Beruflich Dokumente
Kultur Dokumente
GROUP ASSIGNMENT
1.
2.
3.
4.
Page 1 of 4
Question 1
(Total 10 Marks)
Instructions: Indicate in which journal the transactions given below would be recorded by
placing the appropriate journal abbreviation in the space provided.
Abbreviation
GJ
CB
SJ
SR
PJ
PR
Journal
General Journal
Cash & Bank Book
Sales Journal
Sales Return Journal
Purchases Journal
Purchases Return Journal
$300
Cr Sales
$300
1. Aug. 2 Purchased merchandise from ABC Co. on account for $5,000; terms 2/10, n/30.
2. Aug. 4 Sold excess land for $7,000 accepting a 2-year, 12% note. The land was
purchased for $7,000 last year.
3. Aug. 6 Sold merchandise to D. Stone on account for $930, terms 2/10, n/30.
4. Aug. 8 Accepted a sales return of defective merchandise from D. Stonecredit granted
was $280.
5. Aug. 11 Purchased merchandise from Tanner Hardware on account for $1,800; terms
1/10, n/30.
6. Aug. 12 Paid freight of $200 on the shipment from ABC Co. in cash.
7. Aug. 15 Received payment in full from D. Stone by cash.
8. Aug. 19 Paid ABC Co. in full by cheque.
9. Aug. 20 Paid Tanner Hardware in full by cheque.
10. Aug. 27 Purchased office supplies for $250 cash.
Page 2 of 4
Question 3
(Total 49 Marks)
Instructions: Based on your entries done in Question 2, prepare, for the month of August 2012:
(a) Adjusted trial balance
(b) Income statement
(c) Balance sheet
(25 Marks)
(12 Marks)
(12 Marks)
Silva Trading
Trial Balance as at July 31, 2012
Account Titles
Dr.
Cr.
Cash
500
Bank
9,075
Prepaid Insurance
2,000
Freehold Lands
31,000
Notes Payable
26,000
F. Santos, Capital
15,000
F. Santos, Drawing
2,000
Sales
17,125
Purchase
6,400
Salaries Expense
4,000
Supplies Expense
1,500
Insurance Expense
1,200
Interest Expense
500
Interest Payable
50
Total
58,175
58,175
Page 3 of 4
Question 4
1.
(Total 15 Marks)
2. Wells Construction traded in a used crane and paid RM 30,000 cash for a similar new crane.
The old crane cost RM 100,000, had RM 70,000 of accumulated depreciation, and a fair
market value of RM 25,000. Prepare relevant entries for this exchange (Narration is not
required).
(4 Marks)
3. Brown Builders gave up a used diesel-powered electric generator and managed to sell at
the market price on cash basis. The generator cost RM 51,000, had RM 30,000 of
accumulated depreciation, and a fair market value of RM 18,000. Prepare journal entries for
the disposal (Narration is not required).
(4 Marks)
4. Midwest Mining purchased an iron mine for RM 2,000,000. The mine was expected to
produce 10,000,000 tons of ore over twenty years with no salvage value. During the first
year, 600,000 tons of ore were mined and sold. Compute the depletion expense for the first
year.
(2 Marks)
Question 5
(Total 15 Marks)
At 1 April, 2014 the extracts from the financial position of Idayus business were:
Cash in hand
Balance at bank
RM
100
2,000
Accounts receivable:
Shammimi
Aisyah
Raja
200
500
300
Inventory
700
Accounts payable:
Christine
Hafiz
600
1,400
(15 Marks)
Page 4 of 4