acct 1001 practice set (3 Viewers)

[absolution*]

Cool. So it's a Credit in the Other column?

share cap is a OE account

thus increases are credited so yes

 

[Komit]

Thanks. Finally I can post to the ledgers. Unless someone else tells me that this issue of shares is wrong and I proceed to kill them.

 

[sarevok]

Any ideas as to where dividends declared should be on a balance sheet? I don't think it's an expense.

 

[s.m.i.t.h]

SJ: 66410
PJ: 41560

i got those figures too
but where do they go???

under cr SJ to sales revenue
and dr PJ to purchases???

 

[ToO LaZy ^*]

yep..revenue and purchases ledger

i have a few questions for you geniuses...

1. what are we meant to have in our inventory ledger?

2. why is my profit so big in my profit and loss summary ledger???
my expenses totalled 244231 and revenue totalled 955357

3 what figure do i put under retained profits in the balance sheet (worksheet one)

muchly appreciated

 

[alexialight]

What do we do at the end of the period with the inventory account? My inventory ledger is still blank

 

[04er]

would we write 2 entries for a payment received within the discount period in the subsidiary ledgers? so e.g. one for the sales discount amount and another for the amount received?

 

[da_butterfree]

My Unadjusted trial balance doesnt equal.. I've checked my ledgers twice but in vain. Due to this, even the Adjusted balance is stuffed..
Also, is it only my book or is there really no column for Depreciation Expense - Store Fittings in the worksheet? In that case, where are we meant to put in the adjusting entry Q.5.a) coz wouldnt you

Dr Depn. Expense- Store Fittings
Cr Accum. Depn - Store Fittings

also, with store rent, Q.5.e) since it says that it was initially recorded as an expense, wouldnt you

Dr Prepaid Insurance $2000
Cr Insurance Expense $2000
(2000 b'coz initially its $6000.. so 6000/12 = 500 per month and from 1. March to 30 June is 4 months so 500 x 4 = 2000.) Please say I am right!!

 

[da_butterfree]

its perdiodic inventory system.. so u dont need to worry abt uer inventopry a/c untill the stocktake and teh p n l statement.

 

[sarevok]

I would also like to know what we do with inventory ledger. I guess some how we have to reduce it down to the amount of ending inventory?

Apart from that I'm done

Edit: Nevermind, worked out how to do it. Just transfer the adjustments you did to inventory in the GJ during the closing process to the inventory account and the inventory ledger will come out to the balance of closing inventory.

 

[absolution*]

yeah youll have to reduce it at some stage

post your p/l totals and balance totals people

and make sure p/l dr - cr is equal to bal dr - cr

 

[04er]

My Unadjusted trial balance doesnt equal.. I've checked my ledgers twice but in vain. Due to this, even the Adjusted balance is stuffed..
Also, is it only my book or is there really no column for Depreciation Expense - Store Fittings in the worksheet? In that case, where are we meant to put in the adjusting entry Q.5.a) coz wouldnt you

Dr Depn. Expense- Store Fittings
Cr Accum. Depn - Store Fittings

also, with store rent, Q.5.e) since it says that it was initially recorded as an expense, wouldnt you

Dr Prepaid Insurance $2000
Cr Insurance Expense $2000
(2000 b'coz initially its $6000.. so 6000/12 = 500 per month and from 1. March to 30 June is 4 months so 500 x 4 = 2000.) Please say I am right!!

i know ay... i was also stuck on this so i just skipped it hehe

 

[sarevok]

Dr Prepaid Insurance $2000
Cr Insurance Expense $2000

You have the right idea but your amounts are incorrect.

 

[kow_dude]

You have the right idea but your amounts are incorrect.

what? $2000 is correct...

 

[sarevok]

No it isn't. You want to reduce insurance expense to 2000 and increase prepaid insurance to 4000, therefore it would be dr and cr by 4000.

 

[alexialight]

At the end do we have to write all of the opening balances for July 1 2005 for everything in the ledgers - cash, store supplies, etc?

 

[04er]

No it isn't. You want to reduce insurance expense to 2000 and increase prepaid insurance to 4000, therefore it would be dr and cr by 4000.

Agreed. .......

 

[04er]

3.I debit my 'sale staff wages expense' 720 because ist, from backgound introduction on page 1, 2nd from calendar, i found that 24 June when the last payment of wages in the financial year was made is Friday, so the accrued wage needs include Jun24, that is 24, 25, 26, 27,28,29,30.

Could anyone confirm that? I thought the business was meant to pay its staff wages on a Thursday, so despite 24 Jun really being a Friday, I hypothetically assumed it was still a Thursday. So my accrued sales staff wages expense is only for 6 days. I fucking hate the ambiguity (not to mention the errors) in this practice set.

 

[Australian_Idol]

Can Someone Please Help Me Out?????? My Trial Balance Doesn't Balance And This Is Due In Two Days!!!!!!!!! Please!!!!!! I'm Getting Very Frustrated And Stressed!!!! Can Someone Please Post Their Totals For The Cash Receipts Journal, Cash Payments Journal, General Journal, Sales Journal And Purchases Journal? Please!!! I Really Need Help!!!!!!!! Thanks!

 

[alexialight]

Could anyone confirm that? I thought the business was meant to pay its staff wages on a Thursday, so despite 24 Jun really being a Friday, I hypothetically assumed it was still a Thursday. So my accrued sales staff wages expense is only for 6 days. I fucking hate the ambiguity (not to mention the errors) in this practice set.

Yeh I agree it sucks and no-one will give us a definate answer about it. I accrued 7 days though because like you said the 24th June is really a Friday, so $720. I just thought that maybe they only write the cheques on Friday for work done up until Thursday.