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    Submission Tutorial 2 - Solution

    Uploaded by

    Ndisa Chuma
    The document summarizes accounting transactions for ABC Attorneys. It includes a business cash receipts journal showing fees received from clients totaling $40,200 including $5,250 in VAT, and a business cash payments journal showing payments totaling $56,060 including salaries, stationery, rent, fuel and motor vehicles. The tutorial submission provides an example chart of accounts for an attorney's office including assets, owner's equity, income, expenses and liabilities.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Submission Tutorial 2 - Solution

    Uploaded by

    Ndisa Chuma
    20 views5 pages
    The document summarizes accounting transactions for ABC Attorneys. It includes a business cash receipts journal showing fees received from clients totaling $40,200 including $5,250 in VAT, and a business cash payments journal showing payments totaling $56,060 including salaries, stationery, rent, fuel and motor vehicles. The tutorial submission provides an example chart of accounts for an attorney's office including assets, owner's equity, income, expenses and liabilities.

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    solutions

    Original Title

    20230901 - Submission Tutorial 2 - Solution

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    The document summarizes accounting transactions for ABC Attorneys. It includes a business cash receipts journal showing fees received from clients totaling $40,200 including $5,250 in VAT, and a business cash payments journal showing payments totaling $56,060 including salaries, stationery, rent, fuel and motor vehicles. The tutorial submission provides an example chart of accounts for an attorney's office including assets, owner's equity, income, expenses and liabilities.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    20 views5 pages

    Submission Tutorial 2 - Solution

    Uploaded by

    Ndisa Chuma
    The document summarizes accounting transactions for ABC Attorneys. It includes a business cash receipts journal showing fees received from clients totaling $40,200 including $5,250 in VAT, and a business cash payments journal showing payments totaling $56,060 including salaries, stationery, rent, fuel and motor vehicles. The tutorial submission provides an example chart of accounts for an attorney's office including assets, owner's equity, income, expenses and liabilities.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    NKUHLU DEPARTMENT OF ACCOUNTING

    Accounting for Attorneys


    AAT323E
    Tutorial 2 -
    Solution
    20230901 - Tutorial 2

    Company Name ABC Attorneys

    Number Assets Owner's Equity Liability


    Amount Account Description Amount Account Description Amount Account Description

    1 + 5750 Debtors + 5 000 Fee Income + 750 VAT - Recording Income

    + 5750 Bank 0.00 0.00 Payment of Debtors Account

    - 5750 Debtors 0.00 0.00 Payment of Debtors Account

    2 - 3 450 Bank - 3 000 Stationery - 450 Reducing VAT liability

    - 285 Bank - 285 Entertainment (Reduces OE)

    10 + 20 000 Motor Vehicles - 3 000 Reducing VAT liability

    - 23 000 Bank

    12 - 300 Bank - 300 Fuel

    19 + 34 500 Bank + 30 000 Fee Income + 4 500 VAT

    - 4 025 Bank - 3 500 Rental - 525 Reducing VAT liability

    22 + 5 200 Bank

    - 5 200 Accounts Receivable

    23 - 5 000 Bank - 5 000 Wages

    28 - 2 800 Stationery + 3 220 Liability

    - 420 Reducing VAT liability

    31 - 20 000 Bank - 20 000 Salaries

    1
    BUSINESS CASH RECEIPTS JOURNAL

    Doc no Day Details Fol Sundries Client/Acc Rec VAT Bank Notes
    212 1 Mr Hope - 5,000 750 5,750 VAT of R570 included in sundries.
    19 Mrs Love - 30,000 4,500 34,500 Fees
    No VAT on payment of Debt. Asset
    22 Mr Hope - 5,200 - 5,200 reducing and no VAT.
    - 40,200 5,250 45,450

    2
    BUSINESS CASH PAYMENTS JOURNAL

    Doc no Day Details Fol Sundries Salaries Petty Cash Bank Bank
    Sundry account includes VAT of R450 and
    516 2 Stationery 3,450 3,450 Stationery of R3 000

    2 Entertainment Expenses 285 0 - 285 No VAT on Entertainment


    Sundry account includes VAT of R3 000 and
    10 Motor Vehicles (Assets) 23,000 - - 23,000 Motor Vehicles of R20 000

    12 Fuel 300 - - 300 No VAT on Fuel.


    19 Rental 4,025 - - 4,025 Rental = R3 500 and VAT = R525

    23 Salaries and Wages - 5,000 - 5,000 Paid Salaries and Wages


    31 Salaries and Wages - 20,000 - 20,000 Paid Salaries and Wages
    31,060 25,000 - 56,060

    3
    20230901 - Tutorial Submission

    No Assets Owner's Equity Liabilities


    Fixed Assets Current Assets Capital Drawings Income Expenses Long Term Liabilities Short Term Liabilties
    1 Land and buidings
    2 Loan - longer than a 1
    year period
    3 Stationery
    4 Motor Vehicles
    5 Attorney's Salary
    6 Wages
    7 Debtors
    8 Account at Walton's
    Stationers
    9 Fuel
    10 Vehicle Maintenance
    11 Interest Received
    12 Electricity
    13 Rent Paid
    14 Office Furniture and
    Equipment
    15 Law Library
    16 Fees

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