Test Yourself 3 Answers

Test Yourself - 3 Answers Task 1 Sales Daybook Description A B Blunt R White W Smith Total Gross VAT Net 547.2 91.2 45...

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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