Out Of The Box is a registered VAT vendor which sells craft supplies, and began trading on 1 August. All purchases are made from registered VAT vendors from whom the business always receives valid tax invoices. The business uses the periodic inventory system to account for inventory.
Using the complete journal entries, prepare the balance sheet accounts in the general ledger, balancing any accounts required to be balanced. Years may be ignored in the date column; only months (use abbreviations, e.g. Aug, Sept) and days must be shown.
Please use the image to relate it to the following T acccounts.
Creditors
| Date | Details | Folio | Amount | Date | Details | Folio | Amount |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Bank
| Date | Details | Folio | Amount | Date | Details | Folio | Amount |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Petty cash
| Date | Details | Folio | Amount | Date | Details | Folio | Amount |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Cash receipts journal of Out Of The Box - August CRJ1 Date Details Fol. Bank Debtors control Sales VAT output Sundries Details Amount Fol. 17589 57 2638 43 10 000 00 Capital Doc no. 001 CRO1 002 CROZ 003 CRO3 CROA 22 573 91 3 386 09 6 9 12 17 21 28 31 Cash sales Martin Riggs Cash sales Kurt Weller Cash sales Joan Watson Dwayne Pride |||| 00 8888888 1000 20 228 10 000 25 960 1 000 22 500 2391 4000 86 079 00 90 19565 22 2934 78 2391 Rent received 00 90 521 9481 74 04 3478 13 478 26 26 3 391 90 59 728 70 CP)1 Cash payments journal of Out Of The Box - August Date Name of payee Fol. Bank Creditors control Purchases VAT input Sundries Details Petty cash Amount 5 200 00 Fol 33 217 39 4982 61 NUM 11 600 00 Doc no. DCI EFTI EFT2 EFT3 EFT4 EFTS EFT6 EFT7 B/S 12173 91 1826 09 5 200 38 200 11 600 14 000 22 000 5624 4 800 805 5 17 21 22 31 31 31 31 31 22 000 Cash Sticky Situations Crazy Paints Sticky Situations Sheldon Cooper African Beads Cafe Bologna Teldata InsureCo First Bank 00 Wages and salaries 88888888888 5624 00 00 00 305 107 00 74 4 800 700 718 196 33 614 8688 826 Entertainment 00 Telephone 26 Insurance 00 Interest on overdraft 26 B/S 196 103 251 17 224 00 . 45 391 30 7021 PCI1 Fuel no VAT input 52 17 Sundries Details Stationery 347 83 Amount Fol. 400 280 00 Petty cash journal of Out Of The Box - August Doc Date Details Fol. Petty cash 5 PCO1 Ringbinders, note pads 00 6 PCO2 Fuel for business vehicle 280 7 PCO3 Milk, creamer, tea 306 25 PCOS Paper reams, punch 334 26 PCOS Fuel for business vehicle 1 480 Repairs to business vehicle 31 PCOS Bailey part-time wages 1 500 00 4 800 30 888 88 806 30 Staff refreshments 57 290 43 | 370 00 144 78 965 1 500 3271 22 00 52 Repairs and maintenance Wages and salaries 240 52 638 26 650 00 PJ1 Fol. Purchases VAT input Sundries Details Amount Foll 17 391 30 Purchases journal of Out Of The Box - August Date Creditors Inv no. Details Control 2 537 Crazy Paints 20 000 9 Inv370 FIT 1000 11 565 Crazy Paints 2800 19 In 286 Stationery Mart 1142 22 5728 Butterworths Cafe 340 27 046 African Beads 5080 31 862 00 57 2608 130 365 148 869 70 43 22 96 Repairs and maintenance 2434 81888888 78 993 840 04 Stationery 00 Entertainment 5 286 25 113 96 04 793 4046 04 35 2702 61 PAJ1 Fot. VAT output Sundries Details Amount Fol. Purchases allowances journal of Out Of The Box - August Date C/N no. Creditors Detalls Purchases Control returns 3 N103 Crazy Paints 4000 00 3478 26 11 57 FINT 80 00 21 48 Stationery Mart 116 00 4196 00 3478 26 10 15 547 43 13 30 69 100 170 57 87 44 Repairs and maintenance Stationery SJ1 5 Iny NO. Sales 13 Sales journal of Out Of The Box - August Date Details Fol. Debtors Control 5 1 Phil Dunphy 3048 7 2 Kurt Weller 3420 00 11 3 Meredith Grey 3 980 15 4 Ginny Baker 2004 00 20 5 Joan Watson 2814 25 6 Phil Dunphy 3300 30 7 Ginny Baker 2520 21 086 00 88888888 .. 2650 2973 3460 1742 2446 2869 2191 18 335 VAT output 397 57 446 09 519 261 39 367 04 430 328 70 2750 35 91 87 61 96 57 30 65 43 SAJ1 Sales returns Sales allowances journal of Out Of The Box - August Inv Date Debtors Details Fol. no Control 7 ONI Phi Dunphy 400 00 13 CN2 Meredith Grey 300 00 27 CN3 Phil Dunphy 340 00 1040 00 347 260 295 904 87 65 35 VAT input 52 17 39 13 44 35 135 65 GJ1 Folio Folio Debit Credit 30 000 00 30 000 00 628 00 546 81 09 91 367 55 04 06 422 10 General journal of Out Of The Box - August Vch Date Details (name of general ledger account) no. 2 JV1 Motor vehicles Capital Passenger vehicle contributed by owner 22 JV2 Drawings Stationery VAT output Stationery taken by owner for personal use 28 JV3 Discount allowed VAT input Debtors (Joan Watson) 15% early settlement discount allowed 31 JV4 Creditors (African Beads) Discount received VAT output 7.5% early settlement discount received 31 JVS Bad debts VAT input Debtors (Meredith Grey) Irrecoverable debt written off 31 JV6 Debtors (Phil Dunphy) Interest income Interest of 12% for one month charged on overdue balance 31 JV7 Interest expense Creditors (FixIT) Interest of 18% for one month charged on overdue balance 456 00 396 59 52 48 3 200 480 00 00 3 680 00 56 08 56 08 13 80 13 80 Cash receipts journal of Out Of The Box - August CRJ1 Date Details Fol. Bank Debtors control Sales VAT output Sundries Details Amount Fol. 17589 57 2638 43 10 000 00 Capital Doc no. 001 CRO1 002 CROZ 003 CRO3 CROA 22 573 91 3 386 09 6 9 12 17 21 28 31 Cash sales Martin Riggs Cash sales Kurt Weller Cash sales Joan Watson Dwayne Pride |||| 00 8888888 1000 20 228 10 000 25 960 1 000 22 500 2391 4000 86 079 00 90 19565 22 2934 78 2391 Rent received 00 90 521 9481 74 04 3478 13 478 26 26 3 391 90 59 728 70 CP)1 Cash payments journal of Out Of The Box - August Date Name of payee Fol. Bank Creditors control Purchases VAT input Sundries Details Petty cash Amount 5 200 00 Fol 33 217 39 4982 61 NUM 11 600 00 Doc no. DCI EFTI EFT2 EFT3 EFT4 EFTS EFT6 EFT7 B/S 12173 91 1826 09 5 200 38 200 11 600 14 000 22 000 5624 4 800 805 5 17 21 22 31 31 31 31 31 22 000 Cash Sticky Situations Crazy Paints Sticky Situations Sheldon Cooper African Beads Cafe Bologna Teldata InsureCo First Bank 00 Wages and salaries 88888888888 5624 00 00 00 305 107 00 74 4 800 700 718 196 33 614 8688 826 Entertainment 00 Telephone 26 Insurance 00 Interest on overdraft 26 B/S 196 103 251 17 224 00 . 45 391 30 7021 PCI1 Fuel no VAT input 52 17 Sundries Details Stationery 347 83 Amount Fol. 400 280 00 Petty cash journal of Out Of The Box - August Doc Date Details Fol. Petty cash 5 PCO1 Ringbinders, note pads 00 6 PCO2 Fuel for business vehicle 280 7 PCO3 Milk, creamer, tea 306 25 PCOS Paper reams, punch 334 26 PCOS Fuel for business vehicle 1 480 Repairs to business vehicle 31 PCOS Bailey part-time wages 1 500 00 4 800 30 888 88 806 30 Staff refreshments 57 290 43 | 370 00 144 78 965 1 500 3271 22 00 52 Repairs and maintenance Wages and salaries 240 52 638 26 650 00 PJ1 Fol. Purchases VAT input Sundries Details Amount Foll 17 391 30 Purchases journal of Out Of The Box - August Date Creditors Inv no. Details Control 2 537 Crazy Paints 20 000 9 Inv370 FIT 1000 11 565 Crazy Paints 2800 19 In 286 Stationery Mart 1142 22 5728 Butterworths Cafe 340 27 046 African Beads 5080 31 862 00 57 2608 130 365 148 869 70 43 22 96 Repairs and maintenance 2434 81888888 78 993 840 04 Stationery 00 Entertainment 5 286 25 113 96 04 793 4046 04 35 2702 61 PAJ1 Fot. VAT output Sundries Details Amount Fol. Purchases allowances journal of Out Of The Box - August Date C/N no. Creditors Detalls Purchases Control returns 3 N103 Crazy Paints 4000 00 3478 26 11 57 FINT 80 00 21 48 Stationery Mart 116 00 4196 00 3478 26 10 15 547 43 13 30 69 100 170 57 87 44 Repairs and maintenance Stationery SJ1 5 Iny NO. Sales 13 Sales journal of Out Of The Box - August Date Details Fol. Debtors Control 5 1 Phil Dunphy 3048 7 2 Kurt Weller 3420 00 11 3 Meredith Grey 3 980 15 4 Ginny Baker 2004 00 20 5 Joan Watson 2814 25 6 Phil Dunphy 3300 30 7 Ginny Baker 2520 21 086 00 88888888 .. 2650 2973 3460 1742 2446 2869 2191 18 335 VAT output 397 57 446 09 519 261 39 367 04 430 328 70 2750 35 91 87 61 96 57 30 65 43 SAJ1 Sales returns Sales allowances journal of Out Of The Box - August Inv Date Debtors Details Fol. no Control 7 ONI Phi Dunphy 400 00 13 CN2 Meredith Grey 300 00 27 CN3 Phil Dunphy 340 00 1040 00 347 260 295 904 87 65 35 VAT input 52 17 39 13 44 35 135 65 GJ1 Folio Folio Debit Credit 30 000 00 30 000 00 628 00 546 81 09 91 367 55 04 06 422 10 General journal of Out Of The Box - August Vch Date Details (name of general ledger account) no. 2 JV1 Motor vehicles Capital Passenger vehicle contributed by owner 22 JV2 Drawings Stationery VAT output Stationery taken by owner for personal use 28 JV3 Discount allowed VAT input Debtors (Joan Watson) 15% early settlement discount allowed 31 JV4 Creditors (African Beads) Discount received VAT output 7.5% early settlement discount received 31 JVS Bad debts VAT input Debtors (Meredith Grey) Irrecoverable debt written off 31 JV6 Debtors (Phil Dunphy) Interest income Interest of 12% for one month charged on overdue balance 31 JV7 Interest expense Creditors (FixIT) Interest of 18% for one month charged on overdue balance 456 00 396 59 52 48 3 200 480 00 00 3 680 00 56 08 56 08 13 80 13 80
