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Week+5 - FINANCIAL ACCOUNTING(ACC1006S SUGGESTED SOLUTIONS...

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FINANCIAL ACCOUNTING (ACC1006S) SUGGESTED SOLUTIONS TUTORIALS HANDED IN ON 31 AUGUST 200 9 TUTORIAL 13 (solution): REC003 1. 30/6/2007 Dr Sales income 396 582 Cr Trading account 396 582 Dr Trading account 179 500 Cr Cost of sales expense 179 500 Dr Trading account 217 082 Cr Profit and loss account 217 082 Dr Profit and loss account 14 400 Cr Interest expense 14 400 Dr Profit and loss account 20 600 Cr Telephone expense 20 600 Dr Profit and loss account 15 000 Cr Advertising expense 15 000 Dr Profit and loss account 25 000 Cr Insurance expense 25 000 Dr Profit and loss account 62 000 Cr Salaries and wages expense 62 000 Dr Profit and loss account 1 620 Cr Stationery expense 1 620 Dr Profit and loss account 44 450 Cr Rent expense 44 450 Dr Profit and loss account 34 012 Cr Retained earnings (Accumulated profit) 34 012 Dr Retained earnings (Accumulated profit) 34 600 Cr Drawings 34 600 Page 1 of 7
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Sales income 30/6/2007 Trading account 396 582 30/6/2007 Balance b/d 396 582 396 582 396 582 Cost of sales expense 30/6/2007 Balance b/d 179 500 30/6/2007 Trading account 179 500 179 500 179 500 Trading account 30/6/2007 Cost of sales expense 179 500 30/6/2007 Sales income 396 582 Profit and loss 217 082 396 582 396 582 Telephone expense 30/6/2007 Balance b/d 20 600 30/6/2007 Profit and loss 20 600 20 600 20 600 Profit and loss 30/6/2007 Interest expense 14 400 30/6/2007 Trading account 217 082 30/6/2007 Telephone expense 20 600 30/6/2007 Advertising expense 15 000 30/6/2007 Insurance expense 25 000 30/6/2007 Salaries and wages expense 62 000 30/6/2007 Stationery expense 1 620 30/6/2007 Rent expense 44 450 30/6/2007 Retained earnings (Accumulated profit) 34 012 217 082 217 082 Retained earnings (Accumulated profit) 30/6/2007 Drawings 34 600 30/6/2007 Balance B/d 145 000 30/6/2007 Balance C/d 144 412 30/6/2007 Profit and loss 34 012 179 012 179 012 1/7/2007 Balance B/d 144 412 Drawings account 30/6/2007 Balance b/d 34 600 30/6/2007 Retained earnings (Accumulated profit) 34 600 34 600 34 600 Capital account 30/6/2007 Balance b/d 162 500 Page 2 of 7
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Post-closing trial balance of Candy’s Cake Shop as at 30 June 2007 DR CR Capital R162 500 Retained earnings (Accumulated profit) 144 412 Drawings Equipment at cost 144 000 Bank 275 612 Trade receivables 8 800 Inventory 16 000 Loan: Fidelity Bank (12%) 120 000 Trade payables 17 500 Sales income Cost of sales expense Interest expense Telephone expense Advertising expense Insurance expense Salaries & wages expense Stationery expense Rent expense R444 412 R444 412 Page 3 of 7
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TUTORIAL 15 (solution): Theory B 001 1.
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