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Revisionsheet1

The document outlines financial transactions for Pe Vee Song, Zeema, and Jane Banda, including wages, insurance, rent, and trial balances for specific years. It provides details on amounts owed, prepaid expenses, and payments received, along with instructions to prepare ledger accounts, income statements, and balance sheets. The information is structured to assist in accounting practices for the respective individuals and their financial reporting.

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shahbhavi490
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59 views2 pages

Revisionsheet1

The document outlines financial transactions for Pe Vee Song, Zeema, and Jane Banda, including wages, insurance, rent, and trial balances for specific years. It provides details on amounts owed, prepaid expenses, and payments received, along with instructions to prepare ledger accounts, income statements, and balance sheets. The information is structured to assist in accounting practices for the respective individuals and their financial reporting.

Uploaded by

shahbhavi490
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Pe Vee Song's payments for the year ended 31 December 20-8 included the

following.
Wages 68 000
Insurance (for 12 months to 30 June 20-9) 2 400
At 1January 20-8 wages due amounted to $1300 and insurance
prepaid
amounted to $1140. At 31 December 20-8 wages due amounted to $1350.
Write up the wages account and the insurance account as thev would appear
inYee Song's ledger for the year ended 31 December 20-8. Balance the accounts
and showthe amounts transferred to the income statement.
57. Zeema's financial year ends on 30 September. She sublets part of her premises
to Faith at an annual rent of $6600.
On 1October 20-3 Faith owed 1month's rent. During the vear ended
30September 20-4 Faith paid rent of $8250.
ended 30 September
(a) Write up Zeema's rent received account for the vear
transterred to the income
20-4.Balance the account and show the amount
statement.
extract from Zeema's income statement for the vear
(b) Prepare a relevant
ended 30 September 20-4. Zeema's balance sheet at 30 September
relevant extract from
(c) Prepare a
20-4.
59. Jane Banda is atrader. Her trial balance at 31
Decenber 20-6 was as follows:
Debit Credit
Drawings
Premises
17 000 Capital 1January 20-6 110 000
80 000 Revenue (Sales) 350 000
Fixtures and fittings 14 000 Purchases returns 10 000
Motor vehicle 9 500 Discount received 4 100
Purchases 280 000 Rent received 3 500
Inventory Trade payables 23 300
1January 20-6 20 000 Bank overdraft 17 200
Carriage inwards 5 000
General expenses 12 200
Rates and insurance 5 490
Repairs and maintenance 3870
Salaries 41 000
Motor vehicle expenses 2 940
Trade receivables 29 100
520 100 520 100

The following additional information is available.


at $24 000.
I Inventory at 31 December 20-6 was valued amounted to $500 and salaries due
2 At 31 December 20-6 rent receivable due
amounted to $3500.
Insurance, $2800, paid during the year was for 14 months to 28 February
3)
20-6.
charges amounting to $790 had not been entered in the books.
4 Bank
Barnda's income statement for the year ended 31 December 20-6
Prepare Jane
date.
and abalance sheet at that

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