XYZ Company - Class Exercises

EFFECT ACTION
1-May Started business with $2000
in the bank
2-May Purchased goods $175
on credit from Mills
3-May Bought fixture & fittings $150
paying by cheque
5-May Sold goods for cash
$275
6-May Purchased goods $114
on credit from Wites
10-May Paid rent
$15 using cash
12-May Bought office equipment/stationery
$27, paying using cash
18-May Returned goods to Mills
$23 since they were faulty
21-May Sold other company's product, thus
receiving commission by cheque $15
23-May Sold goods on credit to
Henry for $77
24-May Bought a motor van $300
by paying cheque
30-May Paid wages
$117 by cash
31-May The owner took
cash for himself $44
TRANSACTIONS
JOURNAL
XYZ Company - Class Exercises
EFFECT ACTION
1-May Started business with $2000 Dr Bank 2000
in the bank Cr Capital 2000
2-May Purchased goods $175 Dr Purchases 175
on credit from Mills Cr Accounts payable - Mills 175
3-May Bought fixture & fittings $150 Dr Fixture & fittings 150
paying by cheque Cr Bank 150
5-May Sold goods for cash Cr Sales 275
$275 Dr Cash 275
6-May Purchased goods $114 Dr Purchases 114
on credit from Wites Cr Accounts Payable - Wites 114
10-May Paid rent Dr Rent expenses 15
$15 using cash Cr Cash 15
12-May Bought stationery Dr Stationery expenses 27
$27, paying using cash Cr Cash 27
18-May Returned goods to Mills Cr Purchases Return 23
$23 since they were faulty Dr Accounts payable - Mills 23
21-May Sold other company's product, thus Cr Commision Received 15
receiving commission by cheque $15 Dr Bank 15
23-May Sold goods on credit to Cr Sales 77
Henry for $77 Dr Accounts receivable - Henry 77
24-May Bought a motor van $300 Dr Motor Van 300
by paying cheque Cr Bank 300
30-May Paid wages Dr Wages 117
$117 by cash Cr Cash 117
31-May The owner took Cr Cash 44
cash for himself $44 Dr Drawing 44
TRANSACTIONS
JOURNAL
XYZ Company - Ledger
Date Explanation Dr Cr
1-May Capital 2000
3-May fixture & fittings 150
21-May Commision Rec'd 15
24-May Motor Van 300
Balance c/f 1565
2015 2015
31-May Balance b/f 1565
Date Explanation Dr Cr
1-May Bank 2000
31-May Balance c/f 2000
2000 2000
Balance b/f 2000
Date Explanation Dr Cr
2-May Accounts payable - Mills 175
6-May Accounts payable - Wites 114
31-May Balance c/f 289
289 289
Balance b/f 289
Date Explanation Dr Cr
2-May Purchases 175
18-May Purchases returns 23
Balance c/f 152
175 175
Balance b/f 152
Date Explanation Dr Cr
3-May Bank 150
Balance c/f 150
150 150
Balance b/f 150
Date Explanation Dr Cr
5-May Cash 275
23-May Accounts receivable - Henry 77
Balance c/f 352
352 352
Balance b/f 352
Date Explanation Dr Cr
5-May Sales 275
10-May Rent Expenses 15
12-May Stationery expenses 27
30-May Wages expenses 117
31-May Drawing 44
Balance c/f 72
275 275
Balance b/f 72
Fixture & Fittings
Sales
Cash
Bank
Capital
Purchases
Accounts Payable - Mills
Date Explanation Dr Cr
6-May Purchase 114
Balance c/f 114
114 114
Balance b/f 114
Date Explanation Dr Cr
10-May Cash 15
Balance c/f 15
15 15
Balance b/f 15
Date Explanation Dr Cr
12-May Cash 27
Balance c/f 27
27 27
Balance b/f 27
Date Explanation Dr Cr
18-May Accounts payable - Mills 23
Balance c/f 23
23 23
Balance b/f 23
Date Explanation Dr Cr
21-May Bank 15
Balance c/f 15
15 15
Balance b/f 15
Date Explanation Dr Cr
23-May Sales 77
Balance c/f 77
77 77
Balance b/f 77
Date Explanation Dr Cr
24-May Bank 300
Balance c/f 300
300 300
Balance b/f 300
Date Explanation Dr Cr
30-May Cash 117
Balance c/f 117
117 117
Balance b/f 117
Date Explanation Dr Cr
31-May Cash 44
Balance c/f 44
44 44
Balance b/f 44
Accounts Payable - Wites
Accounts Receivable - Henry
Motor Van
Wages expense
Drawing
Rent Expenses
Stationery expenses
Purchases Returns
Commission Received
ACCOUNT DR CR
Bank 1565
Capital 2000
Purchase 289
Accounts payable - Mills 152
Fixture & Fittings 150
Sales 352
Cash 72
Accounts payable - Wites 114
Rent Expense 15
Stationery expenses 27
Purchases returns 23
Commission received 15
Accounts receivable - Henry 77
Motor Van 300
Wages expense 117
Drawing 44
2656 2656
AS AT 31 MAY 19XX
TRIAL BALANCE OF XYZ COMPANY