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NCEA LEVEL 1 ACCOUNTING By Elizabeth Pitu
2012
BOOK 3
PROCESSING
Solutions
Achievement Standard 1.2 (90977)
Process financial transactions for a small entity Internal 5 Credits
Achievement Criteria
Achievement Achievement with Merit Achievement with Excellence
Process financial transactions for a small entity.
Process financial transactions in depth for a small entity.
Comprehensively process financial transactions for a small entity.
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 1
NOTES AND EXAMPLES
Your Turn – GST Calculations – page 3
Item GST exclusive price
GST GST inclusive price
Jeans 85.00 12.75 97.75
iPod 221.75 33.26 255.01
Car headlight bulb 16.82 2.52 19.34
Plumbing service 153.00 22.95 175.95
Calculator 33.91 5.09 39.00
Car 1,739.13 260.87 2,000.00
Warrant of Fitness 43.48 6.52 50.00
Book 26.04 3.91 29.95
Full source documents example – page 12
Document Issued by As evidence of Received by As evidence of
Tax Invoice Sparks Ltd Sale Waharoa General Store
Purchase
Credit note Sparks Ltd Sales return Waharoa General Store
Purchase return
Receipt Sparks Ltd
(Proof) Waharoa General Store paying the amount owing/their account
- -
Payment voucher
Waharoa General Store
Authorisation of payment for purchase from Sparks Ltd
- -
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 2
Note in these source documents, text in italics is the text students should have added.
SPARKS LTD PO BOX 102 HAMILTON DATE............................
TAX INVOICE 679 GST Reg. No. 26-987-439
TO Waharoa General Store, PO Box 21 Waharoa
Date 12 April 2011
Account number 37461
DESCRIPTION QTY PRICE TOTAL
Torch 12 4 60 55 20
Electric Jug 3 65 00 195 00
Iron 2 42 80 85 60
Scientific Calculator 4 24 50 98 00
Terms: Due 20th month following invoice date. Sub total 433 80
Bank account for direct payment thank you: GST 65 07
08-3441-0389156-00 TOTAL $498 87
SPARKS LTD PO BOX 102 HAMILTON DATE............................
CREDIT NOTE 62 GST Reg. No. 26-987-439
TO Waharoa General Store PO Box 21
Waharoa
Date: 14th April 2011
Account number: 37461
Invoice: 679
DESCRIPTION QTY PRICE TOTAL
Torch 2 4 60 9 20
Reason for return:
Damaged in transit
Sub total 9 20
GST 1 38
Authorised by:
A Manu
Your account has been credited.
TOTAL $10 58
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 3
Waharoa General Store
Internal Payment Voucher
To Sparks Ltd Date 20/05/11
Invoice number 679 Account Name Acc code
Amount
Payment method Online BP
Purchases 501 424 60
Payment reference 739421
Authorised signature
J Taylor
GST 201 63 69
Bank (total payment) 101 488 29
Note regarding the Receipt
The For…description may differ to the example given here but should indicate the payment of an invoice
or account.
SPARKS LTD Box 102, Hamilton
RECEIPT GST Reg. No. 26-987-439
516
Date 21 May 2011
To Waharoa General Store
For Credit Purchases on Account 37461
Amount Four hundred and eighty-eight dollars and twenty-nine cents
Cash
Per Cheque
T Henare Direct credit 488 29
TOTAL $488 29
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 4
Your Turn – Analysing transactions on the equation – page 19
These transactions all relate to Hone’s Law firm.
Received cash $3,289 for legal fees.
Bank Equipment Expenses GST Loan Capital Income
+ 3,289 + 429 + 2,860
Debit Bank asset $3,289,
Credit Legal Fees Received income $2,860 plus GST liability $429
(a) Received $2,760 for legal fees
Bank Equipment Expenses GST Loan Capital Income
+ 2,760 + 360 + 2,400
Debit Bank asset $2,760
Credit Legal Fees Received income $2,400 plus GST liability $360
(b) Paid $644 for stationery
Bank Equipment Expenses GST Loan Capital Income
- 644 + 560 -84
Debit Stationery Expense $560 plus GST liability $84
Credit Bank asset $644
(c) Paid $552 for wages
Bank Equipment Expenses GST Loan Capital Income
- 552 +552
Debit Wages expense $552
Credit Bank asset $552
(d) Purchased new equipment costing $3,680 cash.
Bank Equipment Expenses GST Loan Capital Income
- 3,680 + 3,200 - 480
Debit Equipment asset $3,200 plus GST liability $480
Credit Bank asset $3,680
(e) Paid for personal expenses $1,840.
Bank Equipment Expenses GST Loan Capital Income
- 1,840 - 1,840
Debit Drawings $1,840
Credit Bank asset $1,840
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 5
Process the following transactions for Wild Water Rafting
(a) Banked $6,900 received for rafting trips.
Bank Equipment Expenses GST Loan Capital Income
+ 6,900 + 900 + 6,000
Debit Bank asset $6,900
Credit Rafting Fees income $6,000 plus GST liability $900
(b) Paid $13,800 for new rafting equipment.
Bank Equipment Expenses GST Loan Capital Income
- 13,800 +12,000 - 1,800
Debit Rafting Equipment asset $12,000 plus GST liability $1,800
Credit Bank asset $13,800
(c) Paid $736 interest on loan
Bank Equipment Expenses GST Loan Capital Income
- 736 + 736
Debit Interest on loan expense $736
Credit Bank asset $736
(d) Paid $3,450 for rafting licence
Bank Equipment Expenses GST Loan Capital Income
- 3,450 + 3,000 - 450
Debit Rafting Expenses (or Rafting Licence) expense $3,000 plus GST liability $450
Credit Bank asset $3,450
(e) Sold old equipment for cash $920
Bank Equipment Expenses GST Loan Capital Income
+ 920 - 800 + 120
Debit Bank asset $920
Credit Equipment asset $800 plus GST liability $120
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 6
A Transaction Analysis Chart – page 21
Transaction Accounts Type +/- Dr/Cr $
Borrowed $15,000 from AMFinance
Bank
Loan
A
L
+ +
Dr
Cr
15,000
15,000
Purchased delivery van $36,800 cash
Bank
Delivery Van
GST
A
A
L
- + -
Cr
Dr
Dr
36,800
32,000
4,800
Paid rent $5,520
Bank
Rent
GST
A
E
L
- + -
Cr
Dr
Dr
5,520
4,800
720
Purchased goods for cash $9,200
Bank
Purchases
GST
A
E
L
- + -
Cr
Dr
Dr
9,200
8,000
1,200
Cash sales $7,360
Bank
Sales
GST
A
I
L
+ + +
Dr
Cr
Cr
7,360
6,400
960
Received cash for commission $460
Bank
Commission
GST
A
I
L
+ + +
Dr
Cr
Cr
460
400
60
Paid telephone account $299
Bank
Telephone
GST
A
Ex
L
- + -
Cr
Dr
Dr
299
260
39
Paid wages $1,840
Bank
Wages
A
E
- +
Cr
Dr
1,840
1,840
Wrote a cheque for self $920
Bank
Drawings
A
E
- -
Cr
Dr
Paid WHLtd's $3,910 account for
purchases
Bank
Purchases
GST
A
Ex
L
- + -
Cr
Dr
Dr
3,910
3,400
510
S Casey paid $736 for her invoice for sales
Bank
Sales
GST
A
I
L
+ + +
Dr
Cr
Cr
736
640
96
Paid SD Motors invoice for van
repairs $276
Bank
Van Repairs
GST
A
Ex
L
- + -
Cr
Dr
Dr
276
240
36
Paid for interest on loan $184
Bank
Interest
A
Ex
- +
Cr
Dr
184
184
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 7
Chart of Accounts Class example – page 23
Note: Code numbers are indicative only – provided none are repeated they just need to be in the right number range for their account type
Account Name Account
Code Account Name
Account Code
Bank 101 Office Equipment 152
Advertising 501 Accountancy Fee 505
Insurance 502 Writing Supplies Expense 506
Fees Received 401 Office Expenses 507
Capital 301 Writing Supplies on Hand 103
Sales Assistant’s Wages 503 Drawings 302
Sign Writing Equipment 151 Art Supplies Sales 402
Loan due 2016 251 Accounts Receivable 102
Interest on Loan 504 Accounts Payable 202
GST 201 Telephone expense 508
Complete the Debit and Credit columns of the following chart. An example has been done for you.
Transaction Account(s)
Debited Account(s)
Credited
Paid for Advertising 501, 201 101
Cash sales of art supplies 101 402, 201
Credit sales of art supplies 102 402, 201
Bought sign writing equipment on credit 152, 201 202
Paid for telephone 508, 201 101
Received fees for sign writing in cash 101 401, 201
Charged a customer for sign writing 102 401, 201
Paid for personal expenses 302 101
Invested personal computer in the business 152 301
Introducing the general ledger
Surfboard and Kayak Hire – page 24
Transaction
Account(s) debited Account(s) credited
Account name Amount Account name Amount
1 Bank 920 GST
Fees Received 120 800
2
Loan 1,150 Bank 1,150
3 Cleaning
GST 400 60
Bank 460
4 Bank 1,380 GST
Fees Received 180
1,200
5 Hire Equipment
GST 600 90
Bank 690
6
Drawings 368 Bank 368
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 8
Class Example – Cash Receipts Journal – page 29
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 9
Class Example – Ritebuy General Ledger – page 30
Bank
(101)
Jul-28 Balance b/f 2,134.65 Dr
Jul-31 Cash receipts 30,179.44 32,314.09 Dr
Shop Fittings
(151)
Jul-28 Balance b/f 40,000.00 Dr
Office Equipment
(152)
Jul-28 Balance b/f 19,160.00 Dr
Jul-31 Bank 160.00 19,000.00 Dr
GST
(201)
Jul-28 Balance b/f 1,594.65 Cr
Jul-31 Bank 3,336.45 4,931.10
Capital
(301)
Jul-28 Balance b/f 59,700.00 Cr
Jul-31 Bank 4,600.00 64,300.00 Cr
Grocery Sales
(401)
Jul-31 Bank 13,468.82 13,468.82 Cr
Hardware Sales
(402)
Jul-31 Bank 8,614.17 8,614.17 Cr
Rite Buy Trial Balance as at 31 July
Debit Credit
Bank 32,314.09
Shop Fittings 40,000.00
Office Equipment 19,000.00
GST 4,931.10
Capital 64,300.00
Grocery Sales 13,468.82
Hardware Sales 8,614.17
91,314.09 91,314.09
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 10
Class Example – Cash Payments Journal – page 33
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 11
Rite Buy General Ledger continued …
GST (201)
Jul-31 Balance 4,931.10 Cr
Bank 1,736.49 3,194.61 Cr
Capital (301)
Jul-31 Balance 64,300.00 Cr
Drawings (302)
Jul-31 Bank 538.14 538.14 Dr
Purchases (501)
Jul-31 Bank 5,182.45 5,182.45 Dr
Wages (502)
Jul-31 Bank 3,620.41 3,620.41 Dr
Advertising (503)
Jul-31 Bank 687.01 687.01 Dr
Telephone Expense (521)
Jul-31 Bank 380.70 380.70 Dr
Electricity (521)
Jul-31 Bank 380.70 380.70 Dr
Ritebuy Trial Balance as at 31 July
Debit Credit
Bank (101) 14,841.62
Shop Fittings (151) 45,000.00
Office Equipment (152) 19,000.00
GST (201) 3,194.61
Capital (301) 64,300.00
Drawings (302) 538.14
Grocery Sales (401) 13,468.82
Hardware Sales (402) 8,614.17
Purchases (501) 5,182.45
Wages (502) 3,620.41
Advertising (503) 687.01
Telephone Expense (521) 327.17
Electricity (521) 380.70
$89,577.50 $89,577.50
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 12
PROCESSING – PRACTICE EXERCISES
Exercise One – page 40
(a) .
The Computer Place Tax Invoice 4271 PO BOX 22, Hunua
Ph 09 327 9027 Email [email protected]
GST Reg. No. 38-514-031
Date: 22 May 2012
TO Wilderness Store
Box 459
Hunua
Customer Id: WS11
DESCRIPTION QTY PRICE TOTAL
Computer 1 4,800 00 4,800 00
Printer Ink 2 56 00 112 00
Paper 5 16 00 80 00
Terms: Due 20th month following invoice date
For direct credit
Pay to: NB 06-5481-032356-00 Name & Invoice No. as reference.
Sub total 4,992 00
Plus GST 748 80
TOTAL 5,740 80
(b) .
The Computer Place Credit Note 725 PO BOX 22, Hunua
Ph 09 327 9027 Email [email protected]
GST Reg. No. 38-514-031
Date: 26 May 2012
TO Wilderness Store Customer Id: WS11
Invoice: 4271
DESCRIPTION QTY PRICE TOTAL
Paper – Pink 1 16 00 16 00
Reason for return:
Wrong colour sent (pink instead of red) Sub total 16 00
Plus GST 2 40
Authorised:
K LEE Your account has
been credited. TOTAL 18 40
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 13
(c) .
Exercise Two – page 41
Hunua Motors Box 829 Hunua Email [email protected] Ph 09 368 8992
Tax Invoice GST No 11-177-779
29237
Date: 14/02/12 Vehicle Reg: SQ5281
To: Moana Kingi
Description: Qty Price Total
Headlight Bulb 2 16.82 33.64
Freight 1 9.78 9.78
Seatbelt 1 95.00 95.00
Labour 0.75 70.00 52.50
WOF Check 1 43.48 43.48
Terms: Cash Terms For direct credit Pay to: ASB 12-2753-061815-00 Invoice No. & Name as reference.
Sub total 234.40
GST Amount 35.16
TOTAL $269.56
Wilderness Store
Internal Payment Voucher
To The Computer Place Date 12/06/12
Invoice number 4271 Account Name Acc code
Amount
Payment method Online BP
Office Equipment 231 4800 00
Payment reference 374892 Stationary 542 176 00
Authorised signature
E Stuart
GST 201 746 40
Bank (total payment) 101 5,722 40
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 14
Exercise Three – page 42
Tax Invoice Statement Appliance Services No. 927 Box 654 Silverdale GST No. 15-407-274
To Mike Jones 38 Helena Road Hillcrest
Date 15/02/12
Description Amount
Travel 20 00
Labour 48 70
Parts 52 95
Please pay on receipt of invoice. Thank you for your custom.
Sub-total 121 65
Plus GST 18 25
TOTAL $ 139 90
Exercise Four – page 42
Hunua Stationery
PO BOX 142, Hunua
TAX INVOICE 1243
GST Reg. No. 68-459-112
To Hunua Primary School
Hunua
Date 10/02/12
DESCRIPTION QTY Unit Price TOTAL
Pencil Boxes 30 6 80 204 00
Vivid Boxes 10 12 50 125 00
Paper Ream 25 14 95 373 75
Terms: Due 20th month following invoice
date. For direct credit, pay to BNZ 02-1658-0042816-00 Invoice No. & Name as reference.
Sub total 702 75
Plus GST 105 41
TOTAL 808 16
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 15
Exercise Five – page 43
Pak 'n Kayak PO BOX 92, Hamilton Ph 07 839 1724
TAX INVOICE 3274 GST Reg. No. 72-314-677
Email [email protected]
To River Safaris
27 Main Road, Taumarunui
Date 22 November 2011
DESCRIPTION QTY PRICE TOTAL
Kayaks 5 2,000 00 10,000 00
Paddles 8 150 00 1,200 00
Life jackets 10 80 00 800 00
Helmets 10 60 00 600 00 Terms: Due 20th month following purchase. For direct credit, pay to: BNZ 02-1521-007236-00 Invoice No. & Name as reference.
Sub total 12,600 00
Plus GST 1,890 00
TOTAL $ 14,490 00
Pak 'n Kayak PO BOX 92, Hamilton Ph 07 839 1724
CREDIT NOTE 173 GST Reg. No. 72-314-677
Email [email protected]
To River Safaris
27 Main Road, Taumarunui
Date: 22 November 2011
Invoice: 3274
DESCRIPTION QTY PRICE TOTAL
Life jackets 2 80 00 160 00
Reason for return:
Wrong size sent, replacement not required
Authorised: W Wetere
Your account has been credited.
Sub total 160 00
Plus GST 24 00
Total credit $ 184 00
River Safaris
Internal Payment Voucher
To Pak’n Kayak Date 20/12/11
Invoice number 3274 Account Name Acc code
Amount
Payment method Cheque Hire Kayaks 151 10,000 00
Payment reference 100301 Hire Equipment 152 2,440 00
Authorised signature
Len Wood
GST 201 1,866 00
Bank (total payment) 101 14,306 00
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 16
River Safaris 27 Main Road, Taumarunui
www.riversafaris.co.nz
TAX INVOICE 1679 GST Reg. No. 27-252-937
To Kowhai School
Box 427, Kowhai Point
Date 28 November 2011
DESCRIPTION QTY PRICE TOTAL
Kayak and Equipment hire 20 125 00 2,500 00
Terms: 20% deposit due immediately, balance
due on date of hire. For direct credit, pay to:
WP 03-5441-005206-00
Invoice No. & Name as reference.
Sub total 2,500 00
Plus GST 375 00
TOTAL $2,875 00
Time Cafe Westpac Banking Corporation Cheque duty paid
Cheque butt
426 Victoria St, Hamilton, NZ Date
17/12/11
Date 17/12/11 Pay River Safaris or bearer
Pay River Safaris the sum of Fifty seven dollars only For Drawings
$ 57.00
TIME CAFÉ
Amount 57.00 A Bell
274912 274912 034557: 057813::00
River Safaris www.riversafaris.co.nz
Tax Invoice Receipt 678 GST Reg. No. 27-252-937
To Time Café Date
For Deposit for 3 days Kayak Hire
Amount fifty seven dollars only
Cash
Signed: Len Wood Cheque 57 00
Direct credit
Amounts include GST TOTAL $57 00
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 17
Chart of Accounts
Exercise Six – page 45
Note: Code numbers are indicative only – provided none are repeated they just need to be in the right
number range for their account type
Account Name Account
Code Account Name
Account Code
Bank 101 Kayaks and Equipment 152
Advertising 501 Accountancy Fee 505
Insurance 502 Tour Food Expense 511
Tour Fees 401 Office Expenses 506
Capital 301 Repair Kits on Hand 103
Tour Guide’s Wages 513 Drawings 302
Vehicles and Trailers 151 Kayak Hire Revenue 403
Loan (due in 3 years) 251 Accounts Receivable 102
Interest on Loan 504 Accounts Payable 202
GST 201 Equipment Repairs 512
Complete the Debit and Credit columns of the following chart. An example has been done for you.
Transaction Account(s)
Debited Account(s)
Credited
Paid for Advertising 501, 201 101
Received cash for tour fees 101 401,201
Charged Pipiriki School for kayak hire 102 403,201
Paid for new trailer 151, 201 101
Paid for equipment repairs 512, 201 101
Paid the IRD for GST owing 201 101
Paid for tour guides’ wages 513 101
Paid for personal expenses 302 101
Bought paddles and lifejackets on credit 152, 201 202
Paid for insurance 502, 201 101
Loan repayments include interest and principal 504, 251 101
Received cash for kayak hire 101 403,201
Sold old trailer for cash 101 151, 201
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 18
Exercise Seven – page 46
Bank Equipment Expenses GST Loan Capital Income
1,400 15,000 400 7,000 9,000
1 +2415 +315 +2100
2 -184 +184
3 -368 +320 -48
4 +2645 +345 +2300
5 -2760 +2400 -360
6 -460 -460
Now complete the following debit and credit chart.
Transaction
Account(s) debited Account(s) credited
Account name Amount Account name Amount
May 1 Bank 2,415 Fees Received
GST 2100 315
2 Interest on loan 184 Bank 184
3 Advertising
GST 320 48
Bank 368
4 Bank 2,645 Fees Received
GST 2300 345
5 Equipment
GST 2400 360
Bank 2760
6 Drawings 460 Bank 460
Printing Plus General Ledger
Bank
May-01 Balance 1400 Dr
Fees Received & GST 2415 3815 Dr
2 Interest on loan 184 3631 Dr
3 Advertising & GST 368 3263 Dr
4 Fees Received & GST 2645 5908 Dr
5 Equipment & GST 2760 3148 Dr
6 Drawings 460 2688 Dr
Fees Received
May-01 Bank 2100 2100 Cr
4 Bank 2300 4400 Cr
Interest on Loan
May-02 Bank 184 184 Dr
Advertising
May-03 Bank 320 320 Dr
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 19
Equipment
May-01 Balance 15000 Dr
5 Bank 2400 17400 Dr
Drawings
May-06 Bank 460 460 Dr
Capital
May-01 Balance 9000 Cr
Loan
May-01 Balance 7000 Cr
GST
May-01 Balance 400 Cr
1 Bank 315 715 Cr
3 Bank 48 667 Cr
4 Bank 345 1012 Cr
5 Bank 360 652 Cr
Printing Plus Trial Balance as at 6 May
Debit Credit
Bank 2688
Fees Received 4400
Interest on Loan 184
Advertising 320
Equipment 17400
Drawings 460
Capital 9000
Loan 7000
GST 652
21052 21052
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 20
Exercise Eight – page 48
Bank Van &
Equipment Expenses GST Loan Capital Income
May 2 27,600 27,600
3 -17,250 15000 -2,250
4 -460 400 -60
5 -368 320 -48
6 897 117 780
7 552 72 480
8 -92 -92
9 276 36 240
10 -184 160 -24
Transaction
Account(s) debited Account(s) credited
Account name Amount Account name Amount
May 2 Bank 27600 Capital 27600
3 Delivery Van
GST 15000 2250
Bank 17250
4 Equipment
GST 400 60
Bank 460
5 Van Insurance
GST 320 48
Bank 368
6 Bank 897 Delivery Fees
GST 780 117
7 Bank 552 Delivery Fees
GST 480 72
8 Drawings 92 Bank 92
9 Bank 276 Delivery Fees
GST 240 36
10 Van Expenses
GST 160 24
Bank 184
Mobile Couriers General Ledger
Bank
May-02 Capital 27,600 27,600 Dr
3 Delivery Van & GST 17,250 10,350 Dr
4 Equipment & GST 460 9,890 Dr
5 Insurance & GST 368 9,522 Dr
6 Fees Received & GST 897 10,419 Dr
7 Fees Received & GST 552 10,971 Dr
8 Drawings 92 10,879 Dr
9 Fees Received & GST 276 11,155 Dr
10 Van Expenses & GST 184 10,971 Dr
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 21
Delivery Van
May-03 Bank 15,000 15,000 Dr
Equipment
May-04 Bank 400 400 Dr
Insurance
May-05 Bank 320 320 Dr
Van Expenses
May-10 Bank 160 160 Dr
Fees Received
May-06 Bank 780 780 Cr
7 Bank 480 1,260 Cr
9 Bank 240 1,500 Cr
Drawings
May-06 Bank 92 92 Dr
Capital
May-02 Bank 27,600 27,600 Cr
GST
May-03 Bank 2,250 2,250 Dr
4 Bank 60 2,310 Dr
5 Bank 48 2,358 Dr
6 Bank 117 2,241 Dr
7 Bank 72 2,169 Dr
9 Bank 36 2,133 Dr
10 Bank 24 2,157 Dr
Mobile Couriers Trial Balance
Bank 10,971
Delivery Van 15,000
Equipment 400
Insurance 320
Van Expenses 160
Fees Received 1,500
Drawings 92
Capital 27,600
GST 2,157
29,100 29,100
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 22
Exercise Nine – page 49
Takaka Crafts General Ledger
Bank
May 1 Balance 900 Dr
3 Sales & GST 1,932 2,832 Dr
5 Equipment & GST 6,210 9,042 Dr
9 Purchases & GST 1,058 7,984 Dr
11 Equipment & GST 8,050 66 Cr
14 Sales & GST 3,105 3,039 Dr
16 Wages 713 2,326 Dr
20 Commission & GST 138 2,464 Dr
23 Capital 4,000 6,464 Dr
25 Electricity & GST 299 6,165 Dr
29 Purchases & GST 920 5,245 Dr
Craft Inventory
May 1 Balance 6,000 Dr
Equipment
May 1 Balance 35,000 Dr
5 Bank 5,400 29,600 Dr
11 Bank 7,000 36,600 Dr
Sales
May 3 Bank 1,680 1,680 Cr
14 Bank 2,700 4,380 Cr
Commission
May 20 Bank 120 120 Cr
Purchases
May 9 Bank 920 920 Dr
26 Bank 800 1,720 Dr
Wages
May 16 Bank 713 713 Dr
Electricity
May 25 Bank 260 260 Dr
Capital
May 1 Balance 28,400 Cr
23 Bank 4,000 32,400 Cr
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 23
Loan
May 1 Balance 10,000 Cr
GST
May 1 Balance 3,500 Cr
3 Bank 252 3,752 Cr
5 Bank 810 4,562 Cr
9 Bank 138 4,424 Cr
11 Bank 1,050 3,374 Cr
14 Bank 405 3,779 Cr
20 Bank 18 3,797 Cr
25 Bank 39 3,758 Cr
29 Bank 120 3,638 Cr
Takaka Crafts Trial Balance as at 31 May
Bank 5,245
Craft Inventory 6,000
Equipment 36,600
Sales 4,380
Commission 120
Purchases 1,720
Wages 713
Electricity 260
Capital 32,400
Loan 10,000
GST 3,638
50,538 50,538
Exercise Ten
No answer has been prepared for Exercise Ten
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 24
Journal Exercises
Exercise Eleven – Cash Receipts Journal – page 50
Hawea Treasures Cash Receipts Journal
Date Particulars Unbanked Bank GST Sales Other
23-May Sales EFTPOS 3,680 480.00 3,200
24-May Sales EFTPOS 4,945 645.00 4,300
Sales cash 1,840 240.00 1,600
Sales D Beck 1,380 3,220 180.00 1,200
25-May Sales EFTPOS 4,600 600.00 4,000
Furniture 920 5,520 120.00 800
Sales cash 1,495 195.00 1,300.00
26-May Sales EFTPOS 6,900 900.00 6,000
Sales P Blake 2,300 300.00 2,000
Sales cash 2,760 5,060 360.00 2,400
27-May Sales EFTPOS 5,980 780.00 5,200
Sales cash 1,955 255.00 1,700
Sales E Wong DC 1,265 165.00 1,100
40,020 5,220 34,000 800
Hawea Treasures General Ledger
BANK
1-May Balance 4,200 Dr
31-May Cash Receipts 40,020 44,220 Dr
FURNITURE
1-May Balance 7,000 Dr
17-May Bank 800 6,200 Dr
GST
1-May Balance 700 Cr
31-May Bank 5,220 5,920 Cr
CAPITAL
1-May Balance 10,500 Cr
SALES
31-May Bank 34,000 34,000 Cr
Hawea Treasures
Trial Balance as at 31 May
Bank 44,220
Furniture 6,200
GST 5,920
Capital 10,500
Sales 34,000
50,420 50,420
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 25
Exercise Twelve – Cash Payments Journal – page 52
Nursery Time Cash Payments Journal
Date Particulars Doc Ref Bank GST
Purc-hases
Insur-ance Wages
Draw ings Other
May-03 Purchases BP 3,105 405 2,700
7 Wages BP 1,449 1,449
8 Drawings EFT 207 207
12 Shop Fittings BP 8,280 1,080 7,200
14 Wages BP 1,656 1,656
Insurance AP 1,035 135 900
17 Electricity DD 736 96 640
21 Accountancy fees BP 1,840 240 1,600
Wages BP 1,656 1,656
28 Purchases BP 3,910 510 3,400
Wages BP 1,449 1,449
31 Drawings BP 621 621
Bank fees BS 23 23
$25,967 $2,466 $6,100 $900 $6,210 $828 $9,463
Nursery Time General Ledger
BANK 101
May-01 Balance 2,100 Dr
31 Cash Payments 25,967 23,867 Cr
FITTINGS 201
May-01 Balance 8,000 Dr
12 Bank 7,200 15,200 Dr
GST 301
May-01 Balance 400 Cr
31 Bank 2,466 2,066 Dr
CAPITAL 401
May-01 Balance 9,700 Cr
DRAWINGS 402
May-31 Bank 828 828 Dr
PURCHASES 501
May-31 Bank 6,100 6,100 Dr
WAGES 502
May-31 Bank 6,210 6,210 Dr
INSURANCE 503
May-31 Bank 900 900 Dr
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 26
ELECTRICITY 504
May-17 Bank 640 640 Dr
ACCOUNTANCY FEES 505
May-21 Bank 1,600 1,600 Dr
BANK FEES 506
May-31 Bank 23 23 Dr
Nursery Time
Trial Balance as at 31 May
Bank 23,867
GST 2,066
Capital 9,700
Fittings 15,200
Purchases 6,100
Wages 6,210
Insurance 900
Electricity 640
Accountancy Fees 1,600
Bank fees 23
Drawings 828
33,567 33,567
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 27
Exercise Thirteen – A bit of everything – page 54
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 28
Exercise Thirteen (continued…)
Part B Bank reconciliation
Bank
1-May Balance 3,100.00 Dr
10-May Cash Receipts 21,228.30 24,328.30 Dr
Cash Payments 16,850.70 7,477.60 Dr
JJ’s
Bank Reconciliation Statement as at 31 July 2011
Closing bank statement balance $2,254.87
Add deposits not on the bank statement
EFTPOS deposit 8,349.48
Cash deposit 2,663.20 11,012.68
$13,267.55
Less withdrawals not on the bank statement
Drawings 3,185.25
Purchases 2,604.70 -5,789.95
Closing balance in general ledger bank account $7,477.60
Part C General Ledger
JJs General Ledger
Bank No. 101
1-May Balance 3,100.00 Dr
10-May Cash Receipts 21,228.30 24,328.30 Dr
Cash Payments 16,850.70 7,477.60 Dr
Inventory No. 102
1-May Balance 4,300.00 Dr
Office Equipment No. 151
1-May Balance 35,000.00 Dr
10-May Bank 2,000.00 37,000.00 Dr
10-May Bank 1,000.00 36,000.00 Dr
GST No. 201
1-May Balance 1,200.00 Cr
10-May Bank 2,768.91 3,968.91 Cr
10-May Bank 1,316.63 2,652.28 Cr
Loan No. 251
1-May Balance 6,000.00 Cr
10-May Bank 500.00 5,500.00 Cr
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 29
Jeans Sales No. 401
10-May Bank 13,740.24 13,740.24 Cr
Jewellery Sales No. 402
10-May Bank 3,719.15 3,719.15 Cr
Insurance No. 511
10-May Bank 411.00 411.00 Dr
Wages No. 521
10-May Bank 2,576.46 2,576.46 Dr
Purchases No. 501
10-May Bank 6,366.51 6,366.51 Dr
Interest on loan No. 591
10-May Bank 317.37 317.37 Dr
Drawings No. 302
10-May Bank 3,362.73 3,362.73 Dr
Capital No. 301
1-May Balance 35,200.00 Cr
JJs Trial Balance as at 10 1May
Bank 7,477.60
Inventory 4,300.00
Office Equipment 36,000.00
GST 2,652.28
Loan 5,500.00
Jeans Sales 13,740.24
Jewellery Sales 3,719.15
Insurance 411.00
Wages 2,576.46
Purchases 6,366.51
Interest on loan 317.37
Drawings 3,362.73
Capital 35,200.00
60,811.67 60,811.67
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 30
Exercise Fourteen – page 59
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 31
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 32
Kiwi T 'n B General Ledger
BANK (101)
Jul-01 Balance 3,000.00 Dr
31 Cash Receipts 19,156.36 22,156.36 Dr
31 Cash Payments 14,186.02 7,970.34 Cr
SHOP EQUIPMENT (151)
Jul-01 Balance 9,000.00 Dr
31 Bank 500.00 8,500.00 Dr
Bank 2,500.00 11,000.00 Cr
GST (201)
Jul-01 Balance 2,000.00 Cr
Jan-00 Bank 2,472.72 4,472.72 Cr
Bank 1,668.10 2,804.62 Cr
CAPITAL (301)
Jul-01 Balance 10,000.00 Cr
DRAWINGS (302)
Jul-31 Bank 261.82 261.82 Dr
TOY SALES (401)
Jul-31 Bank 12,286.24 12,286.24 Cr
BOOK SALES (402)
Jul-31 Bank 3,698.55 3,698.55 Cr
DIVIDENDS RECEIVED (421)
Jul-31 Bank 198.85 198.85 Cr
TOY PURCHASES (501)
Jul-31 Bank 6,622.42 6,622.42 Dr
BOOK PURCHASES (502)
Jul-31 Bank 1,269.57 1,269.57 Dr
WAGES (511)
Jul-31 Bank 1,071.91 1,071.91 Dr
INSURANCE (512)
Jul-24 Bank 404.35 404.35 Dr
ELECTRICITY (513)
Jul-25 Bank 281.74 281.74 Dr
BANK FEES (551)
Jul-31 Bank 63.56 63.56 Dr
SALES RETURNS (406)
Jul-15 Bank 42.57 42.57 Dr
Trial Balance totals: $28,988.26
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 33
Exercise Fifteen – page 61
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 34
Lazymans Cleaners General Ledger
BANK (101)
May-01 Balance 0 Dr
31 Cash Receipts 31,457 31,457 Dr
31 Cash Payments 25,438 6,019 Dr
VEHICLE (201)
May-02 Bank 8,500 8,500 Dr
CLEANING EQUIPMENT (202)
May-02 Bank 3,800 3,800 Dr
GST PAID
May-31 Bank 2,469 2,469 Dr
GST RECEIVED
31 Bank 2,277 2,277 Cr
CAPITAL
May-01 Bank 10,000 10,000 Cr
DRAWINGS
May-31 Bank 368 368 Dr
LOAN
May-01 Bank 4,000 4,000 Cr
CLEANING FEES RECEIVED
May-31 Bank 7,280 7,280 Cr
CLEANING SUPPLIES
May-31 Bank 3,220 3,220 Dr
WAGES
May-31 Bank 6,072 6,072 Dr
INSURANCE
May-24 Bank 320 320 Dr
ADVERTISING
May-31 Bank 580 580 Dr
BANK FEES
May-31 Bank 46 46 Dr
INTEREST
May-31 Bank 23 23 Dr
Lazymans Cleaners Bank Reconciliation as at 31 May
Closing bank statement balance 3,949
Add deposits not on the bank statement
Cash deposit 2,415
6,364
Less withdrawals not on the bank statement
Advertising cheque 503 -345
Closing balance in general ledger bank account 6,019
Trial Balance totals: $29,180
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 35
Exercise Sixteen – page 63
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 36
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 37
Digicams General Ledger
BANK 101
Balance 1,548.94 Dr
Cash Receipts 34,611.22 36,160.16 Dr
Cash Payments 23,805.47 12,354.69 Dr
INVENTORY 102
Balance 12,790.00 Dr
PRINTING EQUIPMENT 151
Balance 23,500.00 Dr
Bank 7,000.00 30,500.00 Dr
Bank 500.00 30,000.00 Dr
SHOP EQUIPMENT 152
Balance 72,000.00 Dr
GST 201
Balance 4,901.50 Cr
Bank 3,862.33 8,763.83 Cr
Bank 2,228.51 6,535.32 Cr
LOAN 261
Balance 9,000.00 Cr
Bank 5,000.00 14,000.00 Cr
Bank 800.00 13,200.00 Cr
CAPITAL 301
Balance 40,000.00 Cr
DRAWINGS 302
Balance 1,127.65 Dr
Bank 456.03 1,583.68 Dr
CAMERA & GEAR SALES 401
Balance 58,432.87 Cr
Bank 20,088.83 78,521.70 Cr
PRINTING FEES 402
Balance 15,480.16 Cr
Bank 5,160.05 20,640.21 Cr
CAMERA & GEAR PURCHASES 501
Balance 9,157.00 Dr
Bank 5,517.39 14,674.39 Dr
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 38
PRINTING SUPPLIES 502
Balance 2,098.60 Dr
Bank 1,176.97 3,275.57 Dr
ADVERTISING 511
Balance 297.56 Dr
Bank 340.33 637.89 Dr
WAGES 512
Balance 5,294.77 Dr
Bank 5,294.77 10,589.54 Dr
TELEPHONE 521
Bank 234.30 234.30 Dr
ACCOUNTANCY FEES 522
Bank 587.67 587.67 Dr
BANK FEES 523
Bank 102.00 102.00 Dr
INTEREST ON LOAN 541
Bank 67.50 67.50 Dr
Digicams
Bank reconciliation as at 30 April 2011
Closing bank statement balance 7,941.64
Add deposits not on the bank statement
EFTPOS deposit 4,726.37
cash sales 362.50 5,088.87
13,030.51
Less withdrawals not on the bank statement
Accountancy fees 675.82
-675.82
Closing balance in general ledger bank account 12,354.69
Trial balance totals: $158,897.24
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 39
Exercise Seventeen – page 70
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 40
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 41
Miles of Smiles General Ledger
Bank (101)
Sep-01 Balance 1,200 Dr
30 Cash Receipts 47,541 48,741 Dr
Cash Payments 39,157 9,584 Dr
GST (201)
Sep-01 Balance 6,800 Cr
30 Bank 6,201 13,001 Cr
Bank 3,549 9,452 Cr
Office Equipment (131)
Sep-01 Balance 24,000 Dr
14 Bank 1,000 23,000 Dr
20 Bank 3,000 26,000 Dr
Dental Equipment (141)
Sep-01 Balance 80,000 Dr
Loan (210)
Sep-01 Balance 35,700 Cr
28 Bank 1,000 34,700 Cr
Capital (301)
Sep-01 Balance 62,700 Cr
Dental Fees
Sep-30 Bank 34,340 34,340 Cr
Sales (401)
Sep-30 Bank 6,000 6,000 Cr
Insurance (511)
Sep-07 Bank 1,500 1,500 Dr
Wages (521)
Sep-30 Bank 7,820 7,820 Dr
Dental Supplies (501)
Sep-30 Bank 13,140 13,140 Dr
Rent (531)
Sep-19 Bank 5,400 5,400 Dr
Interest on loan (541)
Sep-28 Bank 345 345 Dr
Electricity (512)
Sep-30 Bank 620 620 Dr
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 42
Bank Fees (542)
Sep-30 Bank 138 138 Dr
Drawings (302)
Sep-30 Bank 2,645 2,645 Dr
Miles of Smiles Trial Balance
Bank 9,584
GST 9,452
Office Equipment 26,000
Dental Equipment 80,000
Loan 34,700
Capital 62,700
Dental Fees 34,340
Sales 6,000
Insurance 1,500
Wages 7,820
Dental Supplies 13,140
Rent 5,400
Interest on loan 345
Bank Fees 138
Electricity 620
Drawings 2,645
147,192 147,192
Exercise Eighteen – page 72
Kayak Gear and Hire General Ledger
Bank
1-May Balance 1,170 Dr
31 Cash Receipts 24,817 25,987 Dr
Cash Payments 23,270 2,717 Dr
Office Equipment
1-May Balance 12,000 Dr
16 Bank 2,600 14,600 Dr
28 Bank 600 14,000 Dr
Hire Kayaks
1-May Balance 24,000 Dr
22 Bank 8,000 32,000 Dr
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 43
GST
1-May Balance 670 Cr
31 Bank 3,237 3,907 Cr
31 Bank 2,352 1,555 Cr
Capital
1-May Balance 36,500 Cr
Gear Sales
31-May Bank 12,200 12,200 Cr
Kayak Hire
31-May Bank 8,780 8,780 Cr
Advertising
4-May Bank 700 700 Dr
Gear Purchases
31-May Bank 4,000 4,000 Dr
Wages
31-May Bank 4,968 4,968 Dr
Telephone and Internet
19-May Bank 380 380 Dr
Drawings
31-May Bank 270 270 Dr
Kayak Gear and Hire Trial Balance as at 31 May
Bank 2,717
Office Equipment 14,000
Hire Kayaks 32,000
GST 1,555
Capital 36,500
Gear Sales 12,200
Kayak Hire 8,780
Advertising 700
Gear Purchases 4,000
Wages 4,968
Telephone and Internet 380
Drawings 270
59,035 59,035
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 44
Exercise Nineteen – page 73
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 45
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 46
Part C
Tihoi Café and Crafts General Ledger
Bank account see Part B
GST No. 201
Jun 7 Balance 110.20 Cr
Jun 10 Bank 2,942.23 3,052.43 Cr
Bank 1,799.42 1,253.00 Cr
Loan No. 271
Jun 7 Balance 14,000.00 Cr
Jun 10 Bank 700.00 13,300.00 Cr
Café and Craft Inventory No. 211
Jun 7 Balance 5,400.00 Dr
Shop Equipment No. 241
Jun 7 Balance 73,000.00 Dr
Jun 10 Bank 6,400.00 79,400.00 Dr
Bank 400.00 79,000.00 Dr
Café Sales No. 401
Jun 7 Balance 12,890.73 Cr
Jun 10 Bank 11,376.42 24,267.15 Cr
Craft Sales No. 402
Jun 7 Balance 9,459.15 Cr
Jun 10 Bank 7,838.42 17,297.57 Cr
Dividends Received No. 451
Jun 10 Bank 362.95 362.95 Cr
Café Purchases No. 501
Jun 7 Balance 6,549.51 Dr
Jun 10 Bank 2,309.89 8,859.40 Dr
Craft Purchases No. 502
Jun 7 Balance 4,260.00 Dr
Jun 10 Bank 2,332.57 6,592.57 Dr
Accountancy Fees No. 521
Jun 10 Bank 371.99 371.99 Dr
Electricity No. 522
Jun 7 Balance 832.59 Dr
Jun 10 Bank 257.17 1,089.76 Dr
NCEA Level 1 Accounting PROCESSING – Exercise Solutions page 47
Insurance No. 523
Jun 7 Balance 289.64 Dr
Jun 10 Bank 324.56 614.20 Dr
Interest No. 541
Jun 7 Balance 119.14 Dr
Jun 10 Bank 110.83 229.97 Dr
Wages No. 531
Jun 7 Balance 10,800.00 Dr
Jun 10 Bank 1,922.90 12,722.90 Dr
Capital No. 301
Jun 7 Balance 65,000.00 Cr
Drawings No. 302
Jun 7 Balance 3,400.00 Dr
Jun 10 Bank 349.59 3,749.59 Dr
Tihoi Café and Crafts Trial Balance as at 10 June
Bank 2,850.30
GST 1,253.00
Loan 13,300.00
Café and Craft Inventory 5,400.00
Shop Equipment 79,000.00
Café Sales 24,267.15
Craft Sales 17,297.57
Dividends Received 362.95
Café Purchases 8,859.40
Craft Purchases 6,592.57
Accountancy Fees 371.99
Electricity 1,089.76
Insurance 614.20
Interest 229.97
Wages 12,722.90
Capital 65,000.00
Drawings 3,749.59
$121,480.67 $121,480.67
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