Practices Assessment Accounting Help With Solution

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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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.


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

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

  1. 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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