Practices Assessment Accounting Help With Solution

Posted on March 31, 2017

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
Advertising5,000
Bank20,000
Capital99,000
Payables Control5,000
Drawings30,000
Electricity1,000
Equipment100,000
General Expenses9,000
Insurance7,000
Inventory500
Loan20,000
Purchases80,000
Purchases Returns500
Rent16,000
Sales200,000
Wages56,000

The opening balances are GST exclusive.

 

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Transactions

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

Required:

  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%

 

 

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