Practice Question 1 Now let’s attempt a simple T- Account question in our copies for the Smith Family for the week 14th -21st of October 2016. 14/10 Cash on Hand €300 (Balance b/d from last month) 15/10 Received Wages €1200 16/10 Paid for Insurance €100 17/10 Paid Groceries €100 17/10 Child Benefit €150 18/10 Childcare €140 20/10 Wages 600 21/10 Car Repayments €550 *Remember to use appropriate headings and columns What does the final balance figure tell us? Practice Question 2 The Leary Family have a weekly income of €200. For the 7 days ending 7 June 2016 their expenditure was as follows June 1 Groceries €23 June 2 Rent €55 June 4 Groceries €15 June 6 Entertainment €20 June 6 Bought Skirt in TopShop €20 June 6 New pair of Kicks €50 *Remember to use appropriate headings and columns What does the final balance figure tell us?
Practice Question 1 Now let’s attempt a simple T- Account question in our copies for the Smith Family for the week 14th -21st of October 2016. 14/10 Cash on Hand €300 (Balance b/d from last month) 15/10 Received Wages €1200 16/10 Paid for Insurance €100 17/10 Paid Groceries €100 17/10 Child Benefit €150 18/10 Childcare €140 20/10 Wages 600 21/10 Car Repayments €550 *Remember to use appropriate headings and columns What does the final balance figure tell us? Practice Question 2 The Leary Family have a weekly income of €200. For the 7 days ending 7 June 2016 their expenditure was as follows June 1 Groceries €23 June 2 Rent €55 June 4 Groceries €15 June 6 Entertainment €20 June 6 Bought Skirt in TopShop €20 June 6 New pair of Kicks €50 *Remember to use appropriate headings and columns What does the final balance figure tell us?