Test Yourself - 3 Answers
Task 1 Sales Daybook Description A B Blunt R White W Smith Total
Gross VAT Net 547.2 91.2 456 648 108 540 1230 205 1025 2425.2 404.2 2021
Dr Cr Cr
SLCA Sales VAT
2425.2 2021 404.2
Dr Dr Cr
Purchases VAT PLCA
980.01 195.99 1176
Dr Cr Cr
PLCA VAT Purch Ret
103.2 17.2 86
Purchase Daybook Description T Sharp T Jones Total
Gross VAT Net 898 149.66 748.34 278 46.33 231.67 1176 195.99 980.01
Purchase Returns Daybook Description M Martin Total
Gross VAT Net 103.2 17.2 103.2 17.2
Task 2 Subsidiary Sales Ledger A B Blunt R White W Smith
Dr Dr Dr
547.2 648 1230
Subsidiary Purchase Ledger T Sharp J Jones M Martin
Cr Cr Dr
898 278 103.2
86 86
Task 3 Cashbook Journal Bank VAT SLCA Sales Interest Commission
Dr Cr Cr Cr Cr Cr
3434 104 2700 520 25 85
Cr Cr
1200 1500
Cr Dr Dr Dr Dr Dr Dr
4915 230 2330 1200 38 450 667
Dr Dr Dr
800 980 550
Task 4 Subsidiary Sales Ledger T Jones A Smart
Task 5 Bank VAT PLCA Rent Electricity Printing Advertising
Task 6 Subsidiary Purchase Ledger F Smith W Wells T Hudson
Task 7 The amount received is £80 short of the full total, check whether a discount has been offered? If it has the discount is worth 2% (80/4000 x 100%) If no discount offered customer has underpaid but the double entry for the receipt would be Bank SLCA
Dr Cr
3920 3920
if a discount had been offered and the customer had taken the offer up then Bank SLCA
Dr Cr
3920 3920
Discounts Allowed VAT SLCA
Dr Dr Cr
66.67 13.33 80
The entries in the subsidiary sales ledger would be B Mellow
Cr
3920
if a discount had been offered then also B Mellow
Cr
80
Task 8 Sales Returns VAT SLCA
Dr Dr Cr
1200 240 1440
Task 9 A Trial Balance is a listing of the balances of all of the accounts included within the General Ledger. The sum of the Debit entries should equal the sum of the Credit entries if the bookkeeping double entry has been performed correctly.
Task 10 PLCA VAT Discounts Received
Dr Cr Cr
4560 760 3800