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Unit 3 Accounting AOS 1 SAC 2 Practice SAC Question 1:

Name: ____________________

Alexs Game Zone is a premier retailer in all electronic games. On 1st April 2008, Alexs has decided to adopt the accrual-based double entry accounting system. NOTE: Alexs Game Zone has a 100% mark-up on all stock sold. The following Journals record the transactions for April 2008 REQUIRED: 1. Post all journals to the General Ledger. 2. Post journal entries to the Debtors and Creditors Subsidary Ledgers. 3. Balance all appropriate ledger accounts and Foot the remainder 4. Prepare a Trial Balance as at 30 April 2008. 5. Complete Theory Questions

Alex's Game Zone General Journal General Ledger Debit Credit 5,100 3,200 3,200 30,400 95,000 22,000 8,600 5,000 3,600 1,200 60,000 85,900 Subsidiary Ledger Debit Credit

Date 2008, April 1

Details Cash at Bank Debtors Control Debtor S. Hoac Stock Control Premises Vehicle Creditors Control Creditor Annis Imports Creditor Sols Computer GST Clearing Loan ANZ Capital Owner commencing Double Entry Accounting 24 Drawings Stock Control Owner withdrew 3 GTAIV games for personal use (Memo 25) 29 Vehicle Capital Owner contributed a Vehicle to business (Memo 26)

1,080 1,080

8,000 8,000

Alex's Game Zone Cash Receipts Journal Rec. No. 233 234 235 236 237 238 239 Total Disc. Expense Cost of Sales 1,500 200 3,200 2,250 4,500 450 5,000 3,750 3,000 50 250 850 4,050 10,500 21,000 2,100 5,000 7,500 6,000 750 600

Date Apr 1 8 14 16 20 21 24

Details Cash Sales S. Hoac Cash Sales Capital Contribution Cash Sales Cash Sales S. Hoac

Bank 3,300 3,000 4,950 5,000 8,250 6,600 800 31,900

Debtors

Sales 3,000

GST 300

Sundries

Alex's Game Zone Cash Payments Journal Chq No 327 328 329 330 331 332 333 334 335 336 Disc Rev. Advert Exp Vehicle Exps

Date

Details

Bank 250 4,900 770 250 300 3,500 1,200 660 440 1,750

Creditors

Wages 250

Drawings

GST

Sundries

Apr 2 6 12 16 18 20 23 26 27 28

Wages Sol's Computers Advertising Wages Drawings Annis Imports GST Payment Advertising Vehicle Expenses ANZ Loan Principal Interest on Loan

100

5000 700 250 300 70

100

3,600 1,200 600 400 60 40 1,250 500

29

Sols Computers Total

337

2,200 16,220 200

2,200 10,800 1,300 400 500 300 170 2,950

Alex's Game Zone Sales Journal Cost of Sales 900 1,250 1,500 1,200 4,850 Total Debtors 180 250 300 240 970 1,980 2,750 3,300 2,640 10,670

Date Apr 9 10 14 15

Debtor A. Tan S. Hoac A. Tan A. Tan Total

Invoice 310 311 312 313

Sales 1,800 2,500 3,000 2,400 9,700

GST

Alex's Game Zone Purchases Journal Total Creditors 600 700 500 1,800 6,600 7,700 5,500 19,800

Date Apr 5 23 25

Creditor Anni's Imports Annis Imports Sols Computers Total

Invoice 242 Y151 743

Stock 6,000 7,000 5,000 18,000

GST

General Ledger

Advertising Date Account Amount Date Account Amount

Capital Date Account Amount Date Account Amount

Cash at Bank Date Account Amount Date Account Amount

Cost of Sales Date Account Amount Date Account Amount

General Ledger (Continued)

Creditors Control Date Account Amount Date Account Amount

Debtors Control Date Account Amount Date Account Amount

Discount Expense Date Account Amount Date Account Amount

Discount Revenue Date Account Amount Date Account Amount

Drawings Date Account Amount Date Account Amount

General Ledger(Continued) GST Clearing Account

Date

Account

Amount

Date

Account

Amount

Interest Expense Date Account Amount Date Account Amount

Loan - ANZ Date Account Amount Date Account Amount

Premises Date Account Amount Date Account Amount

Rent Income Date Account Amount Date Account Amount

General Ledger (Continued) Sales Date Account Amount Date Account Amount

Stock Control Date Account Amount Date Account Amount

Vehicle Expenses Date Account Amount Date Account Amount

Vehicles Date Account Amount Date Account Amount

Wages Date Account Amount Date Account Amount

Subsidiary Ledgers: Debtor S. Hoac Date Account Amount Date Account Amount

A. Tan Date Account Amount Date Account Amount

Subsidiary Ledger: Creditor Sols Computers Date Account Amount Date Account Amount

Subsidiary Ledger: Creditor (Continued) Annis Imports Date Account Amount Date Account Amount

Trial Balance as at 30th April 2008 Account Advertising Capital Cash at Bank Cost of Sales Creditors Control Debtors Control Discount Expense Discount Revenue Drawings GST Clearing Account Interest Expense Loan - ANZ Premises Rent Income Sales Stock Control Vehicle Expenses Vehicles Wages Debit Credit

Total Describe your treatment of the GST Clearing in the Balance Sheet as at 30th April 2008

Provide two advantages of maintaining subsidiary ledgers and control accounts for Debtors

Identify and explain one circumstance where your Trial Balance may balance but errors may exist

Identify the two fold effect of Memo #25

Memo #25

In May 2008, Alex decided that the firms stock should be valued at its selling price rather than its cost price because, according to Alex, Thats what it is actually worth. Referring to one Accounting principle, explain why the stock must be valued at its cost price.

Explain how valuing stock at its selling price will undermine the Reliability of the reports