WORKING PAPERS FOR WEB



BBS 6.2 FINANCIAL REPORTING PROBLEM – MANUAL MINI PRACTICE SET

Murraturra Music Shop

(a)

Sales Journal

S1

| | | | |Accounts Receivable Dr |Cost of Goods Sold Dr |

| |Account Debited |Invoice No. |Post |Sales Cr |Inventory Cr |

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Purchases Journal

P1

| | | | |Inventory Dr |

|Date |Account Credited |Terms |Ref |Accounts Payable Cr |

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Cash Receipts Journal

CR1

|Date |Account Credited |Ref. |

Cash Payments Journal

CP1

| | | | |Discount Received|Accounts Payable Dr |Office Supplies Dr|Other Accounts Dr |

| | | |Cash |Cr | | | |

|Date |Account Debited |Ref. |Cr | | | | |

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| |Total Dr = | | | | | | |

| |Total Cr = | | | | | | |

(a) & (e)

General Journal

G1

|Date |Account Titles and Explanation |Ref |Debit |Credit |

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continued

|Date |Account Titles and Explanation |Ref |Debit |Credit |

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(b) & (e)

General Ledger

Cash No. 101

|Date |Explanation |Ref |Debit |Credit |Balance |

|Jan. 1 |Balance | | | |35,750 |

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Accounts Receivable No. 112

|Date |Explanation |Ref |Debit |Credit |Balance |

|Jan. 1 |Balance | | | |14600 |

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Inventory No. 120

|Date |Explanation |Ref |Debit |Credit |Balance |

|Jan. 1 |Balance | | | |18,000 |

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Office Supplies No. 125

| Date |Explanation |Ref |Debit |Credit |Balance |

|Jan. 1 |Balance | | | |1,000 |

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Prepaid Insurance No. 130

|Date |Explanation |Ref |Debit |Credit |Balance |

|Jan. 1 |Balance | | | |2,000 |

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Equipment No. 157

|Date |Explanation |Ref |Debit |Credit |Balance |

|Jan. 1 |Balance | | | |45,450 |

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Accumulated Depreciation - Equipment No. 158

|Date |Explanation |Ref |Debit |Credit |Balance |

|Jan. 1 |Balance | | | |1,500 |

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Bank Loan No. 200

|Date |Explanation |Ref |Debit |Credit |Balance |

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Accounts Payable No. 201

|Date |Explanation |Ref |Debit |Credit |Balance |

|Jan. 1 |Balance | | | |43,000 |

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Interest Payable No. 230

|Date |Explanation |Ref |Debit |Credit |Balance |

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Revenue Received in Advance No. 235

|Date |Explanation |Ref |Debit |Credit |Balance |

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Peter Dawes, Capital No. 301

|Date |Explanation |Ref |Debit |Credit |Balance |

|Jan. 1 |Balance | | | |72,300 |

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P Dawes, Drawings No. 306

|Date |Explanation |Ref |Debit |Credit |Balance |

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Income Summary No. 350

|Date |Explanation |Ref |Debit |Credit |Balance |

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Sales No. 401

|Date |Explanation |Ref |Debit |Credit |Balance |

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Sales Returns and Allowances No. 412

|Date |Explanation |Ref |Debit |Credit |Balance |

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Discount Received No. 417

|Date |Explanation |Ref |Debit |Credit |Balance |

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Cost of Goods Sold No. 505

|Date |Explanation |Ref |Debit |Credit |Balance |

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Freight In No. 515

|Date |Explanation |Ref |Debit |Credit |Balance |

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Discount allowed No. 614

|Date |Explanation |Ref |Debit |Credit |Balance |

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Sales Salaries Expense No. 627

|Date |Explanation |Ref |Debit |Credit |Balance |

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Depreciation Expense No. 711

|Date |Explanation |Ref |Debit |Credit |Balance |

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Interest Expense No. 718

|Date |Explanation |Ref |Debit |Credit |Balance |

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Insurance Expense No. 722

|Date |Explanation |Ref |Debit |Credit |Balance |

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Office Salaries Expense No. 727

|Date |Explanation |Ref |Debit |Credit |Balance |

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Office Supplies Expense No. 728

|Date |Explanation |Ref |Debit |Credit |Balance |

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Rent Expense No. 729

|Date |Explanation |Ref |Debit |Credit |Balance |

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Accounts Receivable Subsidiary Ledger

R Danforth

|Date |Explanation |Ref |Debit |Credit |Balance |

|Jan. 1 |Balance | | | |1,500 |

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N Jones

|Date |Explanation |Ref |Debit |Credit |Balance |

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B Jiminez

|Date |Explanation |Ref |Debit |Credit |Balance |

|Jan. 1 |Balance | | | |7,500 |

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S Levin

|Date |Explanation |Ref |Debit |Credit |Balance |

|Jan. 1 |Balance | | | |5,600 |

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J Hendrix

|Date |Explanation |Ref |Debit |Credit |Balance |

|Jan. 6 | |S1 |4480 | |4480 |

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Accounts Payable Subsidiary Ledger

Drums R Us

|Date |Explanation |Ref |Debit |Credit |Balance |

|Jan. 3 | |P1 | |3080 |3080 |

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Microphones Ltd

|Date |Explanation |Ref |Debit |Credit |Balance |

|Jan. 1 |Balance | | | |12600 |

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R Manual

|Date |Explanation |Ref |Debit |Credit |Balance |

|Jan. 1 |Balance | | | |15,000 |

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Aging Violins

|Date |Explanation |Ref |Debit |Credit |Balance |

|Jan. 1 |Balance | | | |15400 |

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Guitar World

|Date |Explanation |Ref |Debit |Credit |Balance |

|Jan. 3 | |P1 | |4200 |4200 |

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(c) Murraturra’s Music Shop

Worksheet for the month ended 31 January 2011

|Account Titles |Trial Balance |Adjustments |Adjusted Trial Balance |Income Statement |Balance Sheet |

| |Dr |Cr |Dr |Cr |Dr |Cr |Dr |Cr |Dr |Cr |

|Cash | | | | | | | | | | |

|Accounts Receivable | | | | | | | | | | |

|Inventory | | | | | | | | | | |

|Office Supplies | | | | | | | | | | |

|Prepaid Insurance | | | | | | | | | | |

|Equipment | | | | | | | | | | |

|Accum. Depreciation – Equipment | | | | | | | | | | |

|Bank Loan | | | | | | | | | | |

|Accounts Payable | | | | | | | | | | |

|Interest Payable | | | | | | | | | | |

|Revenue Received in Advance | | | | | | | | | | |

|Peter Dawes, Capital | | | | | | | | | | |

|Peter Dawes, Drawings | | | | | | | | | | |

|Sales | | | | | | | | | | |

|Discount Received | | | | | | | | | | |

|Sales Returns & Allowances | | | | | | | | | | |

|Discount Allowed | | | | | | | | | | |

|Cost of Goods Sold | | | | | | | | | | |

|Freight In | | | | | | | | | | |

|Sales Salaries Expense | | | | | | | | | | |

|Office Salaries Expense | | | | | | | | | | |

|Rent Expense | | | | | | | | | | |

| Totals | | | | | | | | | | |

|Office Supplies Expense | | | | | | | | | | |

|Insurance Expense | | | | | | | | | | |

|Depreciation Expense | | | | | | | | | | |

|Interest Expense | | | | | | | | | | |

| Totals | | | | | | | | | | |

|Profit | | | | | | | | | | |

| Totals | | | | | | | | | | |

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(d)

Murraturra Music Shop

Income Statement

for the month ended 31 January 2011

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Murraturra Music Shop

Calculation of Owner’s Equity

as at 31 January 2011

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Murraturra Music Shop

Balance Sheet

as at 31 January 2011

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|ASSETS | | | |

|Current assets: | | | |

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|Total current assets | | | |

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|Non-current assets: | | | |

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|Total non-current assets | | | |

|Total assets | | |153455 |

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|LIABILITIES AND OWNER’S EQUITY | | | |

|Current liabilities: | | | |

| Accounts payable | | | |

| Interest payable | | | |

|Revenue Received in Advance | | | |

|Total current liabilities | | | |

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|Non-current liabilities: | | | |

| Bank loan | | | |

|Total non-current liabilities | | | |

|Total liabilities | | | |

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|Owner’s Equity: | | | |

| Peter Dawes, Capital | | | |

|Total liabilities and owner’s equity | | |153455 |

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(f)

Murraturra Music Shop

Post-Closing Trial Balance

as at 31 January 2011

| | |Debit |Credit |

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|Cash | | | |

|Accounts Receivable | | | |

|Inventory | | | |

|Office Supplies | | | |

|Prepaid Insurance | | | |

|Equipment | | | |

|Accumulated Depreciation – Equipment | | | |

|Bank Loan | | | |

|Accounts Payable | | | |

|Revenue Received in Advance | | | |

|Interest Payable | | | |

|Peter Dawes, Capital | | | |

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|Accounts Receivable Control Balance | | | |

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|Accounts Receivable subsidiary ledger account balances: | | |

| R Danforth | | | |

| N Jones | | | |

| B Jiminez | | | |

| J Hendrix | | | |

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|Accounts Payable Control Balance | | | |

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|Accounts Payable subsidiary ledger account balances: | | |

| Drums R Us | | | |

| Aging Violins | | | |

| Guitar World | | | |

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