The University of Melbourne Department of Accounting ACCT 10002 Introductory Financial Accounting

Tutorial 3 Double Entry Recording Tutorial Solutions

Brockville Ltd General Journal Details Cash at Bank Accounts Receivable - Lossett Ltd Prepaid Insurance GST Receivable Cash at Bank Accounts Receivable - Blue Ltd GST Payable Sales Cost of sales Inventory May-05 Inventory GST Receivable Accounts Payable - E. East Accounts Payable - C. Rams Cash at Bank Cash at Bank Sales Discount GST Payable Accounts Receivable - Blue Ltd May-10 Accounts Payable - E. East GST Receivable Inventory Accounts Payable - E.East Cash at Bank GST Receivable Purchase Discount Sales Commission expense Cash at Bank

Date May-01

Debit 1,155

Credit 1,155

May-02

1,200 120 1,320 1,540 140 1,400 700 700 1,500 150 1,650 1,650 1,650 1,509.20 28 2.8 1,540 77 7 70 1,573 1,541.54 2.86 28.6 3,070 3,070

May-04

May-08

May-11

May-12

Date May-15

Brockville Ltd General Journal Details Cash at Bank Accounts Receivable - Keo Ltd Office Equipment GST Receivable Cash at Bank Cash at Bank GST Payable Sales Cost of Sales Inventory

Debit 1,155

Credit

1,155 4,500 450 4,950 4,400 400 4,000 2,000 2,000 1,562 142 1,420 710 710 770 70 700 350 350 2,640 2,640 990 90 900 450 450

May-16

May-18

May-19

Accounts Receivable - Lossett Ltd GST Payable Sales Cost of Sales Inventory

May-19

Accounts Receivable - G. Garson GST Payable Sales Cost of Sales Inventory

May-23

Accounts Payable - Tall Timbers Cash at Bank Cash at Bank GST Payable Sales Cost of Sales Inventory

May-25

Date May-26

Brockville Ltd General Journal Details Sundry expenses GST Receivable Cash at Bank Cash at Bank Accounts Receivable - South Ltd Cash at Bank Accounts Receivable - G. Garson

Debit 410 41

Credit

451 1,485 1,485 770 770 100 100

May-30

May-31

Insurance Expense Prepaid Insurance expense

Date Details 1-May Balance Accounts Receivable May-08 Accounts Receivable May-15 Accounts Receivable May-18 Sales / GST Payable May-25 Sales / GST Payable May-30 Accounts Receivable Accounts Receivable Jun-01 Balance

Cash at Bank Amount Date 8550 May-02 1155 May-08 1509.2 May-11 1155 May-12 4400 990 1485 770 $20,014.20 4391.66 May-16 May-23 May-26 May-31

Details Prepaid Rent / GST Accounts Payable Accounts Payable Sales Commission Office Equipment / GST Accounts Payable Sundry expenses / GST Balance

Amount 1320 1650 1541.54 3070 4950 2640 451 $4,391.66 $20,014.20

Date Details 1-May Balance May-19 Sales / GST Payable

Accounts Receivable - Lossett Ltd Amount Date Details 1155 1-May Cash at Bank 1562 May-31 Balance $2,717

Amount 1155 1562 $2,717

Jun-01 Balance

1562

Date May-01 May-02 May-05 May-16 May-26

Details Balance Cash at Bank Accounts Payable Accounts Payable Cash at Bank

GST Receivable Amount Date 0 May-10 120 May-11 150 May-31 450 41 $761 751.14

Details Accounts Payable Accounts Payable Balance

Amount 7 2.86 751.14

761.00

Jun-01 Balance

Date Details May-10 Accounts Receivable May-31 Balance

GST Payable Amount Date 2.8 May-01 May-04 839.2 May-18 May-19

Details Balance Accounts Receivable Cash at Bank Accounts Receivable Accounts Receivable May-25 Cash at Bank Jun-01 Balance

Amount 0 140 400 142 70 90 $842 839.2

$842

Date May-04

Details Sales / GST Payable

Accounts Receivable - Blue Ltd Amount Date Details Cash at Bank / Sales 1540 May-08 Disc.

Amount 1540

Date Details May-31 Profit & Loss Account

Sales Revenue Amount Date 8,420 May-04 May-18 May-19

Details Accounts Receivable Cash at Bank Accounts Receivable Accounts Receivable May-25 Cash at Bank

$8,420

Amount 1400 4000 1420 700 900 $8,420

Date May-04 May-18 May-19

Details Inventory Inventory Inventory Inventory May-25 Inventory

Cost of Sales Amount Date Details 700 May-31 Profit & Loss Account 2000 710 350 450 $4,210

Amount 4210

$4,210

Date Details May-01 Balance May-05 Accounts Payable

Inventory Amount Date 8100 May-04 1500 May-10 May-18 May-19

Details Cost of Sales Accounts Payable Cost of Sales Cost of Sales Cost of Sales May-25 Cost of Sales May-31 Balance

$9,600 Jun-01 Balance $5,320

Amount 700 70 2000 710 350 450 $5,320 $9,600

Date

Details Inventory / GST May-10 Receivable Cash at Bank / Purch. May-11 Disc.

Accounts Payable - E. East Amount Date Details Inventory / GST 77 May-05 Receivable 1573 $1,650

Amount 1650

$1,650

Date Details May-08 Cash at Bank

Accounts Payable - C. Rams Amount Date Details 1650 May-01 Balance

Amount 1650

Date Details May-08 Accounts Receivable

Sales Discount Amount Date Details 28 May-31 Profit & Loss Account

Amount 28

Date Details May-31 Profit & Loss Account

Purchase Discount Amount Date Details 28.6 May-11 Accounts Payable

Amount 28.6

Date Details May-02 Cash at bank

Prepaid Insurance Amount Date Details 1200 May-31 Insurance expense Balance $1,200 1100 Sales Commission expense Amount Date Details 3070 May-31 Profit & Loss Account

Amount 100 1100 $1,200

Jun-01 Balance

Date Details May-12 Cash at Bank

Amount 3070

Date Details May-01 Balance

Accounts Receivable - Keo Ltd Amount Date Details 2310 May-15 Cash at Bank May-31 Balance $2,310 1155

Amount 1155 1155 $2,310

Jun-01 Balance

Date Details May-01 Balance May-16 Accounts Payable

Office Equipment Amount Date Details 17,000 May-31 Balance 4500 $21,500

Amount 21500

$21,500

Balance

21500

Date

Details

Accumulated Depreciation - Office Furniture Amount Date Details May01 Balance

Amount 2500

Date Details May-19 Sales / GST payable

Accounts Receivable - G. Garson Amount Date Details 770 May-30 Cash at bank

Amount 770

Date Details May-23 Cash at Bank

Accounts Payable - Tall Timbers Amount Date Details 2640 May-01 Balance

Amount 2640

Date Details May-26 Cash at Bank

Sundry Expenses Amount Date Details 410 May-31 Profit & Loss Account

Amount 410

Date Details May-01 Balance

Accounts Receivable - South Ltd Amount Date Details 1485 May-30 Cash at Bank

Amount 1485

Date

Details

Share Capital Amount Date Details May-01 Balance

Amount 20000

Date Details May-31 Balance

Retained Earnings Amount Date Details 9941.42 May-01 Balance May-31 Profit & Loss Account $9,941.42 Jun-01 Balance

Amount 9500 441.42 $9,941.42 9941.42

Date

Details

Accounts Payable - Newitt Ltd Amount Date Details May-01 Balance

Amount 2310

Date

Details Prepaid insurance May-31 expense

Insurance expense Amount Date 100

Details

Amount 100

May-31 Profit & Loss Account

Date Details May-31 Cost of Sales Sales Discount Insurance expense Sales Commission Sundry expenses Income tax expense Retained Earnings

Profit & Loss Account Amount Date Details 4210 May-31 Sales Revenue 28 Purchase Discount 100 3070 410 $189.18 $441.42 $8,448.60

Amount 8420 28.6

$8,448.60

Date Details May-31 Profit & Loss Account

Income Tax Payable Amount Date Details 189.18 May-31 Income Tax expense

Amount 189.18

Brockville Ltd Trial Balance as at 31st May 2013 Account Number 1-100 1-110 1-110 1-140 1-150 1-160 1-170 2-200 2-250 2-300 1-175 3-300 3-350 Account Cash at Bank Account Receivable - Lossett Ltd Account Receivable - Keo Ltd GST Receivable Inventory Prepaid Insurance Office Equipment Accounts Payable - Newitt Ltd Income Tax Payable GST Payable Accumulated Depreciation - Office Equip. Share Capital Retained Earnings Debit 4391.66 1562 1155 751.14 5320 1100 21500 Credit

$35,779.80

2310 189.18 839.20 2500 20000 9941.42 $35,779.80