Principles of Accounting

"QUESTION 1 PART A "DATE "ASSETS "LIABILITIES "OWNER 'S EQUITY "Cash "Inventory Accounts "Receivable "Land Building "Equipment Accounts "Payable "Wages Payable "Long Term Loan "Capital - Sam Sharp "02-Mar "200000 "200000 "03-Mar "300000 "300000 "04-Mar "50000 "50000 "07-Mar "-20000 "90000 "70000 "09-Mar "-5000 "-5000 "11-Mar "-30000 "-30000 "13-Mar "-10000 "10000 "14-Mar "30000 "30000 "16-Mar "40000 "40000 "19-Mar "-8000 "-8000 "22-Mar "-20000 "-20000 "24-Mar "2000 "-2000 "26-Mar "25000 "-25000 "01-Apr "18000 "-18000 "01-Apr "-10000 "-10000 "TOTAL "157000 "55000 "15000 "300000 "90000 "9000 "-2000 "370000 "240000 "LHS "617000 "RHS "617000 "QUESTION 1 PART B "INCOME STATEMENT "BALANCE SHEET "Southside Computer Services "Southside Computer

Services "For the period ended March 31 ,2008 "As on March 31 ,2008 "Sales "70000 "ASSETS "LIABILITIES OWNERS EQUITY "Less :Cost Of Goods Sold "Current Assets "Current Liabilities "Inventory (at start "0 "Cash "157000 "Payable "9000 "Add :Purchases "60000 "Inventory Accounts "55000 "Wages Payable "-2000 "Less :Purchase Returns "5000 "Receivable "15000 "Long Term Loan "370000 "Net Purchases "55000 "Less :Inventory (at End "55000 "Fixed Assets "Owners Equity "Less :Cost Of Goods Sold "0 "Land Building "300000 "Capital - Sam Sharp "200000 "Less :operating expense "Equipment Accounts "90000 "less :Drawing "-10000 "Wages Expense "20000 "Add :Net Income "50000 "Total Operating Expenses "20000 "NET INCOME "50000 "617000 "617000 "QUESTION 2 PART A "Meg Davis "General Journal "DATE "PARTICULARS "P /R "DEBIT "CREDIT "39448 "Cash "100 "25000 "Meg Davis Capital "300 "25000 "To record the investment in the business "39448 "Salary Expense "530 "1200 "Salary Payable "1200 "To record the salary of office assistant "39450 "Rent Expense "540 "800 "Cash "100 "800 "To record the payment of rent as cash "39451 "Supplies "128 "1500 "Accounts Payable Saxby Ltd "205 "1500 "To record the purchase of office supplies on credit "39458 "Accounts Receivable Creen Ltd "115 "900 "Service Revenue "410 "900 "To record the service income billed "39461 "Cash "100 "500 "Unearned revenue "210 "500 "To record the unearned revenue for the design of office "39463 "Cash "100 "1500 "Accounts Receivable

. Keating "115 "1500 "To record the cash received against service rendered "39478 "Salary Payable "1500 "Cash "100 "1500 "To record the salary payable "39478 "Accounts Payable Saxby Ltd "205 "600 "Cash "100 "600 "To record the payment of liability "QUESTION 2 PART B "CASH NO 100 " Accounts Receivable115 "DATE "DEBIT "CREDIT "BALANCE "DATE "DEBIT "CREDIT "BALANCE "39448 "25000 "25000 "39458 "900 "900 "39450 "800 "24200 "39463 "1500 "-600 "39461 "500 "24700 "39463 "1500 "26200 "39478 "1500 "24700 "39478 "600 "24100 " Supplies 128 " Unearned Income210 "DATE "DEBIT "CREDIT "BALANCE "DATE "DEBIT "CREDIT "BALANCE "39451 "1500 "1500 "39461 "500 "500 "Accounts Payable 205 "Meg Davis , Capital300 "DATE "DEBIT "CREDIT "BALANCE "DATE "DEBIT "CREDIT "BALANCE "39451 "1500 "1500 "39448 "25000 "25000 "39478 "600 "900 "Rent Expense540 "Service Revenue 410 "DATE "DEBIT "CREDIT "BALANCE "DATE "DEBIT "CREDIT "BALANCE "39450 "800 "800 "39458 "900 "900 "Salaries Payable "Salaries Expense 530 "DATE "DEBIT "CREDIT "BALANCE "DATE "DEBIT "CREDIT "BALANCE "39448 "1200 "1200 "39448 "1200 "1200 "39478 "1500 "-300 "QUESTION 2 PART C "TRIAL BALANCE "S .No "Accounts "P /R...