Accounts Essay

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Accounting cycle Statement of affairs Statement of Affairs as at Sept 1 2012 | Fixed Assets | $ | $ | $ | Premises | | 150,000 | | Refigerator | | 50,000 | | Cash Register | | 30,000 | | | | | 230,000 | Current Assets | | | | Cash in hand | | 30,000 | | Stock of goods | | 65,000 | | Debtor M.Thomas | | 23,000 | | | | 118,000 | | Less Current liablities | | | | Creditors | | 25,000 | 93,000 | | | | 323,000 | Financed By | | | | Capital | | | 323,000 | The General Journal | | Date | Details | Folio | Debit $ | Credit $ | | | Premises | GL | 150,000 | | | | Refigerator | GL | 50,000 | | | | Cash Register | GL | 30,000 | | | | Stock of Goods | GL | 65,000 | | | | Debtor-M. Thomas | SL | 23,000 | | | | Cash in hand | CB | 30,000 | | | | Creditor for- P.Reid | PL | | 25,000 | | | Capital | | | 323,000 | | | | | 348,000 | 348,000 | | | Assets and liabilities at | | | | | | this date entered to | | | | | | Open the books | | | | | | | | | | | | | | | | | | | | | | | Sources of documents Sources of documents Sales Journal | Date | Details | Folio | Debit $ | Credit $ | | 19-Sep | D. Dwyer | SL | 18,000 | | | 22-Sep | M. Thomas | SL | 15,000 | | | | Transfer to Sales a/c | GL | | 33,000 | | | | | | | | | | | | | | Return Inwards Journal | | Date | Details | Folio | Debit $ | Credit $ | | Sept | D. Dwyer | SL | | 2,500 | | | Transfer to R.I. a/c | GL | 2,500 | | | | | | | | | | | | | | | Purchases Journal | | Date | Details | Folio | Debit $ | Credit $ | | 4-Sep | K. Bryan | | | 15,000 | | 26-Sep | P. Robinson | | | 15,000 | | | Transfer

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