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Double Entries Worksheet

The document describes transactions conducted by Scooby Farms during October 2021, including purchases and sales of assets and inventory, loans taken and repaid, expenses paid and revenues received. It provides details of the date, description, and amount (and method of payment if relevant) for each transaction. The transactions are categorized under relevant accounting headings like capital, drawings, fixed assets, purchases, sales, expenses and revenues.

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Sarah Ramkhelawan
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35 views9 pages

Double Entries Worksheet

The document describes transactions conducted by Scooby Farms during October 2021, including purchases and sales of assets and inventory, loans taken and repaid, expenses paid and revenues received. It provides details of the date, description, and amount (and method of payment if relevant) for each transaction. The transactions are categorized under relevant accounting headings like capital, drawings, fixed assets, purchases, sales, expenses and revenues.

Uploaded by

Sarah Ramkhelawan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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PRINCIPLES OF ACCOUNTS

FORM 4

TOPIC: DOUBLE ENTRIES WORKSHEET

Exercise 1:

Scooby Farms conducted the following transactions during October 2021.

Scooby began October with = Balances brought down

2021

Oct 1 1 Storage Warehouse valued at $1 000 000,

12 Water Tanks valued at $72 000,

6 Water Pumps valued at $24 000,

Debtors / Accounts Receivable: Jadeja owing $12 000,

$100 000 in the Bank,

$10 000 in Cash,

a Mortgage Loan on the Storage Warehouse of $800 000,

$108 000 owed to Creditors / Accounts Payable: Rahane and

Capital of $310 000.

1
Scooby invested the following = Capital

2021

Oct 2 4 Delivery Vans valued at $400 000,

Stock valued at $35 000,

$5 000 in the Bank,

$500 in Cash and

a 3 month Loan from friend, Virat, worth $4 500.

Scooby withdrew for personal / private use = Drawings

2021

Oct 3 1 Water Tank valued at $6 000,

1 Water Pump valued at $4 000,

Stock valued at $500,

$1 000 by Cheque and

$100 in Cash.

2
Scooby purchased the following Fixed / Non-Current Assets = Fixed / Non-Current Assets

2021

Oct 4 3 Storage Warehouses valued at $3 000 000 on credit from Rohit,

2 Water Tanks paying $8 000 by cheque,

1 Water Pump paying $5 000 cash,

3 Water Recycling Systems valued at $300 000 on credit from Sanju,

2 Water Recycling Systems paying $200 000 by cheque and

1 Water Recycling System paying $4 000 cash.

Scooby paid = Paying Creditors

2021

Oct 5 Rohit $30 000 by cheque,

Rohit $3 000 cash,

Sanju $3 000 by cheque and

Sanju $300 cash.

3
Scooby borrowed = Loans

2021

Oct 6 a Loan from FCB, receiving $25 000 by cheque.

Scooby paid = Paying Creditors

2021

Oct 7 Loan from Virat of $1 500 by cash,

Mortgage Loan of $80 000 by cheque,

Mortgage Loan of $800 by cash and

FCB Loan of $2 750 by cheque.

4
Scooby purchased stock = Purchases

2021

Oct 8 valued at $60 000 on credit from Dhoni,

valued at $50 000 on credit from Rahul,

paying $40 000 by cheque,

paying $30 000 by cheque,

paying $20 000 by cash and

paying $10 000 by cash.

Scooby returned stock previously purchased = Purchases Returns

2021

Oct 9 worth $6 000 to Dhoni,

worth $5 000 to Rahul,

receiving a refund of $4 000 by cheque,

receiving a refund of $3 000 by cheque,

receiving a refund of $2 000 by cash and

receiving a refund of $1 000 by cash.

5
Scooby paid = Paying Creditor

2021

Oct 10 Dhoni $40 000 by cheque,

Dhoni $10 000 by cash,

Rahul $35 000 by cheque and

Rahul $5 000 by cash.

6
Scooby sold stock = Sales

2021

Oct 11 valued at $120 000 on credit to Rishabh,

valued at $100 000 on credit to Bumrah,

receiving $80 000 by cheque,

receiving $60 000 by cheque,

receiving $40 000 by cash and

receiving $20 000 by cash.

Stock previously sold retuned to Scooby = Sales Returns

2021

Oct 12 worth $6 000 to Rishabh,

worth $5 000 to Bumrah,

receiving a refund of $4 000 by cheque,

receiving a refund of $3 000 by cheque,

receiving a refund of $2 000 by cash and

receiving a refund of $1 000 by cash.

7
Scooby received = Debtor paying

2021

Oct 13 $98 000 by cheque from Rishabh,

$7 000 by cash from Rishabh,

$82 000 by cheque from Bumrah and

$8 000 by cash from Bumrah.

8
Scooby paid the following = Expenses

2021

Oct 14 Salary Expenses of $7 000 by cash and

Electricity Expenses of $14 000 by cheque.

Scooby received the following = Revenues

2021

Oct 15 Commission Revenue of $9 000 by cash and

Interest Revenue of $18 000 by cheque.

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