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    Extracted Pages From Frank Wood S Business Accounting 1

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    its2kool
    The document provides examples of transactions for businesses and instructions on recording the transactions in asset, liability, and capital accounts. It includes transactions for starting a business, purchasing assets, receiving loans, repaying loans, selling assets, and receiving/paying amounts owed. Learners are to write up the accounts to record the date, details of the transactions, and payment/receipt method for each entry. The goal is to practice double-entry bookkeeping by recording business transactions in the appropriate accounts.

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    Extracted Pages From Frank Wood S Business Accounting 1

    Uploaded by

    its2kool
    543 views1 page
    The document provides examples of transactions for businesses and instructions on recording the transactions in asset, liability, and capital accounts. It includes transactions for starting a business, purchasing assets, receiving loans, repaying loans, selling assets, and receiving/paying amounts owed. Learners are to write up the accounts to record the date, details of the transactions, and payment/receipt method for each entry. The goal is to practice double-entry bookkeeping by recording business transactions in the appropriate accounts.

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    Income Statement + Balance Sheet Questions

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    Extracted Pages From Frank Wood s Business Accounting 1

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    The document provides examples of transactions for businesses and instructions on recording the transactions in asset, liability, and capital accounts. It includes transactions for starting a business, purchasing assets, receiving loans, repaying loans, selling assets, and receiving/paying amounts owed. Learners are to write up the accounts to record the date, details of the transactions, and payment/receipt method for each entry. The goal is to practice double-entry bookkeeping by recording business transactions in the appropriate accounts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    543 views1 page

    Extracted Pages From Frank Wood S Business Accounting 1

    Uploaded by

    its2kool
    The document provides examples of transactions for businesses and instructions on recording the transactions in asset, liability, and capital accounts. It includes transactions for starting a business, purchasing assets, receiving loans, repaying loans, selling assets, and receiving/paying amounts owed. Learners are to write up the accounts to record the date, details of the transactions, and payment/receipt method for each entry. The goal is to practice double-entry bookkeeping by recording business transactions in the appropriate accounts.

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    © All Rights Reserved
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    Download as pdf or txt
    of 1

    BA10_C02.

    qxd 16/12/04 11:14 am Page 27

    Chapter 2 l The double entry system for assets, liabilities and capital

    == 8 Sold some of the office furniture – not suitable for the business – for £150 on credit to
    D Twig & Sons.
    == 15 Paid the amount owing to Trees Ltd £1,400 by cheque.
    == 23 Received the amount due from D Twig & Sons £150 in cash.
    == 31 Bought more machinery by cheque £650.

    2.4 You are required to open the asset and liability and capital accounts and record the follow-
    ing transactions for June 20X8 in the records of P Bernard.
    20X8
    June 1 Started business with £12,000 in cash.
    == 2 Paid £11,700 of the opening cash into a bank account for the business.
    == 5 Bought office furniture on credit from Dream Ltd for £1,900.
    == 8 Bought a van paying by cheque £5,250.
    == 12 Bought equipment from Pearce & Sons on credit £2,300.
    == 18 Returned faulty office furniture costing £120 to Dream Ltd.
    == 25 Sold some of the equipment for £200 cash.
    == 26 Paid amount owing to Dream Ltd £1,780 by cheque.
    == 28 Took £130 out of the bank and added to cash.
    == 30 F Brown lent us £4,000 – giving us the money by cheque.

    2.5A Write up the asset, capital and liability accounts in the books of D Gough to record the
    following transactions:
    20X9
    June 1 Started business with £16,000 in the bank.
    == 2 Bought van paying by cheque £6,400.
    == 5 Bought office fixtures £900 on credit from Old Ltd.
    == 8 Bought van on credit from Carton Cars Ltd £7,100.
    == 12 Took £180 out of the bank and put it into the cash till.
    == 15 Bought office fixtures paying by cash £120.
    == 19 Paid Carton Cars Ltd a cheque for £7,100.
    == 21 A loan of £500 cash is received from B Berry.
    == 25 Paid £400 of the cash in hand into the bank account.
    == 30 Bought more office fixtures paying by cheque £480.

    2.6A Write up the accounts to record the following transactions:


    20X7
    March 1 Started business with £750 cash and £9,000 in the bank.
    == 2 Received a loan of £2,000 from B Blane by cheque.
    == 3 Bought a computer for cash £600.
    == 5 Bought display equipment on credit from Clearcount Ltd £420.
    == 8 Took £200 out of the bank and put it in the cash till.
    == 15 Repaid part of Blane’s loan by cheque £500.
    == 17 Paid amount owing to Clearcount Ltd £420 by cheque.
    == 24 Repaid part of Blane’s loan by cash £250.
    == 31 Bought a printer on credit from F Jones for £200.

    You can find a range of additional self-test questions, as well as material to help you with
    your studies, on the website that accompanies this book at www.pearsoned.co.uk/wood

    27

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