement 2 500

18 30

2 500 2 500

Insurance Account

Jun Cash 3 000 Jun Income Statement 3 000

20 30

3 000 3 000

Wages and Salaries Account

Jun Cash 15 000 Jun Income Statement 15 000

25 30

15 000 15 000

Page 107 Question 7

Dr Cash Account Cr

Date Details F Amount Date Details F Amount

2011 $ 2011 $
Jun Capital 60 000 Jun 2 Ordinary goods 5 000
1 purchased
8 Revenue 10 000 3 Ordinary goods 8 000
purchased
 9 Revenue 25 000 5 Ordinary goods 12 000
purchased
12 Revenue 48 000 13 Electricity bill 1 000
15 Commission Received 8 000 17 Telephone bill 1 500
22 Rent received 12 000 23 Rent 3 000
25 Wages and salaries 4 500
27 Insurance 1 200
30 Balance c/d 126 800

163 000 163 000

Jul 1 Balance b/d 126 800

Page 108 Question 8

Capital Account Credit balance
Ordinary goods purchased Debit balance
Account
Revenue Account Credit balance
Electricity Account Debit balance
Commission Received Account Credit balance
Rent Received Account Credit balance
Rent Payable Account Debit balance
Stationery Account Debit balance
Insurance Account Debit balance
Telephone Account Debit balance

Page 109 Question 10

Books of Lim
Dr Cash Account Cr

Date Details F Amount Date Details F Amount

2011 $ 2011 $
Jan 1 Capital 400 000 Jan 2 Ordinary goods 48 000
purchased
7 Revenue 55 000 5 Ordinary goods 23 000
purchased
9 Revenue 40 000 20 Stationery 5 300
10 Rent received 14 000 21 Telephone bill 800
12 Commission 3 000 22 Electricity bill 200
Received
 24 Rent 3 900
25 General expenses 1 350
28 Water bill 900
29 Salary 10 000
31 Balance c/d 418 550

512 000 512 000

Feb 1 Balance b/d 418 550

Capital Account

Jan 31 Balance c/d 400 000 Jan 1 Cash 400 000

400 000 400 000

Feb 1 Balance b/d 400 000

Ordinary goods purchased Account

Jan 2 Cash 48 000

5 Cash 23 000 Jan 31 Income Statement 71 000

71 000 71 000

Revenue Account

Jan 7 Cash 55 000

Jan 31 Income Statement 95 000 9 Cash 40 000

95 000 95 000

Rent Received Account

Jan 31 Income Statement 14 000 Jan 10 Cash 14 000

14 000 14 000

Commission Received Account

Jan 31 Income Statement 3 000 Jan 12 Cash 3 000

3 000 3 000

Stationery Account

Jan 20 Cash 5 300 Jan 31 Income Statement 5 300

5 300 5 300

Telephone bill Account

Jan 21 Cash 800 Jan 31 Income Statement 800

800 800

Electricity bill Account

Jan 22 Cash 200 Jan 31 Income Statement 200

200 200

Rent Account

Jan 24 Cash 3 900 Jan 31 Income Statement 3 900

3 900 3 900

General expenses Account

Jan 25 Cash 1 350 Jan 31 Income Statement 1 350

1 350 1 350

Water bill Account

Jan 28 Cash 900 Jan 31 Income Statement 900

900 900

Salary Account

Jan 29 Cash 10 000 Jan 31 Income Statement 10 000

10 000 10 000