BOOK KEEPING OBJ: 1-10: AACCBBCCCC 11-20: DCBAABBABB 21-30: AACDBABCDD 31-40: BACCCACAAA 1a)Final accounts give a concise idea about the profitability and financial position of a business to its management, owners, and other interested parties. All business transactions are first recorded in a journal. They are then transferred to a ledger and balanced. These final tallies are prepared for a specific period. The preparation of a final accounting is the last stage of the accounting cycle. 1bi) 1.Trade discount is given on the catalog price of the goods, while the cash discount is given on the invoice price. 2.Trade discount is granted with the aim of increasing the sales in bulk quantity, whereas Cash discount is granted to facilitate a quick payment. 3.Trade discount is allowed to all customers, while the Cash discount is allowed to those customers, who purchase goods in cash. 4.In case of Trade Discount, no entry is made in the books of accounts, while the proper entry is made in the books of accounts for the cash discount. 5.Trade discount is allowed at the time of purchase, while the cash discount is allowed at the time when the payment is done. (3a) A source document is the original record containing the details to substantiate a transaction entered in an accounting system. For example, a company's source document for the recording of merchandise purchased is the supplier's invoice supported by the company's purchase order and receiving ticket.Source documents also detail the particulars of transactions that include the date, name, address, terms, and product description among other relevant pieces of information. (3b) -Quotation -Sales order -Purchase order -Invoice -Credit note -Debit note -Goods receipt note ================= (5) Sales Ledger control: debit side: bal b/fwd(16264) sales(27067) cash refund(560) 43891 Credit side: return inwards(2825) cash received(18429) discount allowed(2518) bad debt(1136) bal c/d(18983) 43891 Purchases ledger control: Debit side: return outwards(2386) cash paid(7123) Discount recieved(1197) bal c/d(6610) credit side: bal b/fwd(6975) purchases(10341) 17316 ==================================== (6) Subscription Acc: Debit side: Bal b/d fwd(60000) Income & expenditure(180,000) bal c/d(10,000) 250,000 Credit side: cash(200,000) bad debt(50,000) 250,000 Statement of Affairs: Debit side: Accumulated Fund(570,000) Loan(alabi)(100,000) subscription(10,000) credit side: van(500,000) equiptment(180,000) 680,000 =====================
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