This is a practice set which I own, I am posting it here for bookkeeping students to practice on:
Question 1 You work as an accountant with Paulatech Investments, a company dealing with the purchase and resale of stock commodities. Set up your company and enter the details below.
CUSTOMERS
1. FAIZA ENTERPRISES 3. DELUX STORES LTD
WAIYAKI WAY UHURU HIGHWAY
P. O. BOX 900 P. O BOX 4777
NAIROBI MOMBASA
TEL 254-02-440888 TEL 254-011-967555
2. JUDY ENTERPRISES 4. NISHA LTD
JUJA ROAD JASHO ENTERPRISES
P. O BOX 45679 P. O BOX 37665
NAIROBI NAIROBI
TEL 254-02-0978877 TEL 254-02-754679
VENDORS
1. OMMOLLO GENERAL STORES 3. LUCINA MANUFACTURERS LTD
HABIB HIGHWAY JANJA AVENUE
P. O BOX 21725 P. O BOX 36566
NAIROBI NAKURU
TEL 254-02-925666 TEL 254-037-88786
2. MALIK STORES 4. NDEGE DEALERS LTD
SHABAB PLACE BOMBOLULU LANE
P. O BOX 24466 P. O BOX 2545
MOMBASA MALINDI
TEL 254-011-987666 TEL 254-0123-87544
Your company deals in the following goods
CODENAMEPURCHASE PRICESALES PRICE
1000 Maize Flour 700/= per bag 1100/= per bag
1001 Wheat Flour 890/= per bag 1432/= per bag
1002 White Sugar 1225/= per bag 1900/= per bag
1003 Brown Sugar 1315/= per bag 1915/= per bag
1004 Rice 1200/= per bag 1750/= peer bags
1005 Cooking Fat 600/= per 2kgs 870/= per 2kgs
1006 Dry Cells 100/= per dozen 180/= per dozen
Your company ordered for the following goods, which were delivered in full by the respective VENDORS.
1. 25 bags of Maize flour from Malik stores
2. 40 bags of Rice from Ndege Dealers Ltd.
3. 180 Dozens of Dry Cells from Ommollo General Stores
4. 111 bags of White Sugar from Lucina Manufacturers Ltd.
5. 117 bags of Brown sugar from Malik Stores
The following customers placed their orders which were fully delivered by your
company.
1. 19 bags of Maize flour by FAIZA ENTERPRISES
2. 30 dozens of Dry cells by Delux Stores Ltd
3. 3 bags of Maize Flour by NISHA Ltd.
4. 26 bags of Rice by JUDY Enterprises.
5. 90 bags of Brown Sugar by NISHA Ltd.
6. 68 bags of White Sugar by FAIZA ENTERPRISES.
7. 40 bags of White Sugar by Delux Stores.
8. 100 dozens of Dry Cells by JUDY Enterprises.
The following cheques were received from the customers being full payment for the
goods delivered.
CHEQUENOCUSTOMERAMOUNT
AA000897 FAIZA ENTERPRISES FULL
BC172000 DELUX STORES FULL
The following cheques were received from the customers being PART payment for the
goods delivered.
CHEQUENOCUSTOMERGOODSAMOUNT
ZL09788 NISHA LTD MAIZE FLOUR 4000/=
AA54322 JUDY ENTERPRISES DRY CELLS 17000/=
ZL98766 NISHA LTD BROWN SUGAR 173000
AA34422 JUDY ENTERPRISES RICE 36000
You made cheque payments to all your VENDORS except Ommollo Enterprises. Use
And it's seen you've asked the same questions on two different forums.
You're free to do whatever you like, I can't stop you. But dealing with construction and the values you're posting are not values you'd want to mess up. That's all really.
__________________
Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
Interesting that it seems to be an African test? Not the sort of test that I would have imagined them setting in Canada.
Also, if the company in the question is paying those sort of purchase prices they really shouldn't be in business... (I assume dollars which is the globally recognised curency in accounting questions). Lol, $600 for 2kg of cooking fat... Think that I'm in the wrong business.
The whole thing is a basic bookkeping test set to QB. Could just as easily be VT or Sage or Excel or done on paper. If you want to test yourself doing far more tests like that then try Business Accounts by David Cox and attempt to replicate the manual tests using whatever software you are using.
kindest regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Hilarious Johnny!
''You post this to help bookkeeping students develop'' Why do you think that any bookkeeping students need you to help them develop? We have a couple of excellent trainers who post on this site and we know their credentials (unlike yours), yet they do not pose questions as if they are setting homework for a bunch of 11 year olds. Of course if you want your homework marked then you need to post the answers, although I totally agree with Shaun in that these can easily be completed on a scrap of paper, its not a QB specific question.
We actually suggest all students make an attempt at such things and post their answers so that we can see that they have attempted the question in the first place, rather than getting someone to do the work for them which they then just copy.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Interesting that it seems to be an African test? Not the sort of test that I would have imagined them setting in Canada.
Also, if the company in the question is paying those sort of purchase prices they really shouldn't be in business... (I assume dollars which is the globally recognised curency in accounting questions). Lol, $600 for 2kg of cooking fat... Think that I'm in the wrong business.
The whole thing is a basic bookkeping test set to QB. Could just as easily be VT or Sage or Excel or done on paper. If you want to test yourself doing far more tests like that then try Business Accounts by David Cox and attempt to replicate the manual tests using whatever software you are using.
We actually suggest all students make an attempt at such things and post their answers so that we can see that they have attempted the question in the first place, rather than getting someone to do the work for them which they then just copy.
OK you asked me to post my answers, so here it is
PLease find the trial balance attached in pdf form. (it balances), also attached the qbw file.
You said you could verify my answers so please let me know how I did.
We actually suggest all students make an attempt at such things and post their answers so that we can see that they have attempted the question in the first place, rather than getting someone to do the work for them which they then just copy.
OK you asked me to post my answers, so here it is
PLease find the trial balance attached in pdf form. (it balances), also attached the qbw file.
You said you could verify my answers so please let me know how I did.
Thanks.
Angelo
No I did not say I would verify your answers, what I actually said was ''show your workings and someone on here might check it''.
Perhaps someone who has some time on their hands will wander in and check this.
Perhaps also now is a good time to do the proper introduction that we ask all newbies for.
Edited to add... You might be better extrating some reports in excel or even pdf as not everyone on here can open the QB file as they dont have QuickBooks (in fact very few seem to!)
-- Edited by Cheshire on Wednesday 17th of May 2017 05:55:29 PM
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
We actually suggest all students make an attempt at such things and post their answers so that we can see that they have attempted the question in the first place, rather than getting someone to do the work for them which they then just copy.
OK you asked me to post my answers, so here it is
PLease find the trial balance attached in pdf form. (it balances), also attached the qbw file.
You said you could verify my answers so please let me know how I did.
Thanks.
Angelo
No I did not say I would verify your answers, what I actually said was ''show your workings and someone on here might check it''.
Perhaps someone who has some time on their hands will wander in and check this.
Perhaps also now is a good time to do the proper introduction that we ask all newbies for.
Edited to add... You might be better extrating some reports in excel or even pdf as not everyone on here can open the QB file as they dont have QuickBooks (in fact very few seem to!)
-- Edited by Cheshire on Wednesday 17th of May 2017 05:55:29 PM
IN North America, Quickbooks is the norm for bookkeeping, not sure what you guys on that side of the pond use.
IF you read the original post, you will see that this thread was designed for Students, not a full time bookkeeper who was working 60 hours a week.
Introduction...
- I have worked in tax and audit for the past three years, and would like to learn bookkeeping procedures, and I came here humbly asking for advice.
I will post any figures requested by members on this board in pdf form.
If there are any other bookkeeping forums you are aware of please advise.
Thanks and have a great day...
-- Edited by Construction on Wednesday 17th of May 2017 07:38:33 PM
on this side of the pond it tends to be Sage (in America I believe that used to be called Peachtree but I beleive its also Sage over there now).
We do have some quickbooks users here. Amanda really likes it but even though Intuit came over here and gave away QB Professional Accountant edition for free it didn't really seem to take off, and now they have gone down the path of making it near impossible to buy the desktop version I suspect that it will suffer to gain market share.
Nothing against the product but I think that their concentrating on the cloud where people were adopting it to move away from the Sage client tax was a big mistake on their part that shot themselves in the foot after so much good work by their desktop team.
Personally I use VT software (Transaction+ and Accounts). I have quickbooks myself but never took to it. I also have Sage and whilst I can use it I choose not to due to their pay per client approach which is similar to cloud based business models.
I think that your problem on this site was that in your first couple of posts you used large capitals which in posts is considered rude. Thats water under the bridge now but just thought that I would tell you why things had gone a little wrong.
You ask about other bookkeeping forums but I note that you already posted this question on the AAT forum and they marked it as spam... Also I note that your other comments received similar sort of responses to this site which I fear could be one of those issues of sharing the same language but us communicating in quite different ways with our intent easily misunderstood.
I'm sure that your intentions in joining both sites was good but it may be better to concentrate your forum presence on American sites where such may be less prone to unintended communication breakdown.
I've had a glance but think that Google is attempting to be too helpful and only guiding me to UK bassed forums. However, sure that you must have the equivalent to this site stateside.
kindest regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
IN North America, Quickbooks is the norm for bookkeeping, not sure what you guys on that side of the pond use.
IF you read the original post, you will see that this thread was designed for Students, not a full time bookkeeper who was working 60 hours a week.
Introduction...
- I have worked in tax and audit for the past three years, and would like to learn bookkeeping procedures, and I came here humbly asking for advice.
I will post any figures requested by members on this board in pdf form.
If there are any other bookkeeping forums you are aware of please advise.
Thanks and have a great day...
-- Edited by Construction on Wednesday 17th of May 2017 07:38:33 PM
Ive read the original post, but this forum doesn't dictate who answers which questions. Plus if student questions were restricted to students answering then some of the student questions on here wouldn't be answered at all, or, as we've seen in the past, be answered incorrectly. There are not that many students on here and the ones who are get well over 90% of their help from the full time Accountants and bookkeepers as opposed to other students.
Of course it is wide open for anyone else, student or otherwise, to now post an answer to your question/check your answers. The reason I suggested you post your workings, rather than the QB attachment, was to assist you, in that by doing so may actually get you some help.
Re the learning of bookkeeping procedures it might be worth you doing the ACCA-X course as this covers bookkeeping and is available in North America. Might be worth seeing if the Canadian bookkeepers body has a forum.
I can also add that Intuit have a much used forum in the US so you might wish to try that as I'm assuming their product is the same as the one you are using, which is not actually quite the same as the uk version, even at desktop level.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
IN North America, Quickbooks is the norm for bookkeeping, not sure what you guys on that side of the pond use.
IF you read the original post, you will see that this thread was designed for Students, not a full time bookkeeper who was working 60 hours a week.
Introduction...
- I have worked in tax and audit for the past three years, and would like to learn bookkeeping procedures, and I came here humbly asking for advice.
I will post any figures requested by members on this board in pdf form.
If there are any other bookkeeping forums you are aware of please advise.
Thanks and have a great day...
-- Edited by Construction on Wednesday 17th of May 2017 07:38:33 PM
Ive read the original post, but this forum doesn't dictate who answers which questions. Plus if student questions were restricted to students answering then some of the student questions on here wouldn't be answered at all, or, as we've seen in the past, be answered incorrectly. There are not that many students on here and the ones who are get well over 90% of their help from the full time Accountants and bookkeepers as opposed to other students.
Of course it is wide open for anyone else, student or otherwise, to now post an answer to your question/check your answers. The reason I suggested you post your workings, rather than the QB attachment, was to assist you, in that by doing so may actually get you some help.
Re the learning of bookkeeping procedures it might be worth you doing the ACCA-X course as this covers bookkeeping and is available in North America. Might be worth seeing if the Canadian bookkeepers body has a forum.
I can also add that Intuit have a much used forum in the US so you might wish to try that as I'm assuming their product is the same as the one you are using, which is not actually quite the same as the uk version, even at desktop level.
There are no workings, I created a new company in quickbooks and just started entering information as if it was in real life.
Intuit forum is meant for support with Quickbooks, not the profession of bookkeeping.
So is anyone going to try this problem in their bookkeeping software?
