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Paradise Office Furniture. A Manual Accounting Practice Set

  • ID: 2242033
  • Book
  • November 2007
  • 80 Pages
  • John Wiley and Sons Ltd
Paradise Office Furniture is a small retail business operated by a sole trader. The practice set accounts for one month early in the life of the business and is designed to help students see the \'big picture\' of the accounting cycle from analysis of transaction data through to preparation of financial reports.

The practice set can be used in conjunction with any introductory financial accounting text, and is particularly suited to a course which has an emphasis on the preparation and use of financial statements for decision making. By completing the practice set, students will gain a step by step understanding of various accounting processes and how all the interdependent steps fit togther as an integrated whole.
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Background to the business and its activities

Business records and their format

Accounting procedures

Accounting for GST (accruals basis)

Business reports and their format

Instructions for completing the practice set

Transaction Summary –


Chart of accounts

Bank statement –


Bank reconciliation statement –


Price lists applicable to June sales



General Journal

Sales Journal

Purchases Journal

Cash Receipts Journal

Cash Payments Journal

Petty Cash Journal


General Ledger

Trade Accounts Receivable Ledger

Trade Accounts Payable Ledger

Inventory Ledger Working papers

Bank reconciliation statement

Subsidiary ledger reconciliation schedules

Unadjusted Trial Balance

10 column worksheet

Adjusted Trial Balance

Post–closing Trial Balance

Financial reports

Statement of Financial Performance

Statement of Financial Position

Statement of Cash Flows

Answers to analytical questions
Note: Product cover images may vary from those shown
Jillian Phillips
Note: Product cover images may vary from those shown