WEEK 5-7 Optional Question + MST - (BAF1003 Polytechnic Temasek Tutorial 5 Trial Balance(For week beginning 28 May 2012 Suggested Solutions Optional

WEEK 5-7 Optional Question + MST - (BAF1003 Polytechnic...

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Financial Accounting 1 (BAF1003)                                                                     Temasek  Polytechnic Tutorial 5 Trial Balance (For week beginning 28 May 2012) Suggested Solutions: Optional Question 6. Mr Benz Fashion Shop (a) General Journal 2012 Dr Cr Mar31 $ $ (a) Creditors Suspense 1,050 1,050 (b) Debtors Suspense 90 90 (c) Insurance Expense Suspense 300 300 (d) Loan from Bank Suspense 5,000 5,000 (e) Suspense Cash at bank 5,400 5,400 (f) Capital, Toni Benz Drawings, Toni Benz Suspense 2,500 2,500 5,000 (g) Debtors Suspense 580 580 (b) Suspense Account 2012 $ 2012 $ Mar 31 Difference as per T.B. 6,620 Mar 31 (a) Creditors 1,050 (e) Cash at bank 5,400 (b) Debtors 90 (c) Insurance expense 300 (d) Loan from bank 5,000 (f) Capital, Toni Benz 2,500 (f) Drawings, Toni Benz 2,500 (g) Debtors 580 12,020 12,020 AY2012/2013 (Apr)                                                                                                                             1  
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Financial Accounting 1 (BAF1003)                                                                     Temasek  Polytechnic (c) Trial Balance as at 31 March 2010 Dr ($) Cr ($) Cash at bank (7,320 – 5,400) 1,920 Debtors (5,345 + 90 + 580) 6,015 Creditors (6,860 - 1,050) 5,810 Furniture and Equipment 25,000 Loan from Bank (20,000 – 5,000) 15,000 Capital, Toni Benz (18,800 – 2,500) 16,300 Drawings, Toni Benz (5,500 + 2,500) 8,000 Fees Revenue 51,790 Insurance Expense (250 + 300) 550 Office Supplies Expense 1,010 Salaries 31,100 General Expense 1,500 Rental Expense 7,455 Advertising Expense 3,200 Utilities Expense 3,150 88,900 88,900 AY2012/2013 (Apr)                                                                                                                             2  
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Financial Accounting 1 (BAF1003)                                                                     Temasek  Polytechnic Tutorial 5 Trial Balance (For week beginning 28 May 2012) CLASSWORK AY05/06 Supp Exam Qn 2Sparkle Laundry (Adapted)The ledger of Sparkle Laundry contains the following account titles and balances as at 30June 2005: $Debtors Control1,940Cash at Bank22,170Dryers12,000Washing Machines45,000Laundry Supplies Inventory3,800Capital, Finn33,330Drawings, Finn1,500Creditors Control2,250Laundry Revenue78,620Interest Expense500Water and Electricity4,690Rental Expense18,000Salaries and Wages9,700Loan from Bank11,000Investments5,000Dividends received100An examination of the books and accounting records reveals the following errors:(1)Cash $ 750 received from a debtor was debited to ‘Cash at Bank’ and credited to‘Debtors Control’ at $ 570.(2)A debit posting of $ 1,000 to the ‘Loan from Bank’ account was omitted. (3)Withdrawal of cash $ 500 by Finn was erroneously debited to ‘Cash at Bank’ andcredited to ‘Drawings, Finn’.(4)No record has been made for the interest of $ 300 owing to the bank as at 30 June2005.(5)An inventory count on 30 June 2005 shows that the amount of laundry suppliesremaining on hand (not used) is $ 3,000. No adjustment has been made to the‘Laundry Supplies Inventory’ account.(6)Purchase of a new washing machine costing $ 2,000 on credit was wrongly creditedto the ‘Cash at Bank’ account. Required:(a)General journal entries to correct the above errors. (Journal narrations not required)(b)Corrected trial balance as at 30 June 2005 (template attached).AY2012/2013 (Apr)                                                                                                                             3  
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