Accounting Group Assingment

Antique Furniture Supplies Ltd.
Journal
02/10/20X1 Murphy
Sales
Sold goods on credit
05/10/20X1 Hulgerstein
Sales
06/10/20X1 Purchases
Cronin
Purchased goods on credit
11/10/20X1 Stationery, postage, and telephone
Petty cash
Paid for stationery by petty cash
23/10/20X1 Bank
Foley
Received and lodged to bank money outstanding from Foley
30/10/20X1 Wages
Bank
Paid employee`s wages by direct debit
4/11/20X1
Cronin
Returns Outwards
Returned goods purchased from Cronin
11/11/20X1 Foley
Sales
12/11/20X1 Williams
Sales
19/11/20X1 Lighting and heating expenses
Bank (cheque No.23985)
Petty Cash
Bank
No.and
23986)
Paid
for(cheque
light, heat
petty cash by cheques
No.23985 and No. 23986
24/11/20X1 Purchases
Broderick
Bought goods o credit
30/11/20X1 Wages
Bank
1/12/20X1
Returns Inwards
Murphy (credit note No. 14)
Murphy returned goods to us, credit note 14 was issued for him.
2/12/20X1
Bank
Discount allowed
Hulgerstein
Received
and lodged amount owing from Hulgerstein
less 5% discount
12/12/20X1 Bank
19/12/20X1
24/12/20X1
27/12/20X1
30/12/20X1
30/12/20X1
31/12/20X1
7/1/20X2
8/1/20X2
9/1/20X2
22/1/20X2
26/1/20X2
30/1/20X2
30/1/20X2
Discount allowed
Murphy
Received 13,000 from Murphy with allowance of 650 discount
Cronin
Bank (cheque No. 23987)
Discount received
Paid cheque No. 23987 to Cronin less 1,500 discount
Bank
Discount allowed
Williams
Received 13,000 from William with allowance of 750 discount
VAT
Bank
Paid VAT outstanding from previous year by direct debit
Prepaid Insurance Motor
Paid motor insurance to cover the following 6 months by cheque No. 23988
Wages
Bank
Postage expense
Petty cash
Stationery
Petty cash
Paid for stationery and postage from petty cash
Foley
Sales
Doolan
Sales
Bank
Sales
Lodged cash sales
Purchases
Broderick
Return Inwards
Foley(credit note No. 15)
Foley returned goods to us, credit note 15 was issued for him.
Bank
Murphy
Murphy lodged the amount outstanding on his account
Rent expense
Paid rent due for 12 months from 1 February 20X0
Wages
Bank
1/2/20X2
7/2/20X2
7/2/20X2
10/2/20X2
17/2/20X2
22/2/20X2
28/2/20X2
28/2/20X2
3/3/20X2
7/3/20X2
8/3/20X2
10/3/20X2
11/3/20X2
16/3/20X2
25/3/20X2
Bank
Discount allowed
Foley
Received and lodged all money due from Foley with allowance of 400 discount
Doolan
Sales
Motor delivery expenses
Paid motor expenses by cheque No. 23990
Williams
Sales
Purchases
Cronin
Cronin
Returns Outwards
Returned goods to Cronin
Postage expense
Petty cash
Stationery
Petty cash
Wages
Bank
Doyle
Sales
O`Haire
Sales
Broderick
Paid to Broderick for goods previously purchased by cheque No. 23991
Purchases
Broderick
Bought goods on credit
Cronin
Discount received
Paid cheque No. 23992 to Cronin less 2,000 discount
Lighting and heating expenses
Paid for light, heat by cheque No.23993
Bank
Williams
26/3/20X2
30/3/20X2
30/3/20X2
7/4/20X2
8/4/20X2
17/4/20X2
19/4/20X2
20/4/20X2
25/4/20X2
28/4/20X2
30/4/20X2
30/4/20X2
7/5/20X2
12/5/20X2
17/5/20X2
19/5/20X2
Williams lodged 18,000 into bank account

Advertising expenses
Paid for advertising by cheque No. 23994
Wages
Bank
Bad debt
Doyle
Received letter from Doyle`s that he will not able to settle his debt.
Motor tax
Paid motor tax by cheque No. 23995
Motor delivery repairs expenses
Paid to cover delivery van repairs by cheque No. 23996
Brennan
Sales
Purchases
Cronin
Bought goods on credit
Hulgerstein
Sales
Cronin
Discount received
Paid cheque No. 23997 to Cronin less 800 discount
Williams
Sales
Wages
Bank
Postage expense
Petty cash
Paid for postage by petty cash
Kelly
Sales
Bank
Bad debt - Doyle
Received and lodged 1,000 from Doyle
Returns Inwards
Kelly
Kelly returned damaged goods
Bank
20/5/20X2
23/5/20X2
30/5/20X2
31/5/20X2
2/6/20X2
3/6/20X2
9/6/20X2
17/6/20X2
20/6/20X2
22/6/20X2
29/6/20X2
30/6/20X2
30/6/20X2
2/7/20X2
Discount allowed
Hulgerstein
Hulgerstein paid 20,000 his account with allowance of 500 discount
Purchases
Sabura
Bank
Discount allowed
Brenan
Received full settlement from Brennan with allowance of 100 discount
Wages
Bank
Postage expense
Petty cash
Stationery
Petty cash
O`Haire
Sales
Purchases
Broderick
Purchases
Cronin
Bank
Sales
Lodged cash sales
Hulgerstein
Sales
Broderick
Discount received
Paid cheque No. 23998 to Broderick less 300 discount
Motor and delivery expenses
Paid motor and delivery expenses by cheque No. 23999
Bank
Williams
Williams settled his account
Wages
Bank
O`Haire
Sales
3/7/20X2
13/7/20X2
14/7/20X2
19/7/20X2
24/7/20X2
30/7/20X2
31/7/20X2
3/8/20X2
7/8/20X2
10/8/20X2
11/8/20X2
20/8/20X2
21/8/20X2
26/8/20X2

Petty cash
Paid cheque No. 24000 to petty cash
Returns Inwards
O`Haire
O`Haire returned goods
Bank
Discount allowed
O`Haire
Received full settlement from O`Haire with allowance of 450 discount
Doolan
Sales
Bank
Discount allowed
Hulgerstein
Received full settlement from Hulgerstein with allowance of 450 discount
Wages
Bank
Insurance Motor
Paid motor insurance to cover the following 3 months by cheque No. 240001
Purchases
Cronin
Cronin
Returns Outwards
Returned goods to Cronin
Baralux Ltd.
Sales
Bank
Sales
Lodged cash sales
Telephone expenses
Paid telephone bill by cheque No. 24002
O` Haire
Sales
Doolan
Sales
Cronin
Discount received
29/8/20X2
30/8/20X2
30/8/20X2
1/9/20X2
3/9/20X2
6/9/20X2
7/9/20X2
9/9/20X2
13/9/20X2
14/9/20X2
16/9/20X2
19/9/20X2
20/9/20X2
21/9/20X2
Paid cheque No. 24003 to Cronin less 250 discount

Bank
Discount allowed
Doolan
Received 13,000 from Doolan with allowance of 750 discount
Returns Inwards
Doolan
Doolan returned goods to us
Wages
Bank
Purchases
Slatery
O`Haire
Sales
Bank
Discount allowed
O`Haire
Received full settlement and lodged from O`Haire with allowance of 100 discount
Lighting and heating expenses
Paid for light, heat by cheque No.24004
Murphy
Sales
Doolan
Sales
Bank
Sales
Lodged cash sales
Bank
Discount allowed
Baralux Ltd
Baralux Ltd paid its account with allowance of 1000 discount
O`Sulivan
Sales
Bank
Discount allowed
O`Sulivan
O`Sulivan paid its account with allowance of 200 discount
Bank
Discount allowed
Murphy
Received and lodged money from Murphy with allowance of 100 discount
Cronin
22/9/20X2
23/9/20X2
30/9/20X2
30/9/20X2
30/9/20X2

Paid cheque No. 24005 to Cronin
Slatery
Discount received
Paid Slatery by cheque No. 24006 less 100 discount
Bank
Sales
Lodged cash sales
Purchases
Slatery
Postage expense
Petty cash
Stationery
Petty cash
Bank
Delivery vans
Received and lodged money from J. Cunningham for sold delivery van
Wages
Bank
Dr

Journal after adjustmeDr
Cr
Cr
5000
5000
20000
20000
53750
53750
70
70
12000
12000
8000
8000
10250
10250
5000
5000
15000
15000
1450
1450
600
600
21250
21250
8000
8000
1000
1000
im.
19000
1000
20000
13000
Antique Furniture Sup

Journal after adjustme
650
13650
unt
43500
42000
1500
13000
750
13750
unt
2400
2400
2400
2400
que No. 23988

8000
8000
27
27
350
350
4000
4000
4000
4000
24500
24500
31500
31500
1000
1000
.
2350
2350
8000
8000
8000
8000
7600
400
8000
e of 400 discount
3000
3000
5300
5300
20000
20000
37500
37500
3000
3000
80
80
200
200
8000
8000
8000
8000
11000
11000
36750
36750
No. 23991
21000
21000
35200
33200
2000
4350
4350
18000
18000
3500
3500
8000
8000
8000
8000
s debt.
1000
1000
900
900
17000
17000
13000
13000
25000
25000
15800
15000
800
50000
50000
8000
8000
12
12
4000
4000
1000
1000
2000
2000
20000
500
20500
discount
2000
2000
16900
100
17000
0 discount
8000
8000
12
12
50
50
25000
25000
13000
13000
15750
15750
14000
14000
10000
10000
54000
53650
350
3500
3500
53250
53250
8000
8000
17000
17000
300
300
1000
1000
51550
450
52000
0 discount
11000
11000
14050
450
14500
450 discount
8000
8000
2400
2400
que No. 240001

19000
19000
6000
6000
50000
50000
6000
6000
4500
4500
5000
5000
4000
4000
26250
26000
250
12000
500
12500
unt
100
100
8000
8000
20000
20000
6000
6000
5900
100
6000
ance of 100 discount

2528
2528
6000
6000
3000
3000
4900
4900
35000
1000
36000
t
3000
3000
2500
200
2700
4000
100
4100
100 discount
9000
9000
2600
2500
100
2450
2450
26000
26000
35
35
42
42
5500
5500
very van
8000
8000
1364856
1364856
ntique Furniture Supplies Ltd.

ournal after adjustmeDr
Cr

Cr
Antique Furniture Supp


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Cr


Cr

Sales
2011
October
November
2
5
11
12
2012
January
February
March
April
May
June
July
August
September
October
7
8
7
10
3
7
17
20
28
7
2
17
20
2
19
10
11
20
21
3
9
13
16
22
1
Trade Receivables
Murphy
2011
October
2012
September
1 Balance b/d
2 Sales
9 Sales
2011
12000 December
5000
6000
1
12
2012
January
September
26
20
September
30
October
1 Balance b/d
23000
1900
5 Sales
Hulgerstein
2011
20000 December
2011
October
2012
April
June
20 Sales
20 Sales
25000
10000 May
2012
19
July
24
Foley
2011
2011
October
1 Balance b/d
November
11 Sales
2012
January
7 Sales
2011
November
12 Sales
2012
February
10 Sales
April
28 Sales
12000 October
5000
2012
January
4000 February
23
22
1
Williams
2011
15000 December
24
20000
50000 March
June
25
30
2012
Doolan
2012
January
February
July
August
September
October
2012
7 Sales
7 Sales
19 Sales
21 Sales
9 Sales
1 Balance b/d
4000 August
3000
11000
4000
3000
September
25000
12400
26
30
30
Doyle
2012
March
2012
3 Sales
8000 March
30
O`Haire
2012
March
June
2012
7 Sales
2 Sales
11000 July
25000
13
July
September
2 Sales
3 Sales
17000
6000 September
14
6
Kelly
2012
2012
May
7 Sales
October
1 Balance b/d
17 Sales
Brennan
2012
17000 May
10 Baralux Ltd.
Baralux Ltd.
2012
50000 September
2012
April
2012
August
October
4000 May
September
4000
2000
1 Balance b/d
17
30
23
14
30
50000
14000
2012
September
16 O`Sulivan
O`Sulivan
2012
3000 September
October
3000
300
19
30
1 Balance b/d
Purchases
2011
October
November
2012
January
February
March
April
May
June
August
September
October
16 Cronin
24 Broderick
9 Broderick
17 Cronin
10 Broderick
19 Cronin
20 Sabura
3 Broderick
9 Cronin
3 Cronin
1 Slatery
23 Slatery
1 Balance b/d
53750
21250
31500
37500
21000
13000
2000
13000
15750
19000
20000
26000
273750
Trade Payables
Cronin
2011
November
4 Return Outwards
December
19 Bank (cheque No. 23
Discount received
2012
February
22 Return Outwards
March
Discount received
April
Discount received
August
7 Return Outwards
Discount received
September
30 Balance c/d
2012
March
June

Discount received
2011
10250 October
42000
1500
2012
February
3000 April
33200 June
2000 August
15000
800
6000
26000
250
9000
1000
150000
October
Broderick
2011
36750 October
53650 November
350
2012
January
March
June
90750
1
6
17
19
9
3
1
24
9
10
3
Sabura
2012
May
October
2012
September
Discount received
30 Balance c/d
20
1
Slatery
2012
2500 September
100
43400
46000
October
1
23
Bank
2011
October
2011
1 Balance b/d
35550 October
30
December
23 Foley
12000 November
19
2 Hulgerstein
12 Murphy
19000
13000
30
24 Williams
13000 December
19
27
8 Sales
26 Murphy
24500
2350
30
2012
January
2012
February
March
1 Foley
25 Williams
7600 January
18000
30
May
12 Bad debt - Doyle

19 Hulgerstein
1000 February
20000
7
28
23 Brenan
16900 March
17 Sales
14000
11
30 Williams
53250
16
July
14 O`Haire
24 Hulgerstein
52000
14050
26
30
August
11 Sales
June
September
6000 April
26 Doolan
12000
6 O`Haire
13 Sales
14 Baralux Ltd
10450
4900
35000 May
25
30
30
19 O`Sulivan
2500 June
22
20 Murphy
22 Sales
4000
2450
29
30
5500 July
3
30
30 Delivery van
31
August
20
26
30
September
7
21
22
30
October
1 Balance b/d
2011
October
1 Balance b/d
Bank
November
19 (cheque No. 23986)
2012
Bank
3 (cheque No. 240000)
July
October
1 Balance b/d
399000
41772
Petty cash
2011
October
130 December
11
31
600
2012
300 February
28
April
May
30
31
September
30
1030
152
Administration expenses
Stationery, postage, and telephone
2011
11 Petty
December
31 Petty
Petty
2012
Petty
February
28 Petty
Petty
April
30 Petty
May
31 Petty
Petty
August
September
cash
cash
cash
cash
cash
cash
cash
cash
cash
Bank
20 (cheque No. 240002)
30 Petty cash
70 October
27
350
80
200
12
12
50
4500
35
Petty cash
October
1 Balance b/d
42 September
5378
5248
Light and heat
2011
2011
Bank
November
19 (cheque No.23985)
2012
March
September
1450 October
Bank
16 (cheque No.23993)
4350
Bank
7 (cheque No.24004)
2528
September
October
1 Balance b/d
8328
8228
Rent
2011
October
1 Balance b/d
2000
2012
Bank
30 (cheque No. 23989)
1 Balance b/d
January
October
8000
10000
Selling and distribution expenses

2011
October
1 Balance b/d
600
2012
Bank
29 (cheque No. 23999)
1 Balance b/d
June
October
3500
4100
Motor expense
2012
February
Bank
7 (cheque No. 23990)
5300
Motor repairs expenses
April
30
Bank
900
Prepaid Insurance - Motor
30
2011
2012
December
Bank
30 (cheque No. 23988)
July
Bank
31 (cheque No. 24001)
October
1 Balance b/d
2400 January
February
March
April
May
June
30
28
31
30
31
30
2400 August
September
September
4800
800
30
30
30
Insurance expense - Motor

2012
Jan 30
Feb 28
March 31
April 30
May 31
June 30
Aug 30
30-Sep
October
Prepaid Insurance
Prepaid Insurance
Prepaid Insurance
Prepaid Insurance
Prepaid Insurance
Prepaid Insurance
Prepaid Insurance
Prepaid Insurance
1 Balance b/d
Mo
Mo
Mo
Mo
Mo
Mo
Mo
Mo
400
400
400
400
400
400
800
800
4,000
Motor tax
2012
Bank
1 Balance b/d
April
October
1000
1000
2012
Bank
26 (cheque No. 23994)
1 Balance b/d
March
October
3500
3500
Wages
2011
October
November
December
2012
January
February
30 Bank
30 Bank
30 Bank
8000
8000
8000
30 Bank
28 Bank
8000
8000
March
April
May
June
July
August
September
October
30 Bank
30 Bank
30 Bank
30 Bank
30 Bank
30 Bank
30 Bank
1 Balance b/d
8000
8000
8000
8000
8000
8000
8000
96000
VAT
2011
December
27 Bank
2011
2400 October
Bad debt
2012
March
2012
30 Doyle
October
1 Balance b/d
8000 May
September
8000
7000
12
30
Returns Outwards
2011
November
2012
February
August
October
Returns Inwards
2011
December
2012
January
May
July
August
October
Murphy
1 (credit note No. 14)
1000
Foley
22 (credit note No. 15)
17 Kelly
13 O`Haire
30 Doolan
1 Balance b/d
1000
2000
1000
100
5100
Discount allowed
2011
December
2012
2 Hulgerstein
12 Murphy
24 Williams
1000
650
750
4
22
7
1
February
May
July
August
September
October
1 Foley
19 Hulgerstein
23 Brenan
14 O`Haire
24 Hulgerstein
26 Doolan
6 O`Haire
14 Baralux Ltd
19 O`Sulivan
20 Murphy
1 Balance b/d
400
500
100
450
450
500
100
1000
200
100
6200
Discount received
2011
December
2012
March
April
June
August
September
October
11
25
22
26
22
1
1 Balance b/d
Delivery Vans
2012
30500 September
30
30
42000
1 Balance b/d
25000
2011
October
19
2012
October
Fittings
2011
October
1 Balance b/d
2012
14000 September
1 Balance b/d
14000
30
2012
October
1 Balance b/d
Premises
2012
160000 September
1 Balance b/d
160000
2011
October
30
2012
October
1 Balance b/d
Inventory
2012
54000 September
1 Balance b/d
54000
2011
October
2012
October
30
2012
September
30 Balance c/d
2012
September
30 Balance c/d
Share Capital
2011
200000 October
2012
October
1 Balance b/d
Share premium
2012
20000 September
1
1 Balance b/d
20000
1 Balance c/d
Retained earnings
2011
53150 October
1
2012
October
1
2011
October
Income tax
2011
10000 October
2012
October
2012
October
2012
September
Loan
2012
September
2011
1 Balance c/d
60000 October
1
2012
October
Murphy
Hulgerstein
Foley
Williams
5000
20000
5000
15000
Foley
Doolan
Bank
Doolan
Williams
Doyle
O`Haire
Brennan
Hulgerstein
Williams
Kelly
O`Haire
Bank
Hulgerstein
O`Haire
Doolan
Baralux Ltd.
Bank
O` Haire
Doolan
O`Haire
Murphy
Doolan
Bank
O`Sulivan
Bank
Balance b/d
4000
4000
24500
3000
20000
8000
11000
17000
25000
50000
4000
25000
14000
10000
17000
11000
50000
6000
5000
4000
6000
6000
3000
4900
3000
2450
382850
Return Inwards
Bank
Discount allowed
1000
13000
650
Bank
Bank
Discount allowed
Balance c/d
2350
4000
100
1900
23000
Bank
Discount allowed
19000
1000
Bank
Discount allowed
Bank
Discount allowed
20000
500
14050
450
Bank
12000
Return Inwards
Bank
Discount allowed
1000
7600
400
Bank
Discount allowed
13000
750
Bank
Bank
18000
53250
Bank
Discount allowed
Return Inwards
12000
500
100
Balance c/d
12400
25000
Bad debt
Return Inwards
Bank
8000
1000
51550
Discount allowed
Bank
Discount allowed
450
5900
100
Returns Inwards
Balance c/d
2000
2000
4000
Bank
Discount allowed
16900
100
Bank
Balance c/d
36000
14000
50000
Bank
Discount allowed
Balance c/d
2500
200
300
3000
Balance b/d
Purchases
11000
53750
Purchases
Purchases
Purchases
Purchases
37500
13000
15750
19000
Balance b/d
150000
1000
Balance b/d
Purchases
4000
21250
Purchases
Purchases
Purchases
31500
21000
13000
90750
Purchases
Balance b/d
2000
2000
Purchases
Purchases
20000
26000
Balance b/d
46000
43400
Wages
8000
Lighting and heating

expenses
(cheque No.23985)
1450
Petty Cash
(cheque No.23986)
Wages
600
8000
Cronin
(cheque No. 23987)
VAT
42000
2400
Insurance Motor
(cheque No. 23988)
Wages
2400
8000
Rent expense
(cheque No. 23989)
Wages
8000
8000
Motor expenses
(cheque No. 23990)
Wages
5300
8000
Broderick
(cheque No. 23991)
36750
Cronin
(cheque
No. 23992)
Lighting and
heating
33200
expenses
(cheque No. 23993)
4350
(cheque No. 23994)
Wages
3500
8000
Motor tax
(cheque
No. 23995)
Motor delivery
1000
expenses
(cheque No. 23996)
900
Cronin
(cheque No. 23997)
Wages
Wages
15000
8000
8000
Broderick
(cheque
No.
23998)
Motor and
delivery
53650
expenses
(cheque No. 23999)
Wages
3500
8000
Petty cash
(cheque No. 240000)
Wages
300
8000
Insurance Motor
(cheque No. 240001)
2400
Telephone expenses
(cheque No. 240002)
4500
Cronin
(cheque No. 24003)
Wages
Lighting and heating
26000
8000
expenses
(cheque No. 24004)
2528
Cronin
(cheque No. 24005)
9000
Slatery
(cheque No. 24006)
Wages
Balance c/d
Stationery
Postage expense
Stationery
Postage expense
Stationery
Postage expense
Postage expense
Stationery
Postage expense
Stationery
Balance c/d
2500
8000
41772
399000
70
27
350
80
200
12
12
50
35
42
152
1030
postage, and telephone

Balance b/d (Accrued b
130
Balance c/d
Balance b/d (accrued b
Balance c/d
5248
5378
100
8228
8328
Insurance
Insurance
Insurance
Insurance
Insurance
Insurance
expense
expense
expense
expense
expense
expense
Mo
Mo
Mo
Mo
Mo
Mo
400
400
400
400
400
400
Insurance expense - Mo
Insurance expense - Mo
Balance c/d
800
800
800
4800
Balance b/d
2400
Bank
Balance c/d
1000
7000
8000
Cronin
10250
Cronin
Cronin
Balance b/d
3000
6000
19250
Cronin
1500
Cronin
Cronin
Broderick
Cronin
Slatery
Balance b/d
2000
800
350
250
100
5000
Bank
Balance c/d
5500
25000
42000
Balance c/d
14000
Balance c/d
160000
Balance c/d
54000
Balance b/d
10000
Balance b/d
10000
Balance b/d
200000
Balance b/d
200000
Balance c/d
20000
Balance b/d
53150
Balance b/d
53150
Balance b/d
60000
Balance b/d
60000
earnings

Opening trial balance as at 1 October 2011
Dr
Non - current assets

Delivery vans
Fittings
Premises
Current assets
Inventories
Trade Receivables (Muphy 12000; Foley 12000)
Bank
Petty cash
Current liabilities
Trade Payables (Cronin 11000; Broderick 4000)
VAT
Income tax
Equity
Share capital (200000 1 shares)
Share premium
Retained earnings 1 October 2010
10 per cent lonfg term loan
Light and heat
Rent
Cr
30500
14000
160000
54000
24000
35550
130
15000
2400
10000
200000
20000
53150
60000
600
130
100
2000
340780
340780

Closing trial balance as at 31 September 2012
Dr
Sales
Purchases
Returns Outwards
Returns Inwards
Discount allowed
Discount received
Delivery vans
Fittings
Premises
Inventories
Murphy
Doolan
Kelly
Baralux Ltd.
Cr
382850
273750
19250
5100
6200
5000
25000
14000
160000
54000
1900
12400
2000
14000
O`Sulivan
Bank
Petty cash
Prepaid Insurance - Motor
Cronin
Sabura
Slatery
Income tax
Share premium
10 per cent long term loan
Motor expense
Motor repairs expenses
Insurance expense - Motor
Motor tax
Bad debt
Light and heat
Rent
Wages
300
41772
152
800
1000
2000
43400
10000
200000
20000
53150
60000
4100
5300
900
4,000
1000
3500
7000
5248
8228
10000
96000
776650
776650

Journal after adjustments
# of
adj. Details
2 Bank
Profit on disposal of asset - Delivery van
Profit earned from disposal of delivery van exluded accumulated depreciation
3 Depreciation - Delivery van
Accumulated depreciation on delivery vans
Depreciation - Premises
Accumulated depreciation on premises
Depreciation - Fittings
Accumulated depreciation on fittings
Depreciation charged following company`s depreciation policy
4 Light and heat
Accrued expenses - Light and heat
Accrued expenses - Stationery, postage, and telephone
Wages
Accrued expenses - Wages
Expenses outstanding at the year
5 Accounting service fee
Bank
Fee for accounting services
6 Prepaid - Motor insurance
Motor insurance
Pepaid expenses - Rent
Rent
The payments made on 30 january and 30 july were for rent and motor insurance of subseque
3 months
7 Bad debt
Doyle
The remaining balance from Doyle was written of as a bad debt
8 Bad debt
Allowance for doubtfull debts
Created provision for doubtfull debts as 5% of rade receivables
30000
-6000
24000
-4800
19200
-3840
15360
Profi 12000 - (2400x3) - 5500

Depre(42000 - 12000)x20%
Depre200000x20%
Depre(16000 - 2000)x20%
Light and heat
Telephone
Wages
Accounting services
Dr
Cr
5500
5500
ation
6000
6000
40000
1400
1400
175
175
265
265
2000
2000
12000
12000
800
800
2667
2667
nsurance of subsequent 12 and

7000
7000
1200
1200
700
6000
40000
1400
175
275
2000
12000

Adjusted trial balance as at 1 October 2011
Adjustments
Delivery vans
Fittings
Premises
Current assets
Inventories
Trade Receivables (Muphy 12000; Foley 12000)
Bank
Petty cash
Current liabilities
VAT
Income tax
Equity
Share premium
Light and heat
Rent
42000 - 12000
11500-2400x3+6000
2000 + 1400
40000 + 40000
35550 + 5500
130 +265
100 +175
2000 - (8000/12= 667, 667x4)
Dr
Cr
30000
10300
16000
3400
200000
80000
54000
24000
41050
130
15000
2400
10000
200000
20000
53150
60000
600
395
275
667

Income Statement for the year ending 30 September 2012
Sales
0
Less COGS
Opening inventory
54000
-54000
Add Closing inventory
35000
Gross loss
-19000
Add Profit on disposal pf asset
700
-18300
Less Expenses
Depreciation - Delivery van
6000
Depreciation - Premises
40000
Depreciation - Fittings
1400
Light and heat
175
265
Wages
2000
Bad debt
8200
Accounting service fee
12000
-70040
Net Loss
-88340

Statement of Financial position as at 31 September 2012
Delivery vans
Fittings
Premises
Current assets
Inventories
Trade Receivables (Muphy 12000; Foley 12000 - Doyle bad debt 7000)
Allowance for doubtfull debts
Bank
Petty cash
Prepaid expenses - Motor insurance
Prepaid expenses - Delivery van
Prepaid expenses - Rent
Net assets
Current liabilities
VAT
Income tax
Equity
Share premium
Motor insurance expenses
Accounting service fee
Light and heat
Wages
Rent
Less Net Loss
r 2012
30000
-10300
19700
16000
3400
12600
200000
80000
120000
35000
17000
1200
15800
41050
130
800
600
2667
248347
15000
2400
10000
200000
20000
180000
53150
60000
800
12000
395
275
2000
667
336687
-88340
248347

Accounting Group Assingment

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Antique Furniture Supplies Ltd.

Williams lodged 18,000 into bank account

Sold goods on credit

Paid cheque No. 24003 to Cronin less 250 discount

Bank (cheque No. 24005)

Antique Furniture Supplies Ltd.

Antique Furniture Sup

que No. 23988

que No. 240001

ance of 100 discount

ntique Furniture Supplies Ltd.

Antique Furniture Supplies Ltd.

Antique Furniture Supp

ntique Furniture Supplies Ltd.

Antique Furniture Supplies Ltd.

Antique Furniture Supp

ntique Furniture Supplies Ltd.

Antique Furniture Supplies Ltd.

Antique Furniture Supp

ntique Furniture Supplies Ltd.

Antique Furniture Supplies Ltd.

Antique Furniture Supp

ntique Furniture Supplies Ltd.

Antique Furniture Supplies Ltd.

Antique Furniture Supp

ntique Furniture Supplies Ltd.

Antique Furniture Supplies Ltd.

Antique Furniture Supp

ntique Furniture Supplies Ltd.

Antique Furniture Supplies Ltd.

Antique Furniture Supp

ntique Furniture Supplies Ltd.

Antique Furniture Supplies Ltd.

Antique Furniture Supp

ntique Furniture Supplies Ltd.

Antique Furniture Supplies Ltd.

Antique Furniture Supp

ntique Furniture Supplies Ltd.

Antique Furniture Supplies Ltd.

Antique Furniture Supp

ntique Furniture Supplies Ltd.

Antique Furniture Supplies Ltd.

Antique Furniture Supp

ntique Furniture Supplies Ltd.

Antique Furniture Supplies Ltd.

Antique Furniture Supp

ntique Furniture Supplies Ltd.

Antique Furniture Supplies Ltd.

Antique Furniture Supp

ntique Furniture Supplies Ltd.

Antique Furniture Supplies Ltd.

Antique Furniture Supp

ntique Furniture Supplies Ltd.

Antique Furniture Supplies Ltd.

Antique Furniture Supp

ntique Furniture Supplies Ltd.

Antique Furniture Supplies Ltd.

Antique Furniture Supp

ntique Furniture Supplies Ltd.

Antique Furniture Supplies Ltd.

Antique Furniture Supp

ntique Furniture Supplies Ltd.

Antique Furniture Supplies Ltd.