BILLABONG HIGH INTERNATIONAL SCHOOL

MARVE ROAD, BHOOMI PARK, MALAD (WEST)

2024-2025

Name: Subject- Accounting Date: 14th Feb 2025

Grade: 9 Revision Worksheet 02

1 Shvan maintains a petty cash book using the imprest system. The imprest amount, which is $200,
is restored every Wednesday.

All payments of less than $75 are made from petty cash. All cash receipts of less than $75 are
paid into petty cash.

On 1 March 2023 Shvan had $61 in his petty cash box. He provided the following information for
the first week in March 2023.

March 1 Restored petty cash imprest from the business bank account

2 Paid $55 to Giles, a trade payable

3 Paid taxi fare, $21

6 Paid $18 for notepads and pens

6 Received cash, $25, from Mitchell, a trade receivable

7 Paid $30 for office cleaning

REQUIRED

(a) Prepare Shvan’s petty cash book for the first week of March 2023, on the page opposite.
Balance the petty cash book at 7 March 2023 and bring down the balance at 8 March 2023.
 Shvan
Petty Cash Book

Total Date Details Total Office Travel Ledger

received paid expenses accounts
$ $ $ $ $

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Shvan makes payments to Giles from his bank account as well as by cash. He provided the
following information.

March 1 Owed Giles, $165, from February

13 Paid Giles the amount outstanding on his account, by cheque

22 Purchased goods on credit from Giles, list price $150, subject to a trade discount
of 4%

(b) Prepare the account for Giles as it would appear in the books of Shvan. Balance the account
at 31 March 2023 and bring down the balance at 1 April 2023.

Shvan
Giles account
Date Details $ Date Details $

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Shvan is considering whether to stop keeping cash at his business premises. He would require all
customers to transfer payment directly into his bank account and he would make all business
payments from his bank account.

REQUIRED

(c) (i) State one way Shvan could pay his suppliers, from his bank account, other than by
cheque.

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(ii) Advise Shvan whether he should stop using cash. Justify your answer by providing two
advantages and two disadvantages of stopping using cash.

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2 (a) Insert the missing figures in the following document.

(b) Name the person who issued the credit note.

(c) Suggest one reason for the issue of the credit note.

(d) Name the document which would have been issued to request a credit note.

(e) Complete the following table to show where the credit note would be recorded.

Books of Jai Kapur Books of Vijay Singh

Account debited Account credited Account debited Account credited

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3. Bethany’s trial balance at 31 July 2009 was as follows:
Debit Credit
$ $
Capital 1 August 2008 70000
Drawings 4100
Premises 50000
Fixtures and fittings 10600
Office equipment 4900
Bank Charges 300
Lighting and heating 2500
Rates and Insurance 5100
Repairs and maintenance 3080
Operating expenses 2070
Carriage inwards 7500
Carriage outward 2950
Commission receivable 4000
Revenue 62000
Purchases 36000
Sales returns 2000
Purchase returns 3000
Inventory 1 June 2008 7000
Bank 1330
Trade receivable 2230
Trade payable 2660
141660 141660

Additional Information

1 Inventory on 31 July 2009 was valued at $6100.

Required
Prepare Bethany’s Income statement for the year ended 31 July 2009 and statement of financial
position at 31 July 2009.