Question
Cross Pty Ltd uses special journals. Use your knowledge of the accounting cycle and the information in the following Purchases and Cash Payments Journals to
Cross Pty Ltd uses special journals.
Use your knowledge of the accounting cycle and the information in the following Purchases and Cash Payments Journals to complete all questions.
All answers are numbers which consist only of the digits 0 to 9. Symbols or punctuation marks should NOT be incorporated in answers. The only exception is dates which should be in the format dd/mm/yy - 2 digits for the day, month and year (eg 01/06/16).
Purchases Journal (P1)
Date | Account Credited | Terms | Post Ref | Accounts Payable | Inventory | GST |
08/06/16 | Powder Coat Supplies | Nil | T | 22000 | 20000 | 2000 |
15/06/16 | Nuts and Bolts | Nil | 11000 | 10000 | 1000 | |
Total | 33000 | 30000 | 3000 |
Cash Payments (CP1)
Date | Account Debited | Post Ref | Accounts Payable | Cash at Bank |
10/06/16 | Nuts and Bolts | 15000 | 15000 | |
15/06/16 | Powder Coat Supplies | T | 12000 | 12000 |
Total | 27000 | 27000 |
The "T" in the Post Ref column means: Answerthe transaction has been posted to the subsidiary ledgerthe transaction has been posted to the general and subsidiary ledgersthe transaction has been checked to ensure it balancesinventory records have been updated
Complete the following Subsidiary Ledger for Nuts and Bolts
Subsidiary Ledgers
Nuts and Bolts | |||||
Date | Explanation | Ref | Dr | Cr | Balance |
01/06/16 | Opening Balance | 25000 | |||
10/06/16 | CP1 | 15000 | Answer Here | ||
Answer | Answer Here | Answer Here | Answer Here | ||
Closing Balance | Answer Here |
The normal balance for Cash at Bank is: AnswerDrCr
An increase to Cash at Bank will be a: AnswerDrCr
A decrease to Cash at Bank will be a: AnswerDrCr
Complete the General Ledger for Cash at Bank
General Ledger
Cash At Bank | Account No.101 | ||||
Date | Explanation | Ref | Dr | Cr | Balance |
01/06/16 | Opening Balance | 20000 | |||
30/06/16 | CR1 | 40000 | Answer here | ||
Answer | Answer here | Answer here | Answer here | ||
Closing Balance | Answer here |
The normal balance for Accounts Payable is: Answer Dr or Cr
An increase to Accounts Payable will be a: AnswerDr or Cr
A decrease to Accounts Payable will be a: AnswerDr or Cr
Complete the General Ledger for Accounts Payable
Accounts Payable | Account No.202 | ||||
Date | Explanation | Ref | Dr | Cr | Balance |
01/06/16 | Opening Balance | 35000 | |||
30/06/16 | P1 | Answer Here | AnswerHere | ||
30/06/16 | AnswerHere | AnswerHere | AnswerHere | ||
Closing Balance | AnswerHere |
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