Answer all

1.On 1 June 2009, Jack started a clothing business. During the month, Jack

completed the following transactions, all of which were by cheque unless stated

otherwise:2.7 What the books tell us

23

5 June Jack transferred 15,000 from a personal bank account to an account to

be used for the business.

5 June Paid rent for the month, 1,950.

7 June Purchased office equipment on credit from File & Co. for 6,250.

8 June Purchased a used car for 16,000 from NuVan Ltd and paid 9,500 on

account. The balance was payable in 6 months.

10 June Purchased goods, 725.

12 June Cash sales of 1,600.

15 June Paid wages of employees, 800.

20 June Paid insurance premiums of 725.

22 June Invoiced A Lu for clothes bought, 1,950.

24 June Received an invoice from NuVan Ltd for motor expenses, 310.

26 June Cash sales of 1,650.

28 June Purchased goods, 590.

29 June Paid gas and electricity expenses, 490.

29 June Paid sundry expenses, 195.

30 June Received from A Lu on account, 1,200.

30 June Paid wages of employees, 200.

30 June Paid File & Co. on account, 1,500.

30 June Withdrew money for personal use, 500.

You are required to show the transactions in the ledger accounts.

After entering all the transactions you must balance the ledger accounts at

30 June 2009

A sports team general manager is considering 3 players (A, B, and C) that could potentially be traded soon.

The probability that player A will be traded is 0.7 while that of B and C are 0.5 and 0.9 respectively.

Assume these events are independent.

Hint: Draw a probability tree/tree diagram.

Do not round calculation results.

What is the probability that

only player A will not be traded?

at least one player will be traded?

no more than two players will be traded?

only one player will be traded?

player C will not be traded given both B and A be traded?

Ilustration 6 particulars. Prepare Trading and Profit and Loss Account for the year ended 31" march 2002 from the f Opening stock Rent and rates $8000 $300 put Trade expenses $600 Sales returns $600 Sales $82,000 Purchases $50,000 Purchase returns $300 Direct expenses $540 Out Discount allowed $50 In Discount received $10 Out Commission $2,000 Salaries $50 OUT Legal charges $60 6 ut Audit fee $40 Out Bank charges $260 out Interest on investment $260 M Repairs $50 out $50 Of Postage Closing stock is valued at $1000 Net sales = Total sales - so = 82000 - 60 Netpurchases = Tol = 500 :493.1.1 Self-test Olivier commenced business on 1 January 2009. An amount of 11,000 was paid in by J Olivier by cheque as capital and he also received a cheque for $7,000 as a loan from A Turner. The transactions for the six months ended 30 June were as follows: Account Amount f Drawings 9,000 Cash received from debtors 12,500 Cash paid to creditors 15,300 Expenses paid 7,900 Credit purchases 34,200 Cash purchases 21,900 Payment for motor vehicle 18,000 Cash sales 9,400 Credit sales 32,000 Returns inward 325 Returns outward 197 You are required to show the bank account (all cash is banked immediately) as well as ledger accounts of the sales and purchases for the six months. The debtors' and creditors' accounts at 30 June 2009 should also be shown