PRINCIPLES OF ACCOUNTING

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