BBS 6.2 FINANCIAL REPORTING PROBLEM – MANUAL MINI PRACTICE SET
Murraturra Music Shop
(a)
Sales Journal
S1
Date / Account Debited / Invoice No. / PostRef / Accounts Receivable Dr
Sales Cr / Cost of Goods Sold Dr
Inventory Cr
Jan.
Purchases Journal
P1
Date / Account Credited / Terms / Ref / Inventory DrAccounts Payable Cr
Jan.
Cash Receipts Journal
CR1
Date / Account Credited / Ref. / CashDr / Discount Allowed Dr / Accounts Receivable Cr / Sales Cr / Other Accounts Cr / Cost of Goods Sold Dr
Inventory Cr
Jan.
Total Debits = $
Total Credits = $
Cash Payments Journal
CP1
Date / Account Debited / Ref. / CashCr / Discount Received Cr / Accounts Payable Dr / Office Supplies Dr / Other Accounts Dr
Jan.
Total Dr =
Total Cr =
(a) & (e)
General Journal
G1
Date / Account Titles and Explanation / Ref / Debit / CreditJan.
continued
Date / Account Titles and Explanation / Ref / Debit / CreditJan.
(b) & (e)
General Ledger
Cash No. 101
Date / Explanation / Ref / Debit / Credit / BalanceJan. 1 / Balance / 35,750
Accounts ReceivableNo. 112
Date / Explanation / Ref / Debit / Credit / BalanceJan. 1 / Balance / 14600
InventoryNo. 120
Date
/ Explanation / Ref / Debit / Credit / BalanceJan. 1 / Balance / 18,000
Office SuppliesNo. 125
Date
/ Explanation / Ref / Debit / Credit / BalanceJan. 1 / Balance / 1,000
Prepaid InsuranceNo. 130
Date / Explanation / Ref / Debit / Credit / BalanceJan. 1 / Balance / 2,000
EquipmentNo. 157
Date / Explanation / Ref / Debit / Credit / BalanceJan. 1 / Balance / 45,450
Accumulated Depreciation - EquipmentNo. 158
Date / Explanation / Ref / Debit / Credit / BalanceJan. 1 / Balance / 1,500
Bank LoanNo. 200
Date
/ Explanation / Ref / Debit / Credit / BalanceAccounts PayableNo. 201
Date / Explanation / Ref / Debit / Credit / BalanceJan. 1 / Balance / 43,000
Interest PayableNo. 230
Date / Explanation / Ref / Debit / Credit / BalanceRevenue Received in Advance No. 235
Date / Explanation / Ref / Debit / Credit / BalancePeter Dawes, CapitalNo. 301
Date / Explanation / Ref / Debit / Credit / BalanceJan. 1 / Balance / 72,300
P Dawes, DrawingsNo. 306
Date / Explanation / Ref / Debit / Credit / BalanceIncome SummaryNo. 350
Date / Explanation / Ref / Debit / Credit / BalanceSalesNo. 401
Date / Explanation / Ref / Debit / Credit / BalanceSales Returns and AllowancesNo. 412
Date / Explanation / Ref / Debit / Credit / BalanceDiscount ReceivedNo. 417
Date / Explanation / Ref / Debit / Credit / BalanceCost of Goods SoldNo. 505
Date / Explanation / Ref / Debit / Credit / BalanceFreight InNo. 515
Date
/ Explanation / Ref / Debit / Credit / BalanceDiscount allowedNo. 614
Date / Explanation / Ref / Debit / Credit / BalanceSales Salaries ExpenseNo. 627
Date / Explanation / Ref / Debit / Credit / BalanceDepreciation ExpenseNo. 711
Date / Explanation / Ref / Debit / Credit / BalanceInterest ExpenseNo. 718
Date / Explanation / Ref / Debit / Credit / BalanceInsurance ExpenseNo. 722
Date / Explanation / Ref / Debit / Credit / BalanceOffice Salaries ExpenseNo. 727
Date / Explanation / Ref / Debit / Credit / BalanceOffice Supplies ExpenseNo. 728
Date / Explanation / Ref / Debit / Credit / BalanceRent ExpenseNo. 729
Date / Explanation / Ref / Debit / Credit / BalanceAccounts Receivable Subsidiary Ledger
R Danforth
Date / Explanation / Ref / Debit / Credit / BalanceJan. 1 / Balance / 1,500
N Jones
Date / Explanation / Ref / Debit / Credit / BalanceB Jiminez
Date / Explanation / Ref / Debit / Credit / BalanceJan. 1 / Balance / 7,500
S Levin
Date / Explanation / Ref / Debit / Credit / BalanceJan. 1 / Balance / 5,600
J Hendrix
Date / Explanation / Ref / Debit / Credit / BalanceJan. 6 / S1 / 4480 / 4480
Accounts Payable Subsidiary Ledger
Drums R Us
Date / Explanation / Ref / Debit / Credit / BalanceJan. 3 / P1 / 3080 / 3080
Microphones Ltd
Date / Explanation / Ref / Debit / Credit / BalanceJan. 1 / Balance / 12600
R Manual
Date / Explanation / Ref / Debit / Credit / BalanceJan. 1 / Balance / 15,000
Aging Violins
Date / Explanation / Ref / Debit / Credit / BalanceJan. 1 / Balance / 15400
Guitar World
Date / Explanation / Ref / Debit / Credit / BalanceJan. 3 / P1 / 4200 / 4200
(c)Murraturra’s Music Shop
Worksheet for the month ended 31 January 2011
Account Titles / Trial Balance / Adjustments / Adjusted Trial Balance / Income Statement / Balance SheetDr / Cr / Dr / Cr / Dr / Cr / Dr / Cr / Dr / Cr
Cash
Accounts Receivable
Inventory
Office Supplies
Prepaid Insurance
Equipment
Accum. Depreciation – Equipment
Bank Loan
Accounts Payable
Interest Payable
Revenue Received in Advance
Peter Dawes, Capital
Peter Dawes, Drawings
Sales
Discount Received
Sales Returns & Allowances
Discount Allowed
Cost of Goods Sold
Freight In
Sales Salaries Expense
Office Salaries Expense
Rent Expense
Totals
Office Supplies Expense
Insurance Expense
Depreciation Expense
Interest Expense
Totals
Profit
Totals
(d)
Murraturra Music Shop
Income Statement
for the month ended 31 January 2011
Murraturra Music Shop
Calculation of Owner’s Equity
as at 31 January 2011
Murraturra Music Shop
Balance Sheet
as at 31 January 2011
ASSETSCurrent assets:
Total current assets
Non-current assets:
Total non-current assets
Total assets / 153455
LIABILITIES AND OWNER’S EQUITY
Current liabilities:
Accounts payable
Interest payable
Revenue Received in Advance
Total current liabilities
Non-current liabilities:
Bank loan
Total non-current liabilities
Total liabilities
Owner’s Equity:
Peter Dawes, Capital
Total liabilities and owner’s equity / 153455
(f)
Murraturra Music Shop
Post-Closing Trial Balance
as at 31 January 2011
Debit / CreditCash
Accounts Receivable
Inventory
Office Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation – Equipment
Bank Loan
Accounts Payable
Revenue Received in Advance
Interest Payable
Peter Dawes, Capital
Accounts Receivable Control Balance
Accounts Receivable subsidiary ledger account balances:
R Danforth
N Jones
B Jiminez
J Hendrix
Accounts Payable Control Balance
Accounts Payable subsidiary ledger account balances:
Drums R Us
Aging Violins
Guitar World