Trial Balance – Page 3

FA – L1 – Q12 – Double entry bookkeeping

Record Leah's March 20X9 transactions in main ledger T accounts and prepare a trial balance as at 31 March 20X9.

Question

Enter the following transactions in the main ledger accounts of Leah, and extract a trial balance as at 31 March 20X9.
Assume that all receipts and payments are by cheque unless told otherwise.

March 20X9

Date	Transaction
1	Started business with GH₵80,000 in the bank
2	Bought goods on credit from: K&H Supplies GH₵7,600; Hatton Traders GH₵2,700; Tobias Traders GH₵5,600
5	Cash sales GH₵8,700. The cash was kept in a safe in Leah’s office.
6	Paid wages GH₵1,400 by cheque.
7	Sold goods on credit to: Elliott Enterprises GH₵3,500; L. Lang GH₵4,200; Carter Leisure GH₵7,200
9	Bought goods for cash GH₵4,600 using cash from Leah’s safe.
10	Bought goods on credit from: K&H Supplies GH₵5,700; Tobias Traders GH₵9,800
12	Paid wages GH₵1,400 by cheque.
13	Sold goods on credit to: L. Lang GH₵3,200; Carter Leisure GH₵2,300
15	Bought shop fixtures on credit from Betta Fittings GH₵5,000
17	Paid K&H Supplies GH₵8,400
18	Goods returned to Tobias Traders GH₵2,000
21	Paid Betta Fittings GH₵5,000
24	Payment received from Carter Leisure GH₵9,500
27	Goods returned to K&H Supplies GH₵2,400
30	Royal Bank provides a loan of GH₵6,000
31	Bought a motor van, paying by cheque GH₵40,000

Answer

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Tags: Capital, Double Entry, Inventory, Ledger accounts, Non-current Assets, Payables, Purchases, Receivables, Sales, T accounts, Trial Balance
Level: Level 1

Topic: Double entry bookkeeping

FA – L1 – Q11 – Preparing financial statements of a sole trader

Prepare statement of profit or loss and financial position for Blake's business for 20X9 using trial balance and inventory data.

Question

Using the following information, prepare the statement of profit or loss for Blake for the year ended 31 December 20X9 and a statement of financial position as at that date.

Blake – Trial balance as at 31 December 20X9

	Debit GH₵	Credit GH₵
Purchases	54,261
Sales		135,650
Sales returns	50
Purchase returns		61
Carriage inwards (delivery cost of purchases)	100
Carriage outwards (cost of deliveries to customers)	150
Inventory – 1 January 20X9	7,500
Wages and salaries	8,900
Rent	4,500
Telephone	560
Heat and lighting	890
Motor van running expenses	1,250
Bank interest	534
Land and buildings	60,000
Motor van	5,000
Payables		5,900
Bank overdraft		6,500
Receivables	8,700
Cash in hand	150
Drawings	15,000
Capital		19,434
Total	167,545	167,545

Inventory at 31 December 20X9 was GH₵9,500.

Required
Prepare the statement of profit or loss for the year ended 31 December 20X9 and a statement of financial position as at that date.

Answer

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Tags: Capital, Drawings, Expenses, Inventory, Payables, Receivables, Revenue, Statement of Financial Position, Statement of profit or loss, Trial Balance
Level: Level 1

Topic: Preparing financial statements of a sole trader

FA – L1 – Q10 – Double entry bookkeeping

Record May 20X9 transactions in T accounts and prepare a trial balance for Pine Grove Garden Traders.

Question

The following transactions in May 20X9 are those of a new business entity, Pine Grove Garden Traders.

May 20X9
Date
1 Set up the entity with capital in cash: GH₵2,500,000.
2 Bought goods on credit from the following suppliers: Green Leaf Company GH₵540,000, Blossom Town GH₵870,000, D Smith GH₵250,000, HerbSafe GH₵760,000, Forest Green GH₵640,000.
4 Sold goods on credit to: City Office Supplies GH₵430,000, V Pine GH₵640,000, Coastal Chain Stores GH₵1,760,000.
6 Paid rent GH₵120,000.
9 City Office Supplies paid the GH₵430,000 that it owed.
10 Coastal Chain Stores paid GH₵1,500,000.
12 The following payments were made: to D Smith GH₵250,000 and to Green Leaf Company GH₵540,000.
15 Advertising costs of GH₵230,000 were paid to the local newspaper publisher.
18 Bought goods on credit from the following suppliers: Green Leaf Company GH₵430,000, Horizon Plants GH₵1,100,000.
21 Sold goods on credit to Community Gardens GH₵670,000.
31 Paid rent GH₵180,000.

Required
(a) Use T accounts to show how these transactions should be recorded in the main ledger accounts of the entity. The accounting system maintains separate accounts for each individual payable and receivable in the main ledger.
(b) Prepare a trial balance as at 31 May 20X9.

Answer

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Tags: Accounting records, Capital, Cash Transactions, Ledger accounts, Payables, Purchases, Receivables, Sales, T accounts, Trial Balance
Level: Level 1

Topic: Double entry bookkeeping

FA – L1 – Q9 – Preparing financial statements of a sole trader

Prepare profit or loss statement and financial position for Kwame's business for the year ended 31 December.

Question

The following information is available for Kwame’s business for the year ended 31 December. He started his business on 1 January.

	GH¢’000
Trade payables	1,206
Trade receivables	3,166
Purchases	23,803
Revenue	28,794
Motor van	5,500
Drawings	2,400
Insurance	105
General expenses	506
Rent and rates	854
Salaries	3,164
Inventory at 31 December	4,166
Sales returns	50
Cash at bank	3,847
Cash in hand	100
Capital introduced	65,900

Required:
Prepare a statement of profit or loss for the year ended 31 December and a statement of financial position at that date.

Answer

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Tags: Expenses, Financial Statements, Inventory, Profit or Loss, Revenue, Sole Trader, Statement of Financial Position, Trial Balance
Level: Level 1

Topic: Preparing financial statements of a sole trader

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FA – L1 – Q12 – Double entry bookkeeping

Record Leah's March 20X9 transactions in main ledger T accounts and prepare a trial balance as at 31 March 20X9.

FA – L1 – Q11 – Preparing financial statements of a sole trader

Prepare statement of profit or loss and financial position for Blake's business for 20X9 using trial balance and inventory data.

FA – L1 – Q10 – Double entry bookkeeping

Record May 20X9 transactions in T accounts and prepare a trial balance for Pine Grove Garden Traders.

FA – L1 – Q9 – Preparing financial statements of a sole trader

Prepare profit or loss statement and financial position for Kwame's business for the year ended 31 December.

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FA – L1 – Q12 – Double entry bookkeeping

Record Leah's March 20X9 transactions in main ledger T accounts and prepare a trial balance as at 31 March 20X9.

You're reporting an error for "FA – L1 – Q12 – Double entry bookkeeping"

FA – L1 – Q11 – Preparing financial statements of a sole trader

Prepare statement of profit or loss and financial position for Blake's business for 20X9 using trial balance and inventory data.

You're reporting an error for "FA – L1 – Q11 – Preparing financial statements of a sole trader"

FA – L1 – Q10 – Double entry bookkeeping

Record May 20X9 transactions in T accounts and prepare a trial balance for Pine Grove Garden Traders.

You're reporting an error for "FA – L1 – Q10 – Double entry bookkeeping"

FA – L1 – Q9 – Preparing financial statements of a sole trader

Prepare profit or loss statement and financial position for Kwame's business for the year ended 31 December.

You're reporting an error for "FA – L1 – Q9 – Preparing financial statements of a sole trader"

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