Accounting with sales journal and purchases journal GST version Tobys Traders Ltd uses sales and purchases journals
Question:
Accounting with sales journal and purchases journal GST version Toby’s Traders Ltd uses sales and purchases journals in its accounting system. The following transactions occurred during April 2025.
Required
(a) Complete the requirements below, assuming that the business is registered for the GST.
i. Establish all necessary general ledger accounts, accounts receivable subsidiary ledger accounts, and accounts payable subsidiary ledger accounts. Use the following account numbers: Accounts Receivable, 1200; GST Receivable, 1300; Accounts Payable, 2200; GST Payable, 2300; Sales, 4100; Purchases 5100.
ii. Enter the transactions for April in the appropriate special journals.
iii. Post the data from the journals to the general ledger and subsidiary accounts.
iv. Prepare a schedule of the accounts receivable subsidiary ledger and the accounts payable subsidiary ledger as at 30 April to prove that their totals are equal to the balances of the control accounts.
Step by Step Answer:
Accounting
ISBN: 9780730382737
11th Edition
Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie