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Chap 2 - Tutorial

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19 views3 pages

Chap 2 - Tutorial

Uploaded by

W P
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Tutorial

Tutorial: Chapter 2 The Double Entry System

Question 1:
Complete the following table:
TRANSACTIONS EFFECTS ACTIONS
Bought office machinery on credit from
a)
D Issacs Ltd.
The proprietor paid a payable, C Jones,
b) from his private fund

c) A receivable, N Fox, paid us in cash


Repaid part of loan from P Exeter by
d)
cheque
Returned some of office machinery to
e) D Issacs Ltd.

f) A receivable, N Lyn, pays us by cheque

g) Bought van by cash

Question 2:
TRANSACTIONS EFFECTS ACTIONS

a) Bought lorry by cash

b) Paid payable, T Lake, by cheque

c) Repaid P Logan’s loan by cash

d) Sold lorry for cash


Bought office machinery on credit from
e) Ultra Ltd.

f) A receivable, A Hill, pays is by cash


A receivable, J Cross, pays us
g)
by cheque
Proprietor puts a further amount into
h)
the business by cheque
A loan of RM200 in cash is received
i)
from L Lowe

j) Paid a payable, D Lord by cash


Tutorial

Question 3:
Complete the following table by showing which accounts are to be debited and which are to
be credited in the records of F Morris for the year of 2022.
Date Transactions Account to Account to
be debited be credited
July 1 Started business with RM15,000 in the bank
2 Bought office furniture by cheque RM1,200
3 Bought machinery RM1,400 on credit from Tree
Ltd
5 Bought a van paying by cheque, RM6,010
8 Sold some of the office furniture, not suitable for
the business, for RM150 on credit to Tang &
Sons
15 Paid the amount owing to Tree Ltd RM1,400 by
cheque
23 Received the amount due from Tang & Sons
RM150 in cash
31 Bought more machinery by cheque RM650

Question 4:
Complete the following table by showing which accounts are to be debited and which are to
be credited in the records of P Bernard for the year of 2022
Date Transactions Account to Account to
be debited be credited
Jun 1 Started business with RM12,000 in the cash
2 Paid RM11,700 of the opening cash into a bank
account for the business
5 Bought office furniture on credit from Dream Ltd
for RM1,900
8 Bought a van paying by cheque RM5,250
12 Bought equipment from Peter & Sons on credit
RM2,300
18 Returned faulty office furniture costing $120 to
Dream Ltd.
26 Paid amount owing to Dream Ltd RM1,780 by
cheque
28 Took RM130 out of the bank and added to cash
30 F Brown lent us RM4,000 by cheque
Tutorial

Question 5:
Record the transactions into ledge account in the books of B2B Trading.

2022
June 1 Start 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 CC 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 CC 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

Question 6:
Record the following transaction into ledger account.

2022
March 1 Started business with $750 cash and $9,000 in the bank
2 Received a loan of $2,000 from Mr Lim 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 Mr Lim’s loan by cheque $500
17 Paid amount owing to Clearcount Ltd $420 by cheque
24 Repaid part of Mr Lim’s loan by cash $250
31 Bought a printer on credit from Sam PC Trading for $200

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