Question 1
Henry Martin started a business in September 2016. You are required to enter the following transaction in the necessary ledger “T-accounts”. .
This Question Is To Be Completed Using T Accounts
YOU DO NOT HAVE TO BALANCE OFF THE ACCOUNTS
JUST RECORD THE TRANSACTIONS ABOVE
Total 35 Marks
Question 2
The following was the position on 1st January 2015 | |
€ | |
Rent paid in advance by K. Daly to landlord | 14,500 |
Rent owed to K. Daly by E. Reilly | 4,750 |
Rent paid in advance to K. Daly by M. Flaherty | 2,500 |
During the year ended 31st December 2015, the following transactions took place:
€ | |
Rent paid by K. Daly to landlord | 28,500 |
Rent received by K. Daly from E. Reilly | 23,000 |
Rent received by K. Daly from M. Flaherty | 5,000 |
December 2015
Requirement
(a) Show in T-account format the entries in the rent payable account, rates payable account and the rent receivable account for the year ended 31st December 2015, you must balance off the accounts.
25 Marks
(b) Show the relevant entries in the Income Statement and the Statement of Financial Position of K. Daly for the year ended 31st December 2015.
10 Marks
Total 35 Marks
Question 3
As accounts assistant for O’Connor Limited your main task is to enter transactions into the company’s cash book, check the entries against the bank statement and prepare a monthly bank reconciliation statement.
The bank account and bank statement for October 2016 are set out below.
You are to:
15 Marks
15 Marks
Total 30 Mark