Exercise 1 - Pull & Wolf Inc.
Prepare an adjusted trial balance for the Company as per 31. 12. 2013 according to the transactions in the quiz.
- 1.None posted cost of goods sold for the Q4 is 125.000.
- A.
The cost of goods sold account (profit/loss) is debited 125.000
- B.
The sales account (profit/loss) is credited 125.000
- C.
The inventory account (asset) is credited 125.000
- D.
The trade debtors account (asset) is debited 125.000
- 2.Posted prepaid rent of premises of 50.000 booked on the account “Premises expense”. The amount is rent for Q1 2014.
- A.
The premises account (profit/loss) is credited 50.000
- B.
The premises account (profit/loss) is debited 50.000
- C.
The prepaid account (asset) is credited 50.000
- D.
The prepaid account (asset) is debited 50.000
- E.
The Bank account (asset) is credited 50.000
- 3.None posted depreciations on fixed assets:
- Land and buildings = 10.000
- Equipment = 5.000
- Car = 40.000
- Plant and machinery = 25.000
- A.
Depreciations on buildings account (profit/loss) is debited 10.000
- B.
Depreciations on eqiupment account (profit/loss) is debited 5.000
- C.
Depreciations on eqiupment account (profit/loss) is credited 5.000
- D.
Depreciations on cars account (profit/loss) is debited 40.000
- E.
Depreciations on plant and machinery account (profit/loss) is debited 25.000
- F.
Depreciations on cars account (profit/loss) is credited 40.000
- G.
Accumulated depreciations on building account (asset) is credited 10.000
- H.
Accumulated depreciations on car account (asset) is debited 25.000
- I.
Accumulated depreciations on equipment account (asset) is credited 5.000
- J.
Accumulated depreciations on equipment account (asset) is debited 5.000
- K.
Accumulated depreciations on car account (asset) is credited 40.000
- L.
Accumulated depreciations on plant and machinery account (asset) is credited 25.000
- 4.None posted interest revenue for Q4 is 1.000 (concerning bank deposit).
- A.
The interest revenue account (profit/loss) is credited 1.000
- B.
The prepaid expenses account (asset) is debited 1.000
- C.
The accrued income account (asset) is credited 1.000
- D.
The bank deposit account (asset) is debited 1.000
- 5.None posted interest expenses for Q4 is 8.000 (concerning bank overdraft).
- A.
The interest expenses account (profit/loss) is credited 8.000
- B.
The bank overdraft account (liability) is debited 8.000
- C.
The interest expenses account (profit/loss) is debited 8.000
- D.
The bank overdraft account (liability) is credited 8.000
- 6.None posted invoices on purchases of inventory (goods for resale) are 55.000. The invoices have not been paid to the trade creditors (suppliers of goods) as per 31.12.2013.
- A.
The transaction should not be included in the books for the fiscal year 2013
- B.
The goods for resale account (asset) is debited 55.000
- C.
The cost of goods sold account (profit/loss) is credited 55.000
- D.
The trade creditors account (liability) is credited 55.000
- E.
The cost of goods sold account (profit/loss) is debited 55.000
- 7.None posted invoices to customers are 60.000 (the invoices have not been by paid the trade debtors as per 31.12.2013).
- A.
The transaction should not be included in the books for the fiscal year 2013.
- B.
The accrued income account (asset) is debited 60.000
- C.
The sales account (profit/loss) is credited 60.000
- D.
The trade debtors account (asset) is debited 60.000
- 8.None posted cash purchase of office supplies is 2.300.
- A.
The miscellaneous expense account (profit/loss) is credited 2.300
- B.
The transaction should not be included in the books for the fiscal year 2013
- C.
The cash account (asset) is credited 2.300
- D.
The cash account (asset) is debited 2.300
- E.
The miscellaneous expense account (profit/loss) is debited 2.300
- 9.None posted settlement of the input and output VAT account to the VAT payable account.
- A.
The output VAT account (liability) is debited 45.000
- B.
The output VAT account (liability) is credited 45.000
- C.
The input VAT account (liability) is debited 12.000
- D.
The input VAT account (liability) is credited 12.000
- E.
The VAT payable account (liability) is debited 12.000 and credited 45.000
- F.
The VAT payable account (liability) is credited 12.000 and debited 45.000
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