Practices Assessment Accounting Help With Solution

Processing Transactions

Listed below are the transactions for a dessert shop Chocolate Delight. The business is registered for GST.

Opening Balances as at 1 May 2013

Opening Balances as at 1 May 2013
Advertising	5,000
Bank	20,000
Capital	99,000
Payables Control	5,000
Drawings	30,000
Electricity	1,000
Equipment	100,000
General Expenses	9,000
Insurance	7,000
Inventory	500
Loan	20,000
Purchases	80,000
Purchases Returns	500
Rent	16,000
Sales	200,000
Wages	56,000

The opening balances are GST exclusive.

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Transactions

May 1	Purchased ingredients from Yummy Foods on credit for $350 (GST inclusive).
3	Banked weekend’s takings $2,500 (GST inclusive).
5	Paid weekly wages $240.
5	Paid electricity account $130 (GST inclusive).
6	Returned chocolate to Yummy’s that was discoloured $60 (GST inclusive).
8	Owner took cash drawings $300.
10	Purchased new refrigerator for cash $1,300 (GST inclusive).
30	Repaid $1,000 interest of the loan.

Required:

Open the ledger accounts for Chocolate Delight with the balances given (i.e. opening balances).
Enter the transactions into the appropriate General Ledger accounts.
Balance the ledger accounts.

(Note: 1, 2 & 3 are to be completed together)

Prepare a trial balance as at the 31 May 2013.

Please note GST Inclusive = amount x 3 divided by 23

GST Exclusive = amount x 15%

Product Code :Acc32

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