Description

Task 1

Open all necessary T-accounts with beginning balances or no beginning balance, fill T-accounts with entries of all business transactions, calculate turnover of debit and credit, calculate ending balances and close expense and revenue accounts. Prepare turnover of accounts.

Data of “The Clew” Ltd. (VAT payer) about balance sheet accounts beginning balances in EUR 01.11

Account, position	Amount EUR	Account, position	Amount, EUR
1230 Other fixed assets	2000	3110 Equity capital	6000
2130 Goods	3000	3410 Retained profit	3000
2310 Purchasers debts	2400	5310 Accounts payable	2400
2620 Bank Account	4000
Assets total	11400	Equity and Liabilities total	11400

“The Clew” Ltd use periodic accounting method. In November, there were some business activities:

2.1. The goods received, did not pay yet EUR 2400 +21% VAT

(________);

2.2. Revenues from sales main received in cash register EUR 3800+21% VAT

(________);

2.3. Inventory results received in accountancy department, goods (account 2130) ending balance is EUR 250;

2.4. The debt paid to suppliers from bank account EUR 2400.

D	C	D	C	D	C

Account	Beginning balance, EUR		Turnover, EUR		Ending balance, EUR
Account	debit	credit	debit	credit	debit	credit




Total

Task 2

Determine “Stationery “inventories ending balances on 30.11. Use FIFO method for assessment of inventories, if you know that on 01.11 there were beginning balance of goods -1500 pieces and the price of 1 piece was EUR 0.65.

The movement of goods in November you can see in table below.

Date	Received, quantity	Wrote- off goods	Price per unit, EUR
02.11.	600	X	0.6
10.11.	X	1700
13.11.	400	X	0.7
17.11.	300	X	0.65
23.11.	600	X	0.75
29.11.	X	700
30.11.	X	200

Solution

Date	Wrote – off goods, quantity	Calculations	Wrote- off goods amount in EUR	Ending balance of goods, EUR
10.11.
29.11.
30.11.
Ending balance

Accounting, 20-21

5.00€
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Tags: 696EKO

Accounting, 20-21

5.00€