You are required to open the asset and liability and capital accounts and record the following transactions
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You are required to open the asset and liability and capital accounts and record the following transactions for June 20X8 in the records of P Bernard.
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20X8 June 11 "1 11 11 11 11 "1 "1 Started business with £12,000 in cash. 2 Paid £11,700 of the opening cash into a bank account for the business. 5 Bought office furniture on credit from Dream Ltd for £1,900. 8 Bought a van paying by cheque £5,250. 12 Bought equipment from Pearce & Sons on credit £2,300. 18 Returned faulty office furniture costing £120 to Dream Ltd. 25 Sold some of the equipment for £200 cash. 26 Paid amount owing to Dream Ltd £1,780 by cheque. Took £130 out of the bank and added to cash. 28 F Brown lent us £4,000- giving us the money by cheque.
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Transaction 1 Started business with 12000 in cash Assets Liabilities Capital Cash 12000 12000 Transa...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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