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Acl Test 1 Memo

This document contains an August 2023 test memorandum for an accounting exam for attorneys/lawyers. It includes 3 questions. Question 1 lists multiple choice answers. Question 2 provides a table with account transactions with debits and credits to assets, equity, and liabilities accounts. Question 3 shows the general ledger and bank reconciliation statement for a business called DB Dealers for the month of July 2023. The memorandum tests core accounting concepts and skills.

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Mashau Mulamuleli
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27 views2 pages

Acl Test 1 Memo

This document contains an August 2023 test memorandum for an accounting exam for attorneys/lawyers. It includes 3 questions. Question 1 lists multiple choice answers. Question 2 provides a table with account transactions with debits and credits to assets, equity, and liabilities accounts. Question 3 shows the general ledger and bank reconciliation statement for a business called DB Dealers for the month of July 2023. The memorandum tests core accounting concepts and skills.

Uploaded by

Mashau Mulamuleli
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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ACL 1241|1641 – ACCOUNTING FOR ATTORNEYS|LAWYERS

AUGUST 2023 TEST 1 MEMORANDUM.

Question 1 (10 marks)

1.1 B
1.2 C
1.3 D
1.4 A
1.5 B
1.6 D
1.7 B
1.8 A
1.9 A
1.10 D

Question 2: 24 marks
Date Account Debited Account Credited Assets Equity Liabilities
1 Vehicle^ Bank^ +388 600^
-388 600^
2 Bank^ Share capital^ +267 000^ +267 000^
3 Receivables/debtors^ Computer +3 900^
account^ -3 900^
7 Repairs^ Payables^ -30 000^ +30 000^
11 Payables/creditors^ Bank(overdraft)^ -12 000^
+12 000^
12 Term deposit^ Bank^ +4 500^
-4 500^
16 Trade inventories^ Payables/creditors^ +12 300^ +12 300^
18 Loan^ Bank^ -1 779^ -1779^
25 Bank^ Debtors^ +12 500^
-12 500^
27 Trade payables^ Bank^ -9 600^ -9 600^
28 Wages^ Bank^ -1 680^ -1 680^
30 Rent^ Bank^ -3 880^ -3 880^

Half mark allocation. Total=24 marks

1
Question 3: 16 marks

DB Dealers
GENERAL LEDGER
BANK
2023 31 Total 7 678.40 2023 31 Total 6 940.30

July Rent income 870.00 July Interest on loan 285.00

Bank charges 361.35

Interest expense 46.45

Advertising 36.00

Balance c/f 879.30

8 548.40 8 548.40
Aug 1 Balance b/f 879.30

DB Dealers
Bank reconciliation statement on 31 July 2023
Debit (R) Credit (R)

Credit balance as per bank statement 1 347.60

Outstanding deposits 1 590.60

Outstanding payments:
Axes (fibre internet) 504.00
Mart wholesalers (cash purchases) 642.50
South grocers(refreshments) 265.40

Debit deposit incorrectly credited. 647.00

Debit balance as per bank account in the ledger 879.30

2 938.20 2 938.20

[GRAND TOTAL=50 MARKS]

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