QUESTION
ACCT11057 – PRINCIPLES OF ACCOUNTING – TASK 2
HANNAH’S HAIRDRESSERS
Background:
Hannah’s Hairdressers [HH] has been operating as suburban hairdressers for one year. HH essentially provides services such as haircuts, colours, waxing, piercing etc and sells a small number of hair and cosmetic products. The Chart of Accounts currently in place is listed below. Hannah’s staff add additional ledger accounts as and when required.
Hannah started the 2012 calendar year with the following balances in the ledger accounts.
SOLUTION
| Date | Particulars | Amount | Amount | Comments |
| 3rd Jan | Rent A/C | 16500 | Being 2 months rent paid | |
| To Bank A/C (1000) | 16500 | |||
| 3rd Jan | Bank A/C | 6600 | Being Income received 2months advance | |
| To Prepaid Income | 6600 | |||
| 3rd Jan | Purchases A/C | 2750 | Being Inventory pruchased | |
| To Hair Supply A/C | 2750 | |||
| 4th Jan | Insurance A/C | 1320 | Being insurance paid | |
| To Bank A/c (1001) | 1320 | |||
| 5-Jan | Purchases A/c | 2200 | Being goods purchased on credit | |
| To C heapCutz A/c | 2200 | |||
| 7-Jan | Sales A/c | 15092 | Being cash sales for services as well products | |
| To Bank A/C | 15092 | |||
| 9-Jan | Crazy Nails A/c | 2145 | Being payment made to Crazy Nails | |
| To Discount Received A/C | 858 | Being discount received on making timely payment | ||
| To Bank A/c(1002) | 1287 | |||
| Cheap Cutz A/C | 400 | Being purchase returns made to Cheap Cutz | ||
| To Purchase Returns A/C | 400 | |||
| 10-Jan | Bank A/c | 250000 | Being Mortagage Taken from Bank | |
| To Mortgage A/c | 250000 | |||
| Land A/C | 99000 | Being land purchased for Expansion | ||
| To Bank A/C(1003) | 99000 | |||
| Purchases A/C( 358) | 682 | Being Purchases made from Cosmo on Credit | ||
| To Cosmo Cosmetics | 682 | |||
| 11-Jan | Daisy Mehan (120-02DM) | 605 | Being Credit Sales made | |
| To Sales A/C | 605 | |||
| Total | 397294 | 397294 |
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| Date | Particulars | Amount | Amount | Comments |
| 3rd Jan | Rent A/C | 16500 | Being 2 months rent paid | |
| To Bank A/C (1000) | 16500 | |||
| 3rd Jan | Bank A/C | 6600 | Being Income received 2months advance | |
| To Prepaid Income | 6600 | |||
| 3rd Jan | Purchases A/C | 2750 | Being Inventory pruchased | |
| To Hair Supply A/C | 2750 | |||
| 4th Jan | Insurance A/C | 1320 | Being insurance paid | |
| To Bank A/c (1001) | 1320 | |||
| 5-Jan | Purchases A/c | 2200 | Being goods purchased on credit | |
| To C heapCutz A/c | 2200 | |||
| 7-Jan | Sales A/c | 15092 | Being cash sales for services as well products | |
| To Bank A/C | 15092 | |||
| 9-Jan | Crazy Nails A/c | 2145 | Being payment made to Crazy Nails | |
| To Discount Received A/C | 858 | Being discount received on making timely payment | ||
| To Bank A/c(1002) | 1287 | |||
| Cheap Cutz A/C | 400 | Being purchase returns made to Cheap Cutz | ||
| To Purchase Returns A/C | 400 | |||
| 10-Jan | Bank A/c | 250000 | Being Mortagage Taken from Bank | |
| To Mortgage A/c | 250000 | |||
| Land A/C | 99000 | Being land purchased for Expansion | ||
| To Bank A/C(1003) | 99000 | |||
| Purchases A/C( 358) | 682 | Being Purchases made from Cosmo on Credit | ||
| To Cosmo Cosmetics | 682 | |||
| 11-Jan | Daisy Mehan (120-02DM) | 605 | Being Credit Sales made | |
| To Sales A/C | 605 | |||
| Total | 397294 | 397294 |
