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    Mid Term Test - 01: Principles of Accounting

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    An Tuan
    This document provides a trial balance for Andrew Joel's company as of December 31, 20X1 and 23 business transactions that occurred in January 20X2. It requires the student to record the January transactions, prepare an updated trial balance as of January 31, and prepare an income statement for January. The transactions include items like transferring money between bank accounts, borrowing money, buying and selling goods for cash and credit, returning goods, paying expenses, receiving payments from customers, and adjusting inventory.

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    Mid Term Test - 01: Principles of Accounting

    Uploaded by

    An Tuan
    157 views2 pages
    This document provides a trial balance for Andrew Joel's company as of December 31, 20X1 and 23 business transactions that occurred in January 20X2. It requires the student to record the January transactions, prepare an updated trial balance as of January 31, and prepare an income statement for January. The transactions include items like transferring money between bank accounts, borrowing money, buying and selling goods for cash and credit, returning goods, paying expenses, receiving payments from customers, and adjusting inventory.

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    MidTest 2021.Ver 3.pdf

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    This document provides a trial balance for Andrew Joel's company as of December 31, 20X1 and 23 business transactions that occurred in January 20X2. It requires the student to record the January transactions, prepare an updated trial balance as of January 31, and prepare an income statement for January. The transactions include items like transferring money between bank accounts, borrowing money, buying and selling goods for cash and credit, returning goods, paying expenses, receiving payments from customers, and adjusting inventory.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    157 views2 pages

    Mid Term Test - 01: Principles of Accounting

    Uploaded by

    An Tuan
    This document provides a trial balance for Andrew Joel's company as of December 31, 20X1 and 23 business transactions that occurred in January 20X2. It requires the student to record the January transactions, prepare an updated trial balance as of January 31, and prepare an income statement for January. The transactions include items like transferring money between bank accounts, borrowing money, buying and selling goods for cash and credit, returning goods, paying expenses, receiving payments from customers, and adjusting inventory.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    MID TERM TEST - 01

    Principles of Accounting
    Andrew Joel is jsc company. The company’s trial balance as at 31 December 20X1, appears
    below:
    $ $
    Sales 71,600
    Purchases 29,050
    Salaries 4,650
    Rent and business rates 2,500
    Insurances - Building 1,500
    - Vihicles 2,400
    Motor expenses 31,860
    Fixtures 35,000
    Cash in hand 1,000
    Cash at bank 2,500
    Drawings 24,000
    Long-term Loan 30,000
    Capital 31,810
    Account Receivable 23,450
    Account Payable 19,500
    During the month of January, the company completed the following transactions:
    1. D1 Transfers $750 of his savings into a business bank account
    2. D2 Borrows $3000 from LLoydwest Bank, repayable in three years’ time
    3. D5 Buys goods for resale on time, $78 from S.Holmes
    4. D7 Buys a motor van by cheque, $500
    5. D7 Buys goods for resale, paying cash $55
    6. D9 Goods returned by us to S.Holmes, $18
    7. D9 Sale goods for resales for $630, customer paying by cheque $400
    8. D11 Sale goods on time, $98 to D.Moore
    9. D15 A Joel takes goods from inventory for his own use, cost $22
    10. D16 A van is bought on credit from Starmarket for $700
    11. D18 Returned goods (to the value of $18) to S.Holmes
    12. D18 Goods returned to us by D.Moore $20
    13. D19 Sale goods for cash, $28
    14. D20 Pays $320 to hire a van for January, using debit card
    15. D20 Purchase fixtures & fittings on time from Kingston Equip Co, $150
    16. D23 Receives loan from D.Watson, $100 cheque, repayable in 5 years
    17. D26 Pays S.Holmes by cheque, $24 on account.
    18. D26 Takes $280 from business bank account to pay for personal living expenses
    19. D27 Sale of van no longer required for $700 on credit to K.Lamb
    20. D27 Pays staff wages for January, $410
    21. D29 Purchases goods from C.Swiff $500, less 10% trade discount, pays by cash
    22. D30 Pays wages, $30 to employee, by bank transfer.
    23. D31 Receives cheques from D.Moore $78
    24. D31 Inventory on 31 January 20X9 is 7,547
    Required:
    a. Record all the transactions and balance-off the accounts (6 marks)
    b. Prepare a Trial Balance as at the end of the month (2 marks)
    c. Prepare Income Statement for the month (2 marks)

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