Question

Obtained a loan of $13,000 from Uncle Peter (a family relative of Portia Cohen) at a simple interest rate of 8% per year, Cheque No. 154, ID #CR000001. The principal and interest on the loan are payable in six months time.

3 Issued Cheque No. 4031 for $5,588 to Mega Tech in payment of Purchase #327 (Supplier Inv#228).

3 Purchased 9 units Swish Phones from Pony at $1,782 each (includes 10% GST), Purchase #330, Supplier Inv#488. Issued Cheque No. 4032 for $8,800 to this supplier for this particular invoice at the time of the purchase. 3 Issued Cheque No. 4033 for $1,980 (includes 10% GST) to Discount Office Supplies for the cash purchase of office supplies.

4 Received Cheque No. 200 from Radio Hut for the full amount outstanding on their account, ID #CR000002.

6 Sold the following items on credit to Hypertronics, Invoice #3594:

4 units BG90 plasma televisions for $2,310 each (includes 10% GST)

4 units ZII game consoles for $1,870 each (includes 10% GST).

$4,400 was received immediately, Cheque No. 649, with the rest due to be received during the last week of the month. Note that MYOB automatically assigns ID #CR000003 to this cash receipt. Note: Remember that you were asked to create a deposit slip on 7 January 2020 to record all cheques received from 1 January to 6 January inclusive, ID #CR000004.

Answer 1

Answer:-

Particulars	Debit	Credit	Workings
Cash A/c Dr	13,000
To Notes Payable (short term)		13,000
(to record cash borrowed)
Accounts Payable(Mega Tech) A/c Dr	5,588
To Bank		5,588
(Being cheque issued to mega tech)
Inventory( swiss phone) A/c Dr	14,580		(1782*100/110)*9
GST Input A/c Dr	1,458		(1782*10/110)*9
To Bank A/c		8,800
To Accounts Payable a/c		7,238
(being 9 swiss phone purchased)
Office Suppies A/ c Dr	1800		1980*100/110
GST Input A/c Dr	180		1980*10/110
To Bank A/c		1,980
(being office supplies expenses paid)
Cash A/c Dr
To Accounts Receivable
Cash A/c Dr	4,400
Accounts Receivable(Hypertronics)	12,320		(4*2310+4*1870)-4400
To Sales		15,200	(2310*100/110)*4 + (1870*100/110)*4
To GST PAYABLE		1,520	(2310*10/110)*4 + (1870*10/110)*4
(being goods sold )