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Tony's Plant Nursery Pty Ltd: A Manual Accounting Practice Set

Tony's Plant Nursery Pty Ltd: A Manual Accounting Practice Set

Martin Bugeja

ISBN: 978-1-742-16463-2

Feb 2009

48 pages

Select type: Paperback

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Description

This practice set is intended for students studying introductory accounting and can be used with any introductory textbook. An advantage of this practice set over many others is that revenue and expense accounts have not been closed at the end of the previous month, therefore providing the student, with a more realistic situation going into the last month of the financial year. This practice set provides students with the unadjusted trial balance at the end of May and requires them to record typical transactions for a retail business for the last month of the financial year. Once these transactions have been recorded and posted students are required to complete the accounting cycle by journalising and posting adjusting and closing entries and preparing financial statements. This practice set will develop the skills necessary to keep a set of manual accounting records and understand the steps required to complete the accounting cycle.

 

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Introduction
Company background
Accounting system
Accounting procedures
Transactions
Instructions
Journals
General journal
Cash receipts journal
Cash payments journal
Sales journal
Purchases journal
Ledgers
Accounts receivable subsidiary ledger
Accounts payable subsidiary ledger
General ledger
Financial Statements-June 2006
Worksheets
Schedules of subsidiary ledgers
Income statement
Balance statement
Post-closing trial balance

  • Uses a company organisational form
  • Periodic inventory system
  • Starting point is an unadjusted trial balance
  •  One month of transactions for a retail business
  • Students must complete the accounting cycle by preparing adjusting and closing entries.