Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
23 Cards in this Set
- Front
- Back
|
1001 : stock : 84,115 : closing stock at 31 July 1103 : prepayment : 120 : two months in advance motor and travel 1103 : prepayment : 3200 : one month in advance factory rent 2109 : accrual : 600 : accrual office cost |
Nominal Journal
Dr : 5201: closing stock : 84115 Cr : 1001 : stock : 84115
Dr : 7850 : factory rent & rates : 3200 Dr : 7852 : motor & travel : 120 Cr : 1103 : prepayments : 3320
Dr : 2109 : accruals : 600 Cr : 7854 : office costs : 600 |
|
|
Statement missing items |
Bank, current, reconcile, adjustment |
|
|
Purchases invoices |
Supplier, invoice |
|
|
Sales invoices |
Customer invoices |
|
|
You are told that some bedroom furniture supplied too Gerstein homes on 11 August was damaged. A credit note for 452.40 has been raised dated 24 August. Process transaction through the company records. |
Customer, credit |
|
|
The company allows cash sales to be made to senior employees and on 25 August you sell a suite to the company Secretary who pays you by cash. The total sales was for 399.50. |
Bank cash receipt |
|
|
You had been asked to set up a new nominal ledger account "purchases consumables", using nominal code 5003 |
Nominal, record |
|
|
You are told that consumables have previously been posted to purchases miscellaneous (nominal code 5002). You are asked to transfer 4,353.76 from this code to purchase consumables. |
Nominal journals
Dr : 5003 : purchases consumables : 4353.76 Dr : 5002 : purchases miscellaneous :4353.76 |
|
|
A member is staff has been overpaid by 360 in their wages. The company has agreed to accept repayment direct into the bank current account, in three instalments commencing 31 August. Set up a recurring entry for 120 per month to be credited to staff costs. First amount due on 31 august |
Bank, current, recurring, add, bank, payment, process, date, list 1, post |
|
|
On 28 August, you are asked to transfer 2400 from the bank current account to the cash account. |
Bank transfer |
|
|
You are asked to process the following three cash payments |
Bank, payments |
|
|
Your manager tells you that the invoice received from nethercott & co on 23 august should have been posted to purchase miscellaneous (nominal code 5002). Process a transfer to correct the misposting. Date the transfer using the original invoice date and use the original invoice number as the reference, |
Nominal journals
Dr : 5002 : purchases miscellaneous : 412.12 Dr : 9998 : invoice : 412.12 |
|
|
You are handed the following cheques received from customers and asked to process them through the company records, ensuring that they are correctly allocated |
Bank, current, customer |
|
|
Your manager tells you that all invoices have now been processed for the month and he asks you to print off an aged creditors list and pay all amounts that are due to suppliers in accordance with their term of trade. He reminds you that discount is to be taken off the following amounts due to Danns timber co. |
Hivbhjvi |
|
|
All cheques should be dated 31 August, must be allocated through the relevant accounts and you should print off remittance advices to send with the cheques.the next available cheque number is 042384. |
Bank, current, remittance, cheques, print |
|
|
You are asked to process a payment to settle the sales & purchases tax liability outstanding at the end of July, using the next available cheque number and date the transaction 31 august |
Bank, current, payments, cheque no, 2202, 8116.95, T9 |
|
|
Closing stock at 31 August is valued at 76240 |
Dr : 1001 : stock : 76240 Cr : 5201 : closing stock : 76240 |
|
|
Please review the prepayments from the end of last month and make an appropriate prepayment for road fund licences charged to motor & travel |
120 / 2 months * 1 month = 60
Dr : 1103 : prepayments :60 Cr : 7852 : motor & travel :60 |
|
|
We have stop not been charged for the office costs that I accrued last month. Would you please increase the provision to 1350this month |
Dr : 7854 : office costs :1350 Cr : 2109 : accruals : 1350 |
|
|
I would like you to write off the full balance outstanding on the account of our customer Hinton & Parr Ltd |
Tools, write off, refund, sales ledger, write off customer account |
|
|
Please set up a provision for doubtful debts to represent 5% of the total debtors outstanding at today's date of the method to be used in the statement of accounting polices. |
Nominal
73949.54 * 5% = 3697
Dr : 8102 : bad debt provision : 3697 Cr : 1101 : bad debt provision : 3697 |
|
|
You will need to provide for depreciation on the company's plant & machinery. |
116100 * 15% = 17415
17415 / 12 months = 1451.25 = 1451
Dr : 8000 : depreciation : 1451 Cr : 0021 : plant & machinery depreciation : 1451 |
|
|
Please read the company's accounting polices carefully to ensure that all requirements are met in respect of the tax control account |
Nominal 2200 : sales tax : 8642.66 2201 : purchases tax : 7310.63 2202 Modules, wizard, vat transfer |
