College of Business and Economics

Department of Commercial Accounting

Financial Accounting 1A (FAC11A1)

Unit 3 – Accounting equation, general journal, general ledger, trial balance and FS

TUTORIAL

Transactions:
December 2017
01 Paid R9 000 December rent.
02 Paid R1 000 for stationery, which is treated as an asset (consumables) when purchased.
03 Bought a delivery vehicle for R140 000 from Alpha Motors, and paid a R20 000 deposit . The
balance is to be paid to Alpha Motors in equal monthly instalments over 24 months, commencing on
30 December 2017.
09 Purchased R8 000 inventory and paid cash.
13 Purchased R1 240 stationery on account from Stationery-Online.
18 Purchased R12 200 inventory on account from Kris-Tel.
30 Paid the first instalment on the motor vehicle.
31 Sales for December = R18 800, Cost of Sales = R7 200

REQUIRED:

1.1 Enter the transactions in the accounting equation below.

DATE Assets = Equity + Liabilities
Motor Inventory Consumables Bank Capital Income & LT Payables
Vehicles Expenses Loan
200 000 40 800 3 000 69 000 100 000 171 560 100 000 28 440
01/12/2017 -87 200
O/Balances
01/12/2017
Rent

02/12/2017
Stationery

03/12/2017
M/Vehicle

09/12/2017
Inventory

13/12/2017
Stationery
31/12/2017
C/Balances
Financial Accounting 1A: FAC11A1 Tutorial Plan

1.2 Record the transactions in the general journal

1.3 Prepare the bank account in the general ledger for December 2017.
(You must also practice to record all the other accounts in the general ledger)
1.4 Prepare the pre-closing and post-closing trial balances as at 31/12/2017.
1.5 Prepare the Statement of Profit or loss for the period ending 31/12/2017.
1.6 Prepare the Statement of Financial Position as at 31/12/2017.

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