ledger reconstruction

Question 1

Accounts receivable

Answer 1

Debit: Sales / GST Clearing
Credit: Bank, Discount expense, Salesreturns / GST Clearing, Allowance for doubtful debst / GST Clearing

Question 2

Accoutns Payable

Answer 2

Debits: Bank, Discount revenue, Inventory / GST Clearing
Credits: Inventory / GST Clearing

Question 3

Inventory

Answer 3

Debits: Accounts payable, Bank, Cost of sales, Inventory gain
Credits: Cost of sales, Accounts payable, advertising, drawings, inventory write down, inventory loss

Question 4

GST Clearing

Answer 4

Debits: Bank, Accounts payable. accounts receivable
Credits: Bank, Accounts payable, Accounts receivable

Question 5

Capital

Answer 5

Debit: Drawings, P/L summary
Credits: Bank, NCA, P/L summary

Question 6

Disposal of NCA

Answer 6

Debits: NCA, Profit on disposal of NCA
Credits: Acc dep on NCA, Bank / new NCA, loss on disp of NCA