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Worksheet - Unit 3 - Double Entry Accounting - Part 2

The document provides sample accounting transactions and questions to practice double entry bookkeeping. Question 1 lists accounting transactions with debits and credits. Question 2 provides additional transactions for a business and asks to record the accounts and extract a trial balance. Question 3 gives more transactions and asks to record accounts, balance them off, and extract a trial balance. Questions 4 and 5 provide additional transactions and ask to record the accounts in ledgers and balance them off.

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LearnJa Online School
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1K views

Worksheet - Unit 3 - Double Entry Accounting - Part 2

The document provides sample accounting transactions and questions to practice double entry bookkeeping. Question 1 lists accounting transactions with debits and credits. Question 2 provides additional transactions for a business and asks to record the accounts and extract a trial balance. Question 3 gives more transactions and asks to record accounts, balance them off, and extract a trial balance. Questions 4 and 5 provide additional transactions and ask to record the accounts in ledgers and balance them off.

Uploaded by

LearnJa Online School
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Unit 3 - Double Entry Account

Part 2

Question 1

Transactions Account to Account to


  be Debited be Credited
Paid motor expenses by cheque  Motor expenses bank 
Paid insurance by cash  Insurance  Cash
Rent received by cheque  Bank  Rent Received
Bought stationery paying by cheque  Stationery  Bank
Sold stationery, receiving proceeds by cheque  Bank  Stationery
Took cash out of the business for private use  Drawings Cash 
Received sales commission by cheque  bank Com Rec’d 
Received refund of rates by cheque  Bank  Rates
Took goods out of the business (at cost) for personal use  Drawings  Purchases
Sales commission received in error, now refunded in cash  Sales Commission  Cash
Cash purchases  Purchases Cash 
Cash sales  Cash Sales 
Goods returned by L. Johnson  Returns Inwards L. Johnson 
Goods returned to H. Graham  H. Graham Returns outwards 
Proprietor paid a creditor, K. Deer, from private monies  K. Deer Capital 
Bought motor van on credit from A. S. Motors Ltd.  Motor van A.S. Motors Ltd 
Sold fixtures on credit to S. Grover  S. Grover Fixtures 
Paid telephone expenses by cheque  Telephone exp Bank 

Question 2

On January 1, 2018, G. Saunders commenced business operations with $50,000 cash. On that same day
he paid $500 cash for rent of his shop and $6000 cash for furniture and fittings.

Other transactions for the month were as follows:

January 3 Purchased on credit goods from E. John 470

January 5 Cash sales 300

January 13 Cash purchases 1599

January 18 Sold goods on credit to A. Peterson 742

January 19 paid E. John cash 345

January 27 Received cash from A. Peterson 500


January 31 Sold goods for cash 520

(a) Write up the relevant accounts


(b) Extract a trial balance as at 31 January 2018

Question 3

Write up the following accounts in the books of F. Taylor. Balance off the accounts and extract a trial
balance.

2018

March 1 Started business with $200 in cash and $1500 in bank

March 2 Bought goods on credit from M. Levy $200; L. Lindo $255

March 4 Paid rent by cheque $250

March 5 Took $400 out of the bank and put it into the cash till

March 7 Sold goods on credit to R. Rose $280; H. Spence $195;

March 9 Bought stationery paying by cheque $50

March 11 Cash sales $105

March 14 Goods returned to L. Lindo $25

March 17 Taylor took $100 cash for private use

March 20 Paid general expenses in cash $118

March 22 Goods returned by H. Spence $$15

March 27 Paid L. Lindo his balance by cheque

March 28 Cash purchases $125

March 29 Bought motor van paying y cheque $400

March 30 Rent received in cash $100

March 30 Bought machinery on credit from Sure Thing Ltd $220

March 31 Paid motor expenses in cash $50

March 31 Received a loan of $500 in cash from D. Haynes

March 31 Banked cash $750


Question 4

Write up the accounts in the appropriate ledgers for the following transactions, and balance off
the accounts for Bill Crosby

2017
Sept 1 started business with $800 in the bank
Sept 4 bought goods $300 on credit from S & S Wholesale
Sept 4 transfer $150 from bank to cash
Sept 9 paid for insurance $30 by cash
Sept 15 sold goods $400 on credit to Suga Roy
Sept 18 goods for $50 returned from Suga Roy
Sept 18 paid office expenses $80 by cash
Sept 22 took $60 by cheque for personal use
Sept 24 sold goods $300 on credit to Dean Peart
Sept 25 bought goods $150 on credit from Amazon.com
Sept 26 received cheque $300 from Suga Roy
Sept 27 paid S & S Wholesale $200 by cheque
Sept 28 sold good $100 by cash

Question 5

Write up the accounts in the appropriate ledgers for the following transactions, and balance off
the accounts in the books of Venus Williams.

2017

May 1 started business with $500 in the bank


4 bought equipment for $250 by cheque
5 bought goods for $200 on credit from Lasco.
12 sold goods $80 on credit to Dwayne Samuels
18 returned goods $50 to Lasco
21 sold goods $120 on credit to Courtney Walsh
22 bought goods $150 on credit from Salada Foods
25 paid Salada Foods $100 by cheque
26 paid wages $80 by cheque
29 received $50 by cheque from Dwayne Samuels
30 took goods $60 for personal use

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