THE INSTITUTE OF FINANCE MANAGEMENT

DODOMA CAMPUS

FACULTY OF BUSINESS AND ECONOMICS

DEPARTMENT OF ACCOUNTING AND FINANCE

BACHELOR IN ACCOUNTING

ACU 07207: INTRODUCTION TO FINANCIAL ACCOUNTING

INDIVIDUAL ASSIGNMENT

SUBMISSION DATE: 26nd APRIL 2024.

NAME REG. NO
CHARLES JUMA CHARLES DTC/BAC/2326623
 JOURNAL ENTRY
SN NARRATION DEBIT(DR) CREDIT(CR)
a Rent a/c 350,000 -
Debtors a/c - 350,000
b Creditors control a/c 1,560,000 -
Debtors control a/c - 1,560,000
Discount allowed a/c 500,000
Debtors a/c 500,000
c Debtor (Ramso) a/c 2,620,000 -
Bank a/c - 2,620,000
d Purchases a/c 300,000 -
Suspense a/c - 300,000
e Purchases a/c 1,000,000 -
Creditors control a/c - 1,000,000
f Bank a/c 2,450,000 -
Sales a/c - 2,450,000
g Bank charges a/c 910,000 -
Cash a/c - 910,000
h Suspense a/c 1,900,000 -
Cash a/c - 1,900,000
i Fixture&fittings a/c 8,640,000 -
Cash a/c - 8,640,000
j Stationery expenses a/c 1,160,000 -
Suspense a/c - 1,160,000

b. DR SUSPENSE ACCOUNT CR
Date Details Amount Date Details Amount
Cash 1,900,000 Balance b/d 440,000
Purchases 300,000
Stationary 1,160,000
Expenses
1,900,000 1,900,000
c. STATEMENT OF ADJUSTING PROFIT

Reported Profit 12,300,000

Add: Undercast sales 2,450,000
14,750,000

Less: Undercast expenses

Rent expenses 350,000
Discount allowed 500,000
Purchases 1,300,000
Bank charges 910,000
Stationery expenses 1,160,000
4,220,000
Corrected net Profit 10,530,000

d. A CORRECTED BALANCE SHEET

Tshs Tshs
Non-current assets
At cost 60,000,000
Less: Accumulated depreciation 31,000,000 29,000,000
Fixture and fittings 8,640,000

Current assets
Stock 14,000,000
Debtors 9,810,000
Bank 1,470,000
25,280,000
62,920,000

Capital 35,000,000
Add: Net profit 10,530,000 45,530,000

Current liabilities
Creditors 5,940,000
Overdraft 11,450,000 17,390,000
62,920,000