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 |
|Date | | |Ref | | |
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|Jan. | | | | | |
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Purchases Journal
P1
| | | | |Inventory Dr |
|Date |Account Credited |Terms |Ref |Accounts Payable Cr |
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|Jan. | | | | |
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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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|Jan. | | | | | | | |
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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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|Jan. | | | | |
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continued
|Date |Account Titles and Explanation |Ref |Debit |Credit |
|Jan. | | | | |
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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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