Shepps

Posted by admin on February 3, 2018 in Articles

ACC Take Home Exam
1) briefly describe the history of accounting
2) briefly describe the history of accounting
3) explain the relationship between bookkeeping and accounting
4) Account to be debitAccount to be credited
Bought office machinery on credit from D Isaacs Ltd
  
The proprietor paid a creditor, C Jones, from his private funds
  
A debtor, N Fox, paid us in cash.
  
Repaid part of loan from P Exeter by cheque.
  
Returned some of office machinery to D Isaacs Ltd.
  
A debtor, N Lyn, pays us by cheque.
  
Bought van by cash.
  5) Write up the accounts to record the following transactions:
20X7
March 1 Started business with ?750 cash and ?9,000 in the bank.
== 2 Received a loan of ?2,000 from B Blane by cheque.
== 3 Bought a computer for cash ?600.
== 5 Bought display equipment on credit from Clearcount Ltd ?420.
== 8 Took ?200 out of the bank and put it in the cash till.
== 15 Repaid part of Blane’s loan by cheque ?500.
== 17 Paid amount owing to Clearcount Ltd ?420 by cheque.
== 24 Repaid part of Blane’s loan by cash ?250.
== 31 Bought a printer on credit from F Jones for ?200.
6) Record the following transactions for the month of January of a small finishing retailer,
balance off all the accounts, and then extract a trial balance as at 31 January 20X8:
20X8
Jan 1 Started in business with ?10,500 cash.
== 2 Put ?9,000 of the cash into a bank account.
== 3 Bought goods for cash ?550.
== 4 Bought goods on credit from: T Dry ?800; F Hood ?930; M Smith ?160; G Low ?510.
== 5 Bought stationery on credit from Buttons Ltd ?89.
== 6 Sold goods on credit to: R Tong ?170; L Fish ?240; M Singh ?326; A Tom ?204.
== 8 Paid rent by cheque ?220.
== 10 Bought fixtures on credit from Chiefs Ltd ?610.
== 11 Paid salaries in cash ?790.
== 14 Returned goods to: F Hood ?30; M Smith ?42.
== 15 Bought van by cheque ?6,500.
== 16 Received loan from B Barclay by cheque ?2,000.
== 18…