Ex 6-2

20XX March

Requirement 1: Journalize the above transactions

Requirement 2: Post the above transactions in T-accounts
Requirement 3: Balance off ledger accounts (T-accounts)
Requirement 4: Prepare Trial Balance as at 31 March 20XX
 The following transactions of an antiques shop

1 Started in business with £8,000 in the bank.

2 Bought goods on time from: L. Frank £550; G. Byers £540; P. Lee £610.

5 Cash sales £510.

6 Paid wages in cash £110.
7 Sold goods on time to: J. Snow £295; K. Park £360; B. Tyler £640.
9 Bought goods for cash £120.
10 Bought goods on time from: G. Byers £410; P. Lee £1,240.
12 Paid wages in cash £110.
13 Sold goods on time to: K. Park £610; B. Tyler £205.
15 Bought shop fixtures on time from Stop Ltd £740.
17 Paid G. Byers by cheque £700.
18 We returned goods to P. Lee £83.
21 Paid Stop Ltd a cheque for £740.
24 B. Tyler paid us his account by cheque £845.
27 We returned goods to L. Frank £18.
30 G. Prince lent us £1,000 by cash.
31 Bought a van paying by cheque £6,250.

ment 1: Journalize the above transactions

ment 2: Post the above transactions in T-accounts
ment 3: Balance off ledger accounts (T-accounts)
ment 4: Prepare Trial Balance as at 31 March 20XX
Requirement 1: Journalize the above transactions
Date Account Dr Cr

Mar 1 Dr. Bank 8,000

Cr. Capital 8,000

Mar 2 Dr. Purchases 1,700

Cr. Accounts payable - L.Frank 550
Cr. Accounts payable - G.Byer 540
Cr. Accounts payable - P.Lee 610
Mar 5 Dr. Cash 510
Cr. Sales revenue 510
Mar 6 Dr. Wages expense 110
Cr. Cash 110
Mar 7 Dr. Accounts receivable - J. Snow 295
Dr. Accounts receivable - K. Park 360
Dr. Accounts receivable - B. Tyler 640
Cr. Sales revenue 1,295
Mar 9 Dr. Purchases 120
Cr. Cash 120
Mar 10 Dr. Purchases 1,650
Cr. Accounts payable - G. Byer 410
Cr. Accounts payable - P. Lee 1,240
Mar 12 Dr. Wages expense 110
Cr. Cash 110
Mar 13 Dr. Accounts receivable - K. Park 610
Dr. Accounts receivable - B. Tyler 205
Cr. Sales revenue 815
Mar 15 Dr. Fixtures 740
Cr. Accounts payable - Stop 740
Mar 17 Dr. Accounts payable - G. Byers 700
Cr. Bank 700
Mar 18 Dr. Accounts payable - P. Lee 83
Cr. Returns outwards 83
Mar 21 Dr. Accounts payable - Stop 740
Cr. Bank 740
Mar 24 Dr. Bank 845
Cr. Accounts receivable - B. Tyler 845
Mar 27 Dr. Accounts payable - L. Frank 18
Cr. Returns outwards 18
Mar 30 Dr. Cash 1,000
Cr. Loan 1,000
Mar 31 Dr. Vehicle 6,250
Cr. Bank 6,250
Requirement 2: Post the above transactions in T-accounts
Requirement 3: Balance off ledger accounts (T-accounts)

"Account title"

Date Related account Amount Date Related account Amount

Bank
Mar 1 Balance b/d -
Mar 1 Capital 8,000 Mar 17 Accounts payable 700
Mar 21 Accounts payable 740
Mar 24 Accounts receivable 845 Mar 31 Vehicle 6,250
Mar 31 Balance c/d 1,155
8,845 8,845
Apr 1 Balance b/d 1,155

Cash
Mar 1 Balance b/d -
Mar 5 Sales revenue 510 Mar 6 Wages expense 110
Mar 30 Loan 1,000 Mar 9 Purchases 120
Mar 12 Wages expense 110
1,510 Mar 31 Balance c/d 1,170
Apr 1 Balance b/d 1,170 1,510

Purchases
Mar 2 Accounts payable 1,700
9 Cash 120
10 Accounts payable 1,650
3,470

Wages Expense
March 6 Cash 110
12 Cash 110
220

Accounts receivable
Mar 1
Mar 7 Sales revenue 1,295 Mar 24 Bank 845
13 Sales revenue 815 31 Balance c/d 1,265
2,110 2,110
Apr 1 Balance b/d 1,265

Fixtures
Mar 15 Accounts payable 740
Mar 31 Balance c/d 740
740 740
Apr 1 Balance b/d 740

Returns outwards
Mar 18 Accounts payable 83
27 Accounts payable 18
101

Loan
Mar 30 Cash 1,000
Mar 31 Balance c/d 1,000
1,000 1,000
Apr 1 Balance b/d 1,000

Van
March 31Bank 6,250
Mar 31 Balance c/d 6,250
6,250 6,250
Apr 1 Balance b/d 6,250
 Accounts payable
Mar 1 Balance b/d
Mar 2 Purchases
Mar 10 Purchases
Mar 15 Fixtures
Mar 17 Bank 700
Mar 18 Returns outwards 83
Mar 21 Bank 740
Mar 27 Returns outwards 18
Mar 31 Balance c/d 2,549
4,090
Apr 1 Balance b/d

Capital
Mar 1 Bank
Mar 1 Balance c/d 8,000
8,000
Apr 1 Balance c/d

Sales Revenue
Mar 5 Cash
7 Accounts Receivable
13 Accounts Receivable
 Requirement 4: Prepare Trial Balance as at 31 March 20XX

Trial Balance
as at 31 March 20XX

No. nnnnii Debit balance Credit balance

1 Bank 1,155
2 Cash 1,170
3 Purchases 3,470
4 Wages expense 220
5 Accounts Receivable 1,265
- 6 Fixtures 740
1,700 7 Returns outwards 101
1,650 8 Loan 1,000
740 9 Van 6,250
10 Accounts payable 2,549
11 Capital 8,000
12 Sales revenue 2,620
Total 14,270 14,270

4,090
2,549

8,000

8,000
8,000

510
1,295
 815
2,620
Hawk is a market trader, and he opened a business named Hawk Ltd on 1 January 20XX.
As at 1 June 20XX, Hawk Ltd has the following general ledger account balances:

Cash at bank 4,300

Equipment 1,200
Accounts Payable 500
Accounts Receivable 300
Capital 5,000
Wage Payable 300

The following transactions took place during June 20XX:

June 2

11
15
19
26
28
30

Require:
a. Journalize the above transactions.
b. Post those transactions in T-accounts and balance-off the T-Accounts as at 30 June 20XX.
c. Prepare a Trial Balance as at 30 June 20XX.

MCQ Set 1
and he opened a business named Hawk Ltd on 1 January 20XX.
Ltd has the following general ledger account balances:

ns took place during June 20XX:

Transferred $1,000 of his savings into the business bank account

Borrowed $3,000 from a bank

Paid $200 to hire a van for September, using debit card

Purchased a computer for the business, paying $2,200 by credit card

Purchased goods for resale $1,000 from Peter, 1/5 th amount paid by cheque
Returned unsatisfactory goods to Peter, original cost of which was $120
Sold goods on time $1,200 to J. Gill
Withdrew $280 from business bank account for personal use
Received from J. Gill $1,080 by cheque
Paid wages payable for May, $300 and wages for June, $400 by cheque

above transactions.
nsactions in T-accounts and balance-off the T-Accounts as at 30 June 20XX.
Balance as at 30 June 20XX.
 a. Recording
Jun 2 Dr Bank 1,000

Cr Capital 1,000
Jun 3 Dr Bank 3,000
Cr Loan 3,000
Jun 5 Dr Hiring expense 200
Cr Bank 200
Jun 7 Dr Computer 2,200
Cr Bank 2,200
Jun 11 Dr Purchase 1,000
Cr Bank 200
Cr Accounts Payable 800

Jun 15 Dr Accounts Payable

120
Cr Returns outward 120
Dr Accounts
Jun 19
receivable 1200
Cr Sales 1200
Jun 26 Dr Drawings 280
Cr Bank 280
Jun 28 Dr Bank 1,080
Cr Acc Receivable 1,080
Jun 30 Dr Wage expense 400
Dr Wage payable 300
Cr Bank 700
 b. Posting
Bank

1 b/d 4,300 5 Hiring expense 200

2 Capital 1,000 7 Computer 2,200 No
3 Loan 3,000 11 Purchase 200 1
28 Acc Receivable 1,080 26 Drawings 280 2
30 Wage expense 400 3
30 Wage payable 300 4
5
c/d 5,800 6
9,380 9,380 7
b/d 5,800 8

9
Equipment 10

1 b/d 1,200 11
12
14
c/d 1,200
1,200 1,200
b/d 1,200

Accounts Payable
15 Return Outward 120 1 b/d 500
11 Purchase 800

c/d 1,180
1,300 1,300
b/d 1,180

Account Receivable
1 b/d 300
19 Sales 1,200 28 Bank 1,080

c/d 420
1500 1500
b/d 420

Capital
1 b/d 5,000
 2 Cash 1,000

c/d 6,000
6,000 6,000

Wage Payable
1 b/d 300
30 Bank 300

c/d 0
300 300
b/d 0

Loan
3 Bank 3,000

c/d 3,000
3,000 3,000
b/d 3,000

Hiring Expense
5 Bank 200

200

Computer
7 Bank 2,200

c/d 2,200
2,200 2,200
b/d 2,200

Purchase
11 Bank 200
11 Acc Payable 800

c/d 1,000
1,000 1,000
b/d 1,000

Returns Outwards
15 Acc. Payable 120
31
120

Sales
19 Acc Receivable 1,200

0 1200

Drawing
26 Bank 280

280

Wage Expense
30 Bank 400

400
 C. Trial Balance

Hawk Ltd
Trial Balance
30/06/20XX
Accounts Debit balance Credit balance
Bank 5,800
Equipment 1,200
Accounts Payable 1,180
Accounts Receivable 420
Capital 6,000
Loan 3,000
Hiring Expense 200
Computer 2,200

Purchase 1,000
Return Outward 120

Sales 1,200
Drawings 280
Wage expense 400
Total 11,500 11,500