Business Accounting Assignment
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Questions and Answers

What is the total value of assets used by Mr. Saman Edirisinghe as capital in his business?

  • Rs. 8,700,000.00 (correct)
  • Rs. 9,200,000.00
  • Rs. 2,700,000.00
  • Rs. 3,700,000.00

    • What is the total value of rice purchased on 01.07.2023?

  • Rs. 40,000.00
  • Rs. 30,000.00
  • Rs. 35,000.00 (correct)
  • Rs. 45,000.00

    • What is the total cost of dal purchased on 01.07.2023?

  • Rs. 300,000.00
  • Rs. 315,000.00
  • Rs. 270,000.00
  • Rs. 285,000.00 (correct)

    • What is the total value of dried cardamom purchased on 01.07.2023?

    <p>Rs. 190,000.00</p> Signup and view all the answers

    What is the total value of sales on 03.07.2023?

    <p>Rs. 320,000.00</p> Signup and view all the answers

    What is the total value of rent, employee wages, and electricity bill expenses incurred on 05.07.2023?

    <p>Rs. 59,000.00</p> Signup and view all the answers

    What is the total cost of domestic construction materials borrowed from Wasantha on 06.07.2023?

    <p>Rs. 47,500.00</p> Signup and view all the answers

    What is the total value of the trade discount on the purchases made on 01.07.2023 from Ashoka Stores?

    <p>Rs. 5,000.00</p> Signup and view all the answers

    What is the cost per kilogram of dry chillies mentioned?

    <p>Rs 1,200.00</p> Signup and view all the answers

    How much advance was given to the petty cash custodian on 2023.07.07?

    <p>Rs 20,000.00</p> Signup and view all the answers

    What was the total amount of sales commission income received on 2023.07.15?

    <p>Rs 17,000.00</p> Signup and view all the answers

    Which item was purchased for Rs 105,000.00 on 2023.07.17?

    <p>Furniture</p> Signup and view all the answers

    What was the discount received for the payment to Ashoka Stores on 2023.07.13?

    <p>Rs 4,000.00</p> Signup and view all the answers

    What was the amount of salaries and remuneration incurred under Voucher No.A/007 on 14.07.2023?

    <p>Rs 15,000.00</p> Signup and view all the answers

    How much was repaid to Wasan by letter on 2023.07.08 per kg?

    <p>Rs 950.00</p> Signup and view all the answers

    How much salary was paid on 2023.07.12 under Voucher No.A/005?

    <p>Rs 25,000.00</p> Signup and view all the answers

    Study Notes

    Business Accounting - Assignment No. 01

    • Revise the cash book for a period of 03 months and prepare the bank reconciliation statement using bank statements and cash book of a business.
    • Photocopies of relevant 03 months bank statement and cash book should be shown.

    Edirisinghe Supermarket

    • Started by Mr. Saman Edirisinghe with an investment of Rs. 3,000,000.00 (car), Rs. 700,000.00 (furniture), and Rs. 5,000,000.00 (building).
    • Transactions during the month of July 2023:
      • Applied assets to the business as capital on 01.07.2023.
      • Purchased 05 bales of rice, 03 bales of sugar, 300 kg of dal, and 100 kg of peas from Ashoka Stores on 01.07.2023.
      • Purchased 50 kg of dried cardamom, 50 kg of halibut, and 30 kg of Keerang dried fruit from Raja Wholesale Shop on 01.07.2023.
      • Made sales of Rs 320,000.00 on 03.07.2023.
      • Made sales on credit to Fernando of Rs 10,000.00 on 04.07.2023.
      • Incurred expenses of Rs 6,500.00 (rent), Rs 45,000.00 (employee wages), and Rs 7,500.00 (electricity bill) on 05.07.2023.
      • Borrowed 50 kg of domestic construction dry chillies, 150 kg of pepper, and 30 kg of dry chillies from Wasantha on 06.07.2023.
      • Gave an advance of Rs 20,000.00 to the petty cash custodian on 07.07.2023.
      • Repatriated Rs 950.00 per kg of country rice, Rs 2,500.00 per kg pepper, and Rs 1,200.00 per kg dry chilli to Wasantha on 08.07.2023.
      • Made sales of Rs 220,000.00 on 09.07.2023.
      • Received Rs 21000.00 from Fernando and paid off a loan of Rs 30,000.00 with a discount of Rs 750.00 on 10.07.2023.
      • Incurred expenses of Rs 7,000.00 (assessment), Rs 3,500.00 (rent), and Rs 25,000.00 (salaries and remuneration) on 12.07.2023.
      • Borrowed Rs 500,000.00 from Ashoka Stores on 12.07.2023.
      • Paid Rs 56,000.00 to Ashoka Stores with a discount of Rs 4,000.00 on 13.07.2023.
      • Incurred expenses of Rs 15,000.00 (salaries and remuneration), Rs 12,000.00 (building maintenance), and Rs 15,000.00 (advertising) on 14.07.2023.
      • Received sales commission income of Rs 17,000.00 and made manual sales of Rs 86,000.00 on 15.07.2023.
      • Received a bank loan of Rs 500,000.00 on 16.07.2023.
      • Purchased furniture for business use of Rs 105,000.00 and electrical equipment from Damra Institute for Rs 200,000.00 on 17.07.2023.

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    Description

    This assignment is about revising a cash book and preparing a bank reconciliation statement based on 3 months of bank statements and cash book records. It also involves a scenario where an individual starts a small retail business.

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