Enter the following transactions of an antiques shop in the accounts and extract a trial balance as
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Enter the following transactions of an antiques shop in the accounts and extract a trial balance as at 31 March 20X6.
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20X6 March 1 Started in business with £8,000 in the bank. "1 "I 11 11 "1 11 71 "1 11 "I "1 11 "I 2 Bought goods on credit from the following persons: L Frank £550; G Byers £290; P Lee £610. 5 Cash sales £510. 6 Paid wages in cash £110. 7 Sold goods on credit to: J Snow £295; K Park £360; B Tyler £640. 9 Bought goods for cash £120. 10 Bought goods on credit from: G Byers £410; P Lee £1,240. 12 Paid wages in cash £110. 13 Sold goods on credit to: K Park £610; B Tyler £205. 15 Bought shop fixtures on credit from Stop Ltd £740. Paid G Byers by cheque £700. 17 18 We returned goods to P Lee £83. 21 Paid Stop Ltd a cheque for £740. B Tyler paid us his account by cheque £845. 24 27 We returned goods to L Frank £18. 30 G Prince lent us £1,000 by cash. 31 Bought a van paying by cheque £6,250.
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o prepare the trial balance we need to first categorize the transactions into different accounts ass...View the full answer
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Related Book For
Frank Woods Business Accounting Volume 1
ISBN: 9780273681496
10th Edition
Authors: Frank Wood, Alan Sangster
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