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Tutorial 4 Posting To Ledger - Trial Balance (Q)

The document provides instructions for several accounting problems involving recording transactions, preparing trial balances and basic financial statements. It asks the student to: 1) Transfer balances from a trial balance to statements of profit/loss and financial position for MU Trading. 2) Prepare a proper trial balance for Alexis Trading based on given balances. 3) Record transactions in T accounts, and prepare trial balance, profit/loss and financial position statements for Bob Stanley. 4) Record transactions in T accounts, and prepare trial balance, profit/loss and financial position statements for Melany's business. 5) Prepare a proper trial balance for Evergreen Trading based on given balances.

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429 views

Tutorial 4 Posting To Ledger - Trial Balance (Q)

The document provides instructions for several accounting problems involving recording transactions, preparing trial balances and basic financial statements. It asks the student to: 1) Transfer balances from a trial balance to statements of profit/loss and financial position for MU Trading. 2) Prepare a proper trial balance for Alexis Trading based on given balances. 3) Record transactions in T accounts, and prepare trial balance, profit/loss and financial position statements for Bob Stanley. 4) Record transactions in T accounts, and prepare trial balance, profit/loss and financial position statements for Melany's business. 5) Prepare a proper trial balance for Evergreen Trading based on given balances.

Uploaded by

lious lii
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Tutorial 4 Posting to Ledger & Trial Balance 1 LTJ 2018

Tutorial 4 – Posting to ledger and trial balance 604,550 604,550

Section A Additional information:


Closing inventory ()as at 31 May 2018 amounted to RM10,950.
1. (a) Explain the various ledgers in an accounting system.
(b) What are control accounts? Explain. Question 5
2. (a) What is a trial balance?
(b) What are the purposes of preparing trial balance? The following balances were extracted from the book of Alexis Trading as
(c) What could be the reasons for the trial balance not to balance? at 31 Dec:
3. What are the basic financial statements are are required to be prepared by
businesses? What are their purposes? RM RM
Cash in hand 29,000 Office Equipment 31,500
Question 4 Cash at bank 38,000 Trade receivable 45,700
Motor Vehicles 65,000 Inventory 32,650
Sales 97,300 Capital 100,000
Transfer all the balances in Trial Balance below to Statement of Profit or Trade Payable 60,050 Bank loan 75,000
Loss and Statement of Financial Position. Purchases 82,000 Salaries and Wages 8,500
MU Trading
Trial Balance as at 31 May 2018
Required:
Debit Credit
Prepare a proper Trial Balance for Alexis Trading as at 31 Dec.
RM RM
Inventories @ 1 June 2017 (cost of goods 21,950
sold :Below Purchases-SPL) Question 6
Office equipment (Non- current asset-SFP) 20,000
Motor vehicles (Non- current asset-SFP) 60,000 Bob Stanley is a sole proprietor who keeps records of his cash and bank
Trade receivables (Current asset-SFP) 26,000 transactions. This transaction for the month of May:
Bank (Current asset-SFP) 18,000
Trade payables (Current LIABILITY-SFP) 18,500 May
Drawings (Equity (Less)-SFP) 14,000 1 Cash in hand RM400, cash at bank RM6,000.
Loan (Non -current liability-SFP) 50,000 4 Stanley received a cheque for RM1,200 from W. Albert which was
Sales (Main income -SPL) 475,000 paid directly into the bank. This represented cash sales.
Purchases (Cost of goods - SPL) 400,000 6 Paid wages in cash RM60.
Carriage outward (Expenses - SPL) 5,600 8 Sold goods for cash RM300.
Discount received (Other income -SPL) 3,800 10 Received cash from G. Small for RM600, in full settlement of a
Discount allowed (Expenses - SPL) 4,000 debt of RM640; this was paid directly into the bank.
Salaries (Expenses - SPL) 35,000 11 Paid sundry expenses in cash RM48.
Capital (Equity) 57,250 14 Purchased goods by cheque for RM1,400.
Tutorial 4 Posting to Ledger & Trial Balance 2 LTJ 2018

18 Paid J. Sandoz a cheque of RM190 in full settlement of a debt of


RM210. Required:
23 Withdrew RM25 from the bank to pay the office cleaning company.
24 Paid wages in cash RM60. a) Record the above transactions into the “T” accounts.
26 Sold goods for cash RM380. b) Prepare the Trial Balance as at 31 October
28 Paid salary by cheque RM240. c) Prepare the Statement of Profit or Loss for the month ended 31
31 Retained cash amounting to RM600 and paid the remaining to the October.
bank. d) Prepare the Statement of Financial Position as at 31 October.
Required:

a) Record the above transactions into the “T” accounts.


b) Prepare Statement of Profit or Loss for the month ended 31 May.
Question 2

From the following list of balances extract from Evergreen Trading’s book
Section B: Extra exercise questions (for students’ own practice) as at 31 May 2018

Question 1
RM RM
Melany started her business, Dream Accessories Shop on 1 October Cash in hand 400 Trade payables 5,425
The following transactions occurred during the month: Cash at bank 6,800 Sales 12,400
Capital 18,000 Purchases 9.400
Oct Drawings 300 Returns Outwards 275
1 Started the business with RM15,000 in the bank. Motor vehicles 8,500 Wages 5,000
2 Bought goods RM10,450 on credit from ByeBye Trading. Trade receivables 2,100 Rent & rates 3,600
5 Cash sales RM5,100.
6 Paid wages in cash RM110.
7 Sold goods RM1,650 on credit to Kylan Required:
9 Paid rent by cheque RM 150. Prepare a proper Trial Balance for Evergreen Trading as at 31 May 2018.
15 Bought fixture on credit from Cozy RM1,200
17 Paid ByeBye Trading by cheque for RM740
21 Return goods to ByeBye Trading RM500
24 Kylan paid his account by cheque RM815
31 Bought a van paid by cheque RM6,250

Closing inventory is RM5,200 as at 31 October.

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