Double Entry Bookkeeping Test
DOUBLE ENTRY BOOKKEEPING TEST – NOVEMBER 2008.
TIME ALLOWED – 55 MINUTES.
The following balances were taken from the ledger accounts of The Glass Gateway, a business run by Paul Symons, at 30th June 2008:
£
Plant and machinery at cost 16 000
Vehicles at cost 15 000
Inventory at cost 5 400
Cash 450
Bank overdraft 3 950
Accounts payable – BG Wholessale 4 050
Accounts receivable – Headsup Limited 2 900
Capital account 18 278
Plant and machinery – accumulated depreciation at 30th June 2008 4 800
Vehicles – accumulated deprecation at 30th June 2008 8 672
During the three month period ending 30th September 2008 the following transactions were made by The Glass Gateway:
Transaction Number Date
1 1st July Bought glass on credit from Glassmir Services, £800
2 8th July Paid garage cash £350 for service of vehicle
3 18th July Sold glass for cash £250
4 20th July Paid BG Wholesale £2 000
5 25th July Paul Symons paid £8 000 into the business bank account
6 3rd August Sold glass on credit to Headsup Limited for £720
7 9th August Paid Glassmir Services by cheque £600
8 22nd August Sold glass on credit to Willow Partners, £6 560
9 31st August Paid rent by cheque, £900
10 5th Sept Bought glass from Glassmir Services £740 on credit
11 17 Sept Drew £1 000 cash from bank account
12 20 Sept Paid garage bill for petrol £250 in cash
13 24 Sept Banked cheque from Willow Partners for £6 560
14 25 Sept Paid electricity bill by cheque, £260
15 29 Sept Paid wages cash £660
16 30 Sept Sold glass on credit to Headsup Limited £400
You are provided with the following additional information:
1. Depreciation is charged at a rate of 15% using the straight-line method for plant and machinery and at 25% on a reducing balance basis for vehicles.
2. Inventory at 30th September 2008 was valued at cost at £2 030.
3. The rent paid on 31st August was for three months ended 30th November 2008.
4. Paul estimates his
TIME ALLOWED – 55 MINUTES.
The following balances were taken from the ledger accounts of The Glass Gateway, a business run by Paul Symons, at 30th June 2008:
£
Plant and machinery at cost 16 000
Vehicles at cost 15 000
Inventory at cost 5 400
Cash 450
Bank overdraft 3 950
Accounts payable – BG Wholessale 4 050
Accounts receivable – Headsup Limited 2 900
Capital account 18 278
Plant and machinery – accumulated depreciation at 30th June 2008 4 800
Vehicles – accumulated deprecation at 30th June 2008 8 672
During the three month period ending 30th September 2008 the following transactions were made by The Glass Gateway:
Transaction Number Date
1 1st July Bought glass on credit from Glassmir Services, £800
2 8th July Paid garage cash £350 for service of vehicle
3 18th July Sold glass for cash £250
4 20th July Paid BG Wholesale £2 000
5 25th July Paul Symons paid £8 000 into the business bank account
6 3rd August Sold glass on credit to Headsup Limited for £720
7 9th August Paid Glassmir Services by cheque £600
8 22nd August Sold glass on credit to Willow Partners, £6 560
9 31st August Paid rent by cheque, £900
10 5th Sept Bought glass from Glassmir Services £740 on credit
11 17 Sept Drew £1 000 cash from bank account
12 20 Sept Paid garage bill for petrol £250 in cash
13 24 Sept Banked cheque from Willow Partners for £6 560
14 25 Sept Paid electricity bill by cheque, £260
15 29 Sept Paid wages cash £660
16 30 Sept Sold glass on credit to Headsup Limited £400
You are provided with the following additional information:
1. Depreciation is charged at a rate of 15% using the straight-line method for plant and machinery and at 25% on a reducing balance basis for vehicles.
2. Inventory at 30th September 2008 was valued at cost at £2 030.
3. The rent paid on 31st August was for three months ended 30th November 2008.
4. Paul estimates his