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Description of Business

The name of the business is Paints Express. It is a sole trading business

unit. Paints Expressis operated by the owner K.Gustave. The products

sold are paint and painting accessories such as paint brushes and paint

rollers. The transactions and financial statements will be examined for

the period of ay !st" ay #!st$ %&&!.

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Transaction List

ay

! 'pening (alances.

)urniture * %&&& +ehicles *%& ,&&

-reditors -. -row * /#&& 0ebtors T Thorne * 1,&

2oan * 3,&& -ash * /&&

(an4 'verdraft * !,&& 5toc4 * #&&

! Purchases goods on credit from - -row$ *!,&&

# 6eturned *%&& worth of goods to - -row 7wrong colour8

/ T Thorne paid * 1,& on account by che9ue

3 -ash 5ales *#,&&

!& 0eposited *%/,& in the ban4

!# 5old goods on credit to P Palmer *%&&&$ T Thorne *!3:&

!3 T Thorne returned *:& worth of goods; P Palmer paid *!

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Sales Day Book (page 163)

Date 0etails )olio ?mount

*

2001

ay!13 P.Palmer 52 !&, %&&&

ay!13 T.Thorne 52 %33 !3:&

ay!31 Transferred to 5ales a@c G2 /%3 #3:&

"urc#ases Day Book (page 20$)

Date 0etails )olio ?mount

*

2001

ay!01 -.-row P2 #&& !,&&

ay!1% 2.2ong P2 %!, ,&&

ay!31 Transferred to Purchases a@c G2 :3 %&&&

&eturns 'nars Day Book (page 23)

Date 0etails )olio ?mount

*

2001

ay!1$ T. Thorne 52 %33 :&

ay!31 Transferred to 6eturns Inwards a@c G2 1, :&

&eturns Outars Day Book (page %*)

Date 0etails )olio ?mount

*

2001

ay!3 -.-row P2 #&& %&&

ay!31 Transferred to 6eturns 'utwards a@c G2 #< %&&

T#e +ournalpage 1,

Date Details -olio

D& .&

2001

ay!01

+ehicles G2 %&,

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&&

-ash -( /&&

5toc4 G2 #&&

)urniture G2 %&&&

0ebtors> T. Thorne 52 1,&

2oan G2 3,&&

-reditors> -.-row P2 /#&

&(an4 'verdraft -( !,&

&

-apital G2 !&,,&

To recor assets an lia/ilities at t#is ate toopen t#e /ooks

ay!31 5ales G2 !,1:&

Trading account G2 !,1:&

To close off Sales account at year en

ay!31 Trading account G2 ,,,&

Purchases G2 ,,,&

To close off "urc#ases account at year en

ay!31 6eturns 'utwards G2 %&&

Trading account G2 %&&

To transfer returns outars to traing accountat year en

ay!31 Trading account G2 :&

6eturns Inwards G2 :&

To transfer returns inars to traing accountat year en

ay!31 Trading account G2 #&&

'pening 5toc4 G2 #&&

To close off opening stock account

ay!31 -losing 5toc4 G2 !,3,

Trading account

To close off closing stockaccount

G2 !,3,

ay!31 Profit and 2oss ?ccount G2 ,&&

6ent G2 ,&&To close off rent account at year en

ay!31 Profit and 2oss ?ccount G2 !&&&

Aages G2 !&&&

To close off ages account at year en

ay!31 Profit and 2oss ?ccount G2 ,&

0iscount ?llowed G2 ,&

To close off iscount alloe account at yearen

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D& .S BOO (page 6).&

Date 0etails )olio 0iscount

-ash (an4 0ate 0etails )olio 0iscount

-ash (an

%&&! * * %&&! * *

ay&!

(alance

b@d /&& ay&!

(alance b@d !,

ay&/

T.Thorne

52 1,& ay!&

(an4 - %/,&

ay&3

5ales G2 #,&& ay!:

Purchases

G2 ,,

ay!&

-ash - %/,& ay%!

0rawings

G2 :

ay!3

P.Palmer

52 ,& !

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Sales Leger

"4 "al5er7page !&,8

%&&!Details * %&&! Details *

ay!# 5ales50(!1# %&&&

ay!3 (an4

-(1/

!

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ay#! Balance c,1&

&ay&! Purchases

P0(%&3

!,&&

,:&&

,:&&

Bun&!(alanceb@d

,1&&

L4Long7page %!,8%&&! Details * %&&! Details *

ay#& (an4-(1/

/:& ay!< Purchases P0( %&3

,&&

ay#& 0iscount 6eceivedG2,% %&

,&&

,&&

7eneral Leger

Purchases(page 87)

2001 Details $ 2001 Details $

May-18 Bank CB 6 !!0 May-"1 #raing acc%unt !!!0May-27 Bank CB 6 "000

May-"1 #%tal creit purchases &%r '%nthPDB207

2000

!!!0 !!!0

Obj100

Sales7page /%38

%&&! Details * %&&! Details *

ay#!Trading?ccount

!,1:& ay&3 -ash -( 1/ #,&&

ay%& -ash -( 1/ #

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&ent%&&! Details * %&&! Details *

ay#! (an4 -( 1/ ,&& ay#! Profit and 2oss account ,&&

8ages%&&! Details * %&&! Details *

ay#! (an4 -( 1/ !&&& ay#! Profit and 2oss account !&&

Discount lloe7page #%8

%&&! Details * %&&! Detailsay!3 P.Palmer 52 !&, ,& ay#! Profit and 2oss account ,

Discount &ecei9e7page ,%8

%&&! Details * %&&! Details *

ay#! (alance c@d %& ay#& 2.2ong P2 %!, %&

Bun&! (alance b@d %&

.apital%&&! Details * %&&! Details *

ay#! (alance c@d !&,,& ay&! (alance b@d B !, !&,,&

Bun&! (alance b@d !&,,&

Stock%&&! Details * %&&! Details *

ay&! (alance b@d B !, #&& ay#! Trading a@c #&&

ay#! Trading a@c !,3, ay#! (alance c@d !,3,

!:3, !:3,

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Bun&! (alance b@d !,3,

Draings%&&! Details * %&&! Details *

ay%! (an4 -( 1/ :& ay#! (alance c@d :&

ay#! (alance b@d :&

&eturns Outars7page #

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"aints E;press

-apital &!.&,.&! !&,,&

AddCet Profit

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