30. Petty Cash Payments this month, including 57. 16s. 9d. Western." "Great 49 17 5 11 3 5 ACCOUNTS AND BOOK-KEEPING, For Clerkships in the COLONIAL OFFICE. 1. Under what circumstances will the Dr. side of a Cash Book be the greatest? 2. A. has a balance of Cash in hand on January 1st of 25l. On January 10, B. remits to him 5107., with directions to purchase certain goods on his (B.'s) account. Accordingly A. buys of C. goods worth 45.1, of D. goods worth 3107, of E. goods worth 27., all on January 11. On January 15, January 17, and January 20 respectively, A. pays for these goods. A. is to be allowed by B. 5 per cent. on his purchases. Give a copy of A.'s Cash-book, of A.'s Ledger a/c for B., of A.'s Ledger a/c Cash,' and of the account which A. should render to B. In each case rule paper for yourself. 3. Journalize the following: Jan. 1. Balance of Cash in hand Balance of Cash at Banker's 10. Bought of J. Smith, goods Feb. 12. Accepted draft of J. Smith £ S. D. 407 2 9 1,507 3 4 49 0 0 49 0 0 4. On re-opening a set of books there are balances of the following accounts: Merchandise, Cash, Bills Payable, Bills Receivable, Fixtures and Furniture. State on which side of the Ledger each balance will be placed. 5. At the end of the year, and before they are closed, A.'s books show the following facts:-The total of the amounts on the Dr. side is 109,8717. 7s. 11d. The Dr. side of his goods account amounts to 60,000l., and the Cr. to 40,000l. The Dr. side of Stock a/c is 9,000l., and the Cr. 18,500l. The Dr. side of Profit and Loss account is 4501. 7s. 6d., and the Cr. 397. The value of goods on hand is 21,2077. (a) Give a copy of Stock a/c as it would stand after the Ledger had been closed. (b) State whether A. is solvent or insolvent, and the amount which he is worth, or by which he is deficient. (c) State whether A. has lost or gained in the year. (d) Give the total of the amounts on the Cr. side of A.'s Ledger before the closing entries had been made. 6. At balancing of his books A. discovers that he has made the following errors: (a) He has posted 257. to the Dr. of J. Smith, instead of to the Dr. of W. Smith. (b) He has posted 521. to the Dr. of W. Smith, instead of to the Cr. (c) He has posted, from a Journal entry "Goods Dr. to W. a/c at all. (d) He has journalized "Cash Dr. to W. Brown, 597. 10s." when He will make no transfer in the Ledger except as a post from a (a) The entries in the journal divided between two money columns, (b) The Journal totalled throughout, the sums of each page being (c) No entries in the Ledger except those which correspond with (d) The 'trial balance' made by taking the total of each side of What advantages are gained by these means? 8. Assume that you are agent to a gentleman who lives abroad, and that the nature of the business you transact for him is as follows: To receive payment of debts due to him, which shall always be paid in Bills, acting in this respect on a memorandum periodically furnished to you. To pay all the bills received into a banker's in sufficient time for their collection, and to order him to remit to your principal such sums as may from time to time seem to you advisable. It is required also that you keep for your employer a set of books, (a) The amount, at any time, owing by each of the Debtors (b) The total amount owing by them, ie, the total amount of (c) The amount in your own hands. (d) The amount at the banker's. The amount remitted. Give the Journal entries, to which the following transactions would give rise: 1857, Jan. 1. Received the first list of debtors : J. Brown owes 50l.; J. Smith owes 450l.; B. Camp owes 95l.; W. Robinson owes 471. 1857, Jan. 9. Received J. Brown's bill at one month, 50%. 10. Received J. Smith's bill at one month, 450l. 12. Received B. Camp's bill at two months, 951. 13. Received W. Robinson's bill at one month, 471. 1857, Feb. 1. Received a monthly list of debtors :W. Brown owes 847.; W. Robinson 1557. 1857, Feb. 9. Paid into banker's bills, 5471. 10. Received W. Robinson's bill at one month, 155l. 17. Ordered banker to remit to my employer, 5007. Mar. 1. Received monthly list of debtors : J. Smith owes 250l.; B. Camp owes 400l.; J. Brown owes 50%. 10. Paid into banker's bills, 250l. 16. Ordered banker to remit to my employer, 2807. i T BOOK-KEEPING BY DOUBLE ENTRY. For the INLAND REVENUE. The following transactions, given in the order of their occurrence, are to be written into the necessary books, and the Ledger is to be closed and balanced:1855. Aug. 1. Balance of Cash in hand Balance of Cash at Banker's (Jones, Loyd, and Co.) 8. Bought of Ingram & Co., 13 butts Marsala, at £17 10 0 10. Sold the above to James Rogers @ £18 10 0 £ s. d. 337 2 1 43 2 9 227 10 0 240 10 224 13 £227 10 0 65 0 0 170 0 0 13. Paid duty on 3 butts Marsala, for James Rogers, 323 93 5 4 Bought of Reay, Turner, and Co., 6 hhds. Brandy, 314 gns. 158 6 2 14. Sold same to Charles Jay, viz., 314 gns. @ 10s. 8d. 167 9 4 Received of Loddy and Son their acceptance at 2 mos. 210 0 0 28 6 0 £28 5 4 19. Received of James Rogers, balance of amount paid for viz. Balance 1855. £ s. D. Aug. 19. Reca of James Rogers his acceptance at 3 mos. for am, of a/c and interest 243 10 0 viz. a/c £240 10 0 3 0 0 1856. 22. Paid into Jones, Loyd, and Co. for discount 2 bills £ s. D. 453 10 0 25. Paid Reay, Turner, & Co. by cheque on Jones, Loyd, 158 6 Paid M. J. Reilly by cheque on Jones, Loyd, and Co. 195 0 0 Received of Charles Jay 163 5 6 viz. Amt of a/c £167 9 4 N.B. It is important in answering this Paper to carry through all the books at least a portion of it, and if it is found that so long is taken over the first part as to render it unlikely that the whole can be finished in the time allowed, so much only should be proceeded with as can be completed. The following transactions, given in the order of their occurrence, are to be written into the necessary Books, and the Ledger is to be closed and balanced: 1856. Jan. 1. Balance of Cash in hand £ S. D. 547 12 4 249 3 10 Balance of Cash at Banker's (Jones, Loyd, and Co.) 8. Bought of White and Co., 13 butts Marsala, at 187. 13. Paid duty on 3 butts Marsala for James Smith, 323 93 5 4 Bought of Arboin and Co. 6 hhds. Brandy, 314 gns. @ 159 12 4 14. Sold same to John Doyle, viz. 314 gns. @ 10s. 7d. 1856. Jan. 14. Sold the above to Wm. Hart @ 671. Received of Wm. Hart his acceptance at 2 mos. for his a/c 19. Reed of James Smith balance of amt paid for duty Recd of James Smith his acceptance at 3 mos. for amt 256 13 4 Bills viz. a/c 3 mos. @ 5 per ct £253 10 0 3 3 4 22. Paid into Jones, Loyd, and Co. for discount 2 bills 25. Paid Arboin and Co. by cheque on Jones, Loyd, & Co. Paid M. Levitt by cheque on Jones, Loyd, and Co. 180 0 0 N.B. It is important in answering this Paper to carry through all the books at least a portion of it; and if it is found that so long is taken over the first part as to render it unlikely that the whole can be finished in the time allowed, so much only should be proceeded with as can be completed Read the following memorandum of transactions:1856. 3. Bought of James Gould 40 firkins Irish Butter, cwt. 27. 1. 5. nett, @94s. cwt. 128 5 8 5. Sold Hughes and Co. 20 kegs Lard, 9. 2. 11., @ 65s. 6. Sold James Bevan, 8. 1. 16., Dutch Cheese, @ 64s. 6d. 7. Paid James Gould by cheque on Roberts and Co. 10. Recd of Hughes and Co. their acceptance at amt of a/c |