1. Business
  2. Accounting
  3. based on the general entry fill outh the ledger and...

Question: based on the general entry fill outh the ledger and...

Question details

BASED ON THE GENERAL ENTRY FILL OUTH THE LEDGER AND ALSO THE PROFIT AND LOSS TABLE 

 

 

1

Wages 

1800

 

 

Accrued expenses 

 

1800

 

*Balance day adjustment

 

 

 

 

 

 

2

Electricity 

450

 

 

Accounts payable 

 

450

 

*Electricity due but not paid 

 

 

 

 

 

 

3

Prepaid expense 

2700

 

 

Insurance 

 

2700

 

*insurance paid in advance 

 

 

 

 

 

 

4

Accrued revenue 

750

 

 

Intrest 

 

750

 

GST collected on interest

 

0

 

*interest earned but not yet received 

 

 

 

 

 

 

 

 

 

 

5

Depreciation - van 

1400

 

 

Accumulated depreciation - van 

 

1400

 

*depreciation 

 

 

 

 

 

 

6

Rent income 

3000

 

 

Prepaid revenue 

 

3000

 

*revenue received in advanced 

 

 

 

 

 

 

7

Bad debts expense 

1200

 

 

GST collected 

120

 

 

Accounts receivable 

 

1320

 

*bad debts written off 

 

 

 

 

 

 

8

Doubtful debts

1200

 

 

Accounts receivable 

 

1200

 

*Doubtful debts

 

 

 

 

 

 

9

Long service leave 

5000

 

 

Provision for long service leave 

 

5000

 

*long service leave entitlement not yet taken by employees 

 

 

 

 

 

 

10

Long service leave 

1500

 

 

Accrued expense 

 

1500

 

*long service leave been taken 

 

 

 

 

 

 

11

expense/ inventory written off 

550

 

 

inventory

 

550

 

 *inventory needs to be written off

 

 

 

 

 

 

12

Accounts receivable 

440

 

 

GST collected 

 

40

 

Sales 

 

400

 

Cost of goods sold 

250

 

 

Inventory 

 

250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOTE:  THERE IS PLENTY OF SPACE TO ENTER YOUR JOURNALS. ENSURE THAT YOU INCLUDE NOTATIONS AND SPACE BETWEEN EACH JOURNAL.

 

  1. The extract from the general ledgers have been provided below and you are required to post the journals into the respective expenses and income ledger accounts. You are also required to complete the trading and profit and loss general ledger account.

 

Please write down the gross profit amount and net profit amount separately after finishing the ledger 

 

Extract of the General Ledgers

 

 

WAGES

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

 30/6

Balance

 

 

6,000 dr

1

Accrued expenses 

1800

 

7800 dr   

 

 

 

 

 

 

 

 

 

 

ELECTRICITY 

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

 30/6

Balance

 

 

7,000 dr

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INSURANCE 

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

 30/6

Balance

 

 

3,000 dr

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST INCOME 

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

 30/6

Balance

 

 

6,000 cr

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEPRECIATION 

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

 30/6

 Accumulated depreciation

1400 

 

1,400 dr 

 

 

 

 

 

 

 

 

 

 

 

RENT INCOME 

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

30/6

Balance

 

 

11,200 cr

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BAD DEBTS 

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

30/6

Balance

 

 

800 dr

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DOUBTFUL DEBTS 

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

 30/6

 Provision for doubtful debts

1200

 

1200 dr 

 

 

 

 

 

 

 

 

 

 

LONG SERVICE LEAVE 

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

 30/6

Provision for long service leave

5000 

 

5000 dr 

 

 

 

 

 

 

COGS 

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

 30/6

Balance

 

 

12,000 dr

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SALES

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

30/06

Balance

 

58000

58000 cr

 

 

 

 

 

 

 

 

 

 

Trading

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

30/06

Sales

 

58000

58000 cr

 

 

 

 

 

 

 

 

 

 

 

Profit and Loss

 

 

 

 

Date 

Cross Reference

DEBIT

CREDIT

BALANCE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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