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MANCOSA INTRO TO FIN ACC UNIT 2 SOLUTIONS
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this contains answers of the activity of unit 2 of introduction to financial accounting listed on my page check out my FIN ACC package as well
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Page 1 of 5INTRODUCTION TO FINANCIAL ACCOUNTING
UNIT 2: SOLUTIONS
QUESTION 1
GENERAL LEDGER
DR CAPITAL CR
Date Details Amount Date Details Amount
2023
Feb 01 Bank 180 000
DR DRAWINGS CR
Date Details Amount Date Details Amount
2023
Feb 24 Bank 600
DR EQUIPMENT CR
Date Details Amount Date Details Amount
2023
Feb 17 Bank 30 000
DR INVENTORY CR
Date Details Amount Date Details Amount
2023 2023
Feb 04 Bank 25 000 Feb 14 Cost of sales 8 000
06 Trade payables 10 000 21 Cost of sales 4 000
26 Cost of sales 12 000
28 Balance c/f 11 000
35 000 35 000
Mar 01 Balance b/d 11 000
, Page 2 of 5
DR TRADE RECEIVABLES CR
Date Details Amount Date Details Amount
2023 2023
Feb 21 Sales 6 000 Feb 25 Bank 700
Discount allowed 50
28 Balance c/f 5 250
6 000 6 000
Mar 01 Balance b/d 5 250
DR BANK CR
Date Details Amount Date Details Amount
2023 2023
Feb 01 Capital 180 000 Feb 04 Inventory 25 000
14 Sales 12 000 17 Equipment 30 000
25 Trade receivables 700 20 Stationery 400
26 Sales 18 000 24 Drawings 600
28 Trade payables 4 000
28 Balance c/f 150 700
210 700 210 700
Mar 01 Balance b/d 150 700
DR TRADE PAYABLES CR
Date Details Amount Date Details Amount
2023 2023
Feb 28 Bank 4 000 Feb 06 Inventory 10 000
28 Balance c/f 6 800 11 Consumables 800
10 800 10 800
Mar 01 Balance b/d 6 800
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