ACCT5001_Accounting Principles_2009 Semester 1_Week 6 student 3 April Demo Q without Sol sem1 2009.docVIP

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ACCT5001_Accounting Principles_2009 Semester 1_Week 6 student 3 April Demo Q without Sol sem1 2009.doc

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ACCT5001_Accounting Principles_2009 Semester 1_Week 6 student 3 April Demo Q without Sol sem1 2009

WEEK 6: ACCOUNTING FOR GST, SPECIAL JOURNALS SUBSIDIARY LEDGERS, REVIEW – Week 1-5 Demonstration Questions E 5.2 In power point lecture slides: Example 1 Special Journals and Subsidiary ledgers Assume the following debtor and creditor balances at end of December 2006 Schedule of Accounts Receivable 31/12/06 Artrec Ltd 10,000 Barlow Corp. 6,000 Total 16,000 Schedule of Accounts Payable 31/12/06 Carter Corp. 4,000 Hillman Ltd. 2,000 Total 6,000 Transactions during Jan 2007: 3/1 Purchased $10,000 inventory on a/c from Carter Corp., terms 2/10 n30. 6/1 Paid amount owing to Hillman (purchase was made 27/12 with terms 1/10 n30). 7/1 Sold $20,000 goods on credit to Elliot Ltd., terms 2/10 n30). 7/1 Received payment in full from Artrec Ltd. (sale was made 8/12 with terms 2/10 n30). 8/1 Paid amount owing to Carter Corp. (purchase made 9/12 with terms n30). 9/1 Elliot Ltd. returned $5,000 defective goods from 7/1 sale. 16/1 Received payment in full from Elliot 18/1 $22,000 cash purchase of inventories. Record the above transactions using Journal entries Special journals post to ledgers Reconcile subsidiary ledger with control accounts. a. General Journal Date Accounts Post Ref. Dr Cr 7/1 Cash 102 10,000 A/c Receivable - Artrec 300/1 10,000 8/1 A/c Payable - Carter 400/1 4,000 Cash 102 4,000 16/1 Cash 102 14,700 Sale Discounts 601 300 A/c Receivable - Elliot 300/3 15,000 18/1 Purchases 500 22,000 Cash 102 22,000 b. Sales Journal SJ1 Date Invoice Account Post Ref Amount 7/1 Purchases Journal PJ1 Date Account Terms Post Ref Amount 3/1 General Journal GJ1 Post Date Description Ref. Dr Credit 9/1 Cash Payments Journal