Cambridge Checkpoints VCE Accounting Unit 3 2009

3 SOLUTIONS: BALANCE DAY ADJUSTMENTS

Question 1

1.1General Journal

Date / Account Name / Debit / Credit

1.2.1Cash Payments Journal (extract)

Date 2003 / Details / Chq. No. / Bank / Disc Rev. / Creditors / GST / Wages / Sundries

1.2.2 Qualitative Characteristic

1.3.1General Ledger (extract)

Prepaid insurance

Date / Cross-reference / Amount
$ / Date / Cross-reference / Amount
$

Insurance expense

Date / Cross-reference / Amount
$ / Date / Cross-reference / Amount
$

Question 2

2.1

Rent Paid
Rent Prepaid

2.2

Rent Expense

2.3Disadvantages

Question 3

3.1 to 3.2General Journal of Stella Stationary Supplies

Date / Particulars / Debit / Credit

3.3Cash Payments Journal (extract)

Date 2008 / Details / Chq. No. / Bank / Sundries

3.4Explanation

3.5 Effect

Question 4

4.1

Calculation
$

4.2

Prepaid Insurance

Date / Cross-reference / Amount
$ / Date / Cross-reference / Amount
$

4.3Effect of Failure

Question 5

5.1General Ledger (extract)

Prepaid Advertising

Date / Cross-reference / Amount
$ / Date / Cross-reference / Amount
$

5.2Effect on balance sheet

Question 6

6.1 - 6.2.1

Sales commission

Date / Cross-reference / Amount
$ / Date / Cross-reference / Amount
$

6.2.2Effects

6.3Effects

Question 7

7.1Calculation of wages expense

Calculation
$

7.2Cash Payments Journal

Date 2007 / Details / Chq No / Bank / Disc Rev / Creditors / Wages / GST / Sundries

Question 8

8.1

Question 9

9.1The General Journal of David’s Toy Palace

Date / Particulars / Debit / Credit / Debit / Credit

9.2General Ledger

Office Expenses

Date / Cross-reference / Amount
$ / Date / Cross-reference / Amount
$

Salespersons’ Salaries

Date / Cross-reference / Amount
$ / Date / Cross-reference / Amount
$

Rent of premises

Date / Cross-reference / Amount
$ / Date / Cross-reference / Amount
$

Accumulated Depreciation of Vehicle

Date / Cross-reference / Amount
$ / Date / Cross-reference / Amount
$

Depreciation of Motor vehicle

Date / Cross-reference / Amount
$ / Date / Cross-reference / Amount
$

Question 10

10.1Reasons

10.2General

Date
2007 / Particulars / Debit / Credit / Debit / Credit

10.3General

Date
2007 / Particulars / Debit / Credit / Debit / Credit

10.4

Wages

Date / Cross-reference / Amount
$ / Date / Cross-reference / Amount
$

10.5Explanation

10.6Explanation

10.7Cash Payments Journal

Date 2008 / Details / Chq. No. / Bank / Disc. Rev. / Creditors / Stock / Wages / GST / Sundries

Question 11

11.1 and 11.2The CD Warehouse – General Journal

Date / Particulars / Debit / Credit / Debit / Credit

11.3

Question 12 Rod’s Native Nursery

12.1

12.2Explanation

12.3Explanation

Question 13

13.1

Calculation
$

Question 14

Ruby’s Rugs

14.1Calculation of depreciation

Calculation
$

14.2General Journal

Date / Particulars / Debit / Credit / Debit / Credit

Question 15

15.1Agree/Disagree

Question 16

16.1 and 16.2

a

b

c

Question 17

17.1

17.2

Question 18

18.1The General Journal of Bright Sparks Electrical Wholesalers

Date / Particulars / Debit / Credit / Debit / Credit

Question 19

19.1

Question 20

20.1

Balance Sheet

Determination of net profit

Question 21

21.1Explanation

21.2Explanation

Question 22

22.1.1Calculation – Fixtures and fittings

Calculation
$

22.1.2

Explanation

22.1.3Calculation – Depreciation of delivery vehicle

Calculation
$

Question 23

23.1Explanation

Question 24Bridal Perfection

24.1.1General Journal

Date / Particulars / Debit / Credit / Debit / Credit

24.2.1General Journal

Date / Particulars / Debit / Credit / Debit / Credit

24.2.2

24.3.1

General Journal

Date / Particulars / Debit / Credit / Debit / Credit

24.3.2

Effect

24.4.1

General Journal

Date / Particulars / Debit / Credit / Debit / Credit

24.5.1

General Journal

Date / Particulars / Debit / Credit / Debit / Credit

24.5.2

Cash Payments Journal

Date 2007 / Details / Chq No / Bank / Disc Rev / Creditors / Wages / GST / Sundries

Question 25

25.1

Calculation
$

25.2

Calculation
$

25.3

Prepaid Rent

Date / Cross-reference / Amount
$ / Date / Cross-reference / Amount
$

25.4

Calculation
$

25.5

Calculation
$

Question 26

26.1General Journal

Date / Particulars / Debit / Credit / Debit / Credit

26.2 General Ledger (extract)

Wages

Date / Cross-reference / Amount
$ / Date / Cross-reference / Amount
$

26.3Effect on liabilities

26.4Source document

26.5Characteristics

Question 27

27.1The General Journal of Rhoda’s Bike Shop

Date / Particulars / Debit / Credit / Debit / Credit

27.2Reasons

27.3Explanation

Question 28

Tinkler Toys

28.1.1

Calculation
$

28.1.2Reasons

28.1.3General Journal

Date / Particulars / Debit / Credit / Debit / Credit

28.1.4Stock cardFire Engine: model no.4XE

Date / Details / IN / OUT / BAL
Qty / Price / Value / Qty / Price / Value / Qty / Price / Value

28.2.1

Calculation
$

28.2.2General Journal

Date / Particulars / Debit / Credit / Debit / Credit

28.2.3Qualitative characteristic

Question 29

Mark’s Motorbike City

29.1General Journal

Date / Particulars / Debit / Credit / Debit / Credit

29.2Explanation

29.3 Explanation

29.4General Journal

Date / Particulars / Debit / Credit / Debit / Credit

Question 30

Ronaldo Sporting Goods

30.1General journal

Date / Particulars / Debit / Credit / Debit / Credit

30.2Post adjustment trial balance as at 31 December 2008

Account Name / Debit $ / Credit $

30.3Effects

Question 31

Posh Hair Products

31.1 General Journal

Date / Particulars / Debit / Credit / Debit / Credit

31.2Posh Hair Products

Post-adjustment trial balance as at 31 December 2008

Account Name / Debit $ / Credit $

31.3 Effects

Question 32

Burwood Auto Parts

32.1.1Definition

32.1.2Depreciation expense

32.1.3

Calculation
$

32.1.4Explanation

32.1.5General Journal

Date / Account Name / Debit / Credit / Debit / Credit

32.2.1 General Ledger (extract)

Prepaid Advertising

Date / Cross-reference / Amount
$ / Date / Cross-reference / Amount
$

32.2.2Effect on balance sheet

32.3.1

Calculation
$

32.3.2Cash Payments Journal

Date 2008 / Details / Chq No. / Bank / Credit / Stock / Wages / Drawings / GST / Sundries

32.3.3Effect

32.4.1General Journal

Date / Account Name / Debit / Credit / Debit / Credit

32.4.2General Journal

Date / Account Name / Debit / Credit / Debit / Credit

32.4.3Burwood Auto Parts

Balance sheet (extract) as at 30 September 2008

Current liabilities / $ / $

32.4.4Reporting principle

32.4.5Explanation

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