Mid-Term Exam - Practical PDF - Arthur Griffith Museum

QUESTION 1 Not yet answered Marked out of 56 Griffith Museum operates a museum in Downtown New York. The trial balance below represents the activity for the month of August. Additional activity for the month of August are noted below. Arthur Gri...

QUESTION 1 Not yet answered Marked out of 56 Griffith Museum operates a museum in Downtown New York. The trial balance below represents the activity for the month of August. Additional activity for the month of August are noted below. Arthur Griffith Museum Trial Balance 31-Aug Description Debit Credit Revenue 11,200.00 Purchases 8,700.00 Rent Expense 3,000.00 Wages 12,000.00 Advertising 550.00 Electricity 200.00 Cash at Bank 48,450.00 Furniture and Fixtures 20,000.00 Office Equipment 3,500.00 Accounts Payable 900.00 Drawings 1,700.00 Capital 86,000.00 98,100.00 98,100.00 On August 31, the business had a closing stock of inventory valued at $800 1) The owner withdrew $1,000 out of the bank account for petty cash 2) Sold goods on credit to MIC Enterprises for 2,500. He was allowed a discount of $10% if paid by 10 days n/30 3) Carriage costs on goods sold to MIC was $250 paid by check 4) The owner sublet a portion of his property and received rent of $4,000  5) Returned some of the goods bought from C&F Wholesalers $350 6) MIC Enterprises paid the balance due within the discount period 7) Paid the outstanding balance due to C&F Wholesalers 8) Bought a Motor Vehicle on credit from B&M Motors Required: a) Record the transactions in the books of original entry b) Record the transactions in the ledger accounts (ensure to balance the accounts) c) Prepare a revised trial balance at August 31 2021 d) Prepare the income statement and statement of financial position at the end of August             Maximum size for new files: 50MB     Files Accepted file types All file types QUESTION 2 Not yet answered Marked out of 20 Question 3 The Balance in the business accounts representing the bank balance of the business of Sail Away Tours does not agree with the balance per the bank statement as at October 30. You have been assured that the amounts in the bank statement are correct. You have been provided with the below particulars # Description $ a Balance as per records 770.00 b Balance as per bank statement (3,300.00) c Deposits in transit totaling 2,225.00 d Standing order to transfer funds to payroll account 750.00 e Difference in posting check 220 30.00 f Dividend income deposited directly to bank account 775.00 g Direct Deposit - Electricity Expense 350.00 h Direct Deposit - Telephone Expenses 500.00 i Bank interest on overdraft account 55.00 j Bank service charge 70.00 k Outstanding checks 215 400.00 233 325.00 234 480.00 235 635.00 Required: a) Update the cash book as at October 30. b) Prepare a bank reconciliation statement as at October 30  Maximum size for new files: 50MB     Files You can drag and drop files here to add them. Accepted file types All file types QUESTION 3 Not yet answered Marked out of 28 The following details relate to the books of Robbie’s Restaurant for the first week of September: Purchases Invoices Received Net VAT $ $ 1-Sep Good Food Company 340 - 2-Sep SGS Drinks 750 270 3-Sep C&B Drink Suppliers 800 268 4-Sep Quality Meat Producers 350 115 5-Sep SGS Drinks 615 95 7-Sep O'Reilly Grocers 550 - Required: a) Record in the books of original entry b) Post the transactions to the purchases ledger and ledger accounts c) If sales for the first week in February amounted to: i. Accommodation $2,000 including VAT of 10% ii. Restaurant $4,700 including VAT of 10% Calculate the VAT liability for the first week in September