REVISION OF FINANCIAL ACCOUNT 101 CONTD.
Hey Guys, It’s a New Day to learn and have fun. The
Easter Period is really in the ear and I hope you all have great plans to enjoy
this holiday season. Any way we have to finish our revision today on Financial
Account 101 for us to fully grasp the foundation of Financial Accounting.
DOUBLE
COLUMN CASH BOOK.
This is a cashbook that has folders for cash and bank
transactions.
ILLUSTRATION:
Enter the following transactions in the cash book and
ledger accounts of Mr. Timi for the year 2009.
Jul 1. Proprietor puts in capital into the bank account
for the business N 1,500.
Jul2. Purchases on credit from S. Sharon N 260.
Jul 3. Cash Purchases N
350.
Jul 4. Paid cheque to S. Sharon N 245.
Jul 5. Paid rent by cash N 100.
Jul 6. Cash Sales N
150.
Jul 7. Cash Sales paid directly into the bank N 100.
Jul 9. Received cheque from M. Brian N 100.
Jul 10. Banked N 140 of the cash held by the business N 140.
Jul 11. Paid wages in cash N 120.
Jul 12. Withdrew cash from bank for business use N 150.
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Ledger Entries:
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Dr
|
Capital A/C.
|
Cr
|
|||||
Date
|
Particulars
|
F
|
Amount
|
Date
|
Particulars
|
F
|
Amount
|
31/7
|
Bal c/d
|
1,500
|
1/7
|
Bank
|
1,500
|
||
Dr
|
Sales A/C
|
Cr
|
|||||
Date
|
Particulars
|
F
|
Amount
|
Date
|
Particulars
|
F
|
Amount
|
8/7
|
Credit Sales
|
120
|
6/7
|
Cash
|
150
|
||
31/7
|
Bal c/d
|
130
|
7/7
|
Bank
|
100
|
||
250
|
Bal b/d
|
250
|
|||||
130
|
|||||||
Dr
|
B.Brian AC
|
Cr
|
|||||
Date
|
Particulars
|
F
|
Amount
|
Date
|
Particulars
|
F
|
Amount
|
31/7
|
Bal c/d
|
220
|
8/7
|
Credit Sales
|
120
|
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9/7
|
Bank
|
100
|
|||||
220
|
220
|
||||||
Dr
|
PurchaseAC
|
Cr
|
|||||
Date
|
Particulars
|
F
|
Amount
|
Date
|
Particulars
|
F
|
Amount
|
3/7
|
Cash
|
350
|
2/7
|
Credit Purchases
|
260
|
||
Bal c/d
|
90
|
||||||
31/7
|
Bal b/d
|
350
|
350
|
||||
90
|
|||||||
Dr
|
S.SharonA/C
|
Cr
|
|||||
Date
|
Particulars
|
F
|
Amount
|
Date
|
Particulars
|
F
|
Amount
|
2/7
|
Credit Purchases
|
260
|
31/7
|
Bal c/d
|
505
|
||
6/7
|
Bank
|
245
|
|||||
505
|
505
|
||||||
Dr
|
Rent A/c
|
Cr
|
|||||
Date
|
Particulars
|
F
|
Amount
|
Date
|
Particulars
|
F
|
Amount
|
5/7
|
Cash
|
100
|
31/7
|
Bal c/d
|
100
|
||
Dr
|
WagesA/C
|
Cr
|
|||||
Date
|
Particulars
|
F
|
Amount
|
Date
|
Particulars
|
F
|
Amount
|
11/7
|
Cash
|
120
|
31/7
|
Bal c/d
|
120
|
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THREE
COLUMN CASHBOOK.
This is a cashbook that contains Cash, Bank &
Discount Allowed on the Debit Side, while the Credit Side consists of Cash,
Bank & Discount Received Folders.
ILLUSTRATION:
Enter the following in the Cashbook of Mr. Darwin Nig.
Ltd for the year 2005.
Feb 1- balance of cash in hand N 10,000, at bank N 13,000.
Feb 2- Cash sales N
30,000 and withdrew N 7,000 cash from
the bank for office use.
Feb 3- Paid Cassie by Cheque N 8,000 and received a discount of N 500.
Feb 4- bought goods by cheque N 3,000.
Feb 5- sold goods for cash N 16,000.
Feb 6- received cheque from Isaiah N 3,000 in full settlement of N
4,000.
Feb 7- paid N
9,000 to bank.
Feb 8- received cheque from Lucas N 16,000 in his account.
Feb 9- paid Mandy with cheque of N 15,000 in full settlement of her account of N 16,500.
Feb 10- received cheque from Molly in settlement of her
account of N 30,000 after deducting
cash discount of 5%.
Dr
|
||||||
Date
|
Particulars
|
F
|
D. Allowed
|
Cash
|
Bank
|
|
1st
|
Bal
|
10,000
|
13,000
|
|||
2nd
|
Sales
|
30,000
|
||||
2nd
|
Bank
|
C
|
7,000
|
|||
5th
|
Sales
|
16,000
|
||||
6th
|
Isaiah
|
1,000
|
3,000
|
|||
7th
|
Cash
|
9,000
|
||||
8th
|
Lucas
|
16,000
|
||||
10th
|
Molly
|
1,500
|
28,500
|
|||
Bal c/d
|
17,000
|
|||||
2,500
|
116,500
|
33,000
|
||||
27th
|
Bal b/d
|
107,500
|
||||
Cr
|
|||||
Date
|
Particulars
|
F
|
D. Received
|
Cash
|
Bank
|
2nd
|
Cash
|
C
|
7,000
|
||
3rd
|
Cassie
|
500
|
8,000
|
||
4th
|
Purchases
|
3,000
|
|||
7th
|
Bank
|
C
|
9,000
|
||
9th
|
Mandy
|
1,500
|
15,000
|
||
107,500
|
|||||
2,000
|
116,500
|
33,000
|
|||
27th
|
Bal b/d
|
17,000
|
Ledger Entries:
|
|||||||
Dr
|
D. Received A/c
|
Cr
|
|||||
Date
|
Particulars
|
F
|
Amount
|
Date
|
Particulars
|
F
|
Amount
|
Feb 27th
|
Total
|
2,000
|
|||||
Dr
|
D. Allowed A/c
|
Cr
|
|||||
Date
|
Particulars
|
F
|
Amount
|
Date
|
Particulars
|
F
|
Amount
|
Feb 27th
|
Total
|
2,500
|
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