1.
1a. General Journal andpettycash bookor salesjournal
2. THE SALES LEDGER CONTROLACCOUNT
Date Details Dr$ Date Detail Cr$
Balance b/d 6170 Balance b/d 53,140
CreditSales 55,460 May 1,17
May 31, 17
Owed
Account
Payable
Owed
2390
4900
Salesreturn 230
Chequesfrom
debitor
470
Discount
Allowed
250
May 31, 2017 Balance b/f 61,380 May 31, 2017 Balace c/d 430
Balncee b/d 61,380
B.
Date Details Debit
$
Credit
$
Debitor 1500
Bad dept 872
Rent 18000
2372 18000
2i.
Nominal Account Purchases
Personal Account Emily’sHairProducts
CurrentLiability Wages
Non-CurrentAsset Motor Vehicles
Long-termliabilty 6% FIVE-YEARBANKLOAN

2.
ii)
Bi) prepayment
Ii)
Date
July
2016
Details Cash $ Bank $ Date
July
2016
Details Cash $ Bank $
08 withdraws 8000 11 J.Davis 9,900
10 sales 31,110 18 purchases 12,000
25 Cash Sales 6840 29 Wages 4500
09 S.Francis 2050
01 Cash 2350 01 Bank 11,890
03 Cash Sales 25,690
03 Cash in
Bank
25,00 03 Cash in
Bank
25,000
05 Cash
withdrawn
1,170
23,100
05 purchases
17,050
10,470
46,550 33,160 46,550 56,260
01 May A balance wasbrought
forwardof $18,000. Thiswas
the figure thatwas recorded
on the firstday of the business
whichacts as the capital of
the Motor Vehicle Account
03 May
06 May
07 May

3.
3a)
Total salesof Revenue $275000
Total units 25,000
$11
b)
SellingUnit $11
Lesscost per sale ( 2.50
8.50
c)
$ $
Salesrevenue
Lesscost of goods
sold(2.50x
250000
275000
62500
Gross Profit
Lessexpenses:
Electricity
Rent
Wages
Maintenance and
repairs
Depreciation
(2700/3 yr)
18,950
36,000
54,240
1,260
212,500
115,850
Netprofit 96,650
d)
$
Wages/
revenue
54,240
275,00
19.72%
4a)

4.
$ $ $
Fixedassets:
Ships
Loading equipment
180,000
93,000
273,000
Current Assets:
Cash
Account receivable
18,000
42,000
60,000
Less: Current
Liabilities
Loan
Insurance
Bank overdraft
Total Current
Liabilities
WorkingCapital
12,000
15,000
8,000
35,000
$25,000
Financedby
Capital
$147,000
Long Term Liabilities
Bank loan (5-year,
5% p.a. interest)
Account payable
90,000
61,000
151,000