W. Green decided to go into business on 1 August 20X9 by W. Green decided to go
Question:
W. Green decided to go into business on 1 August 20X9 by W. Green decided to go into business purchasing a firm owned by L. House. The purchase consideration was £96,000, which had been computed by valuing the assets and liabilities that were taken over as follows:
Required
You are required to show the opening entries in the journal and ledger of W. Green.
Premises Plant and machinery Goods for resale Trade receivables Trade payables £ 55,000 23,000 14,600 6,300 2,900
Step by Step Answer:
Journal Entries DateAccountDebitCredit 1 Aug 20X9Cash96000 1 Au...View the full answer
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
The following details are available from XY company, calculate Cash flow from Operating Activities: LIABILITIES Share capital Debentures Reserve for doubtful debts Trade creditors Profit and Loss A/c...
-
In this case study, you, the student will set up a new company file using the Express Start instead of the Detailed Start. You will use the Preferences Section to make Changes and will add the needed...
-
Express the traction boundary condition (12.3.8) in terms of displacement and temperature for the plane stress problem. Equation 12.3.8 T = Oxnx + xyny = (Tr), T" = Txynx + ayny
-
Using the information in the previous problem, compute the prices of In previous problem Suppose that S = $100, K = $100, r = 0.08, = 0.30, = 0, and T = 1. Construct a standard two-period binomial...
-
Lockheed is presented in this chapter mainly as an example of: (a) Failure to record asset impairments. (b) Overstatement of sales. (c) Understatement of reserve for bad debts. (d) Improper use of...
-
The efficiency of a reversible machine is _____ 50 percent.
-
Journal entries for prepaid rent ABB Group (ABB), headquartered in Switzerland, is one of the worlds largest engineering companies. ABB applies U.S. GAAP, and reports its results in millions of U.S,...
-
Letty, Brian, Han, Dominic, and Gisele loved driving around town fast and furious. If one happened to be speeding and noticed an officer or a state trooper, they would send signals to others to make...
-
The unadjusted trial balance of La Mesa Laundry at August 31, 20Y5, the end of the fiscal year, follows: The data needed to determine year-end adjustments are as follows: (a) Wages accrued but not...
-
What are the advantages of a trial balance?
-
B. Jones is in business as a builders merchant. He had 3,680 in the bank on 1 May 20X9. The following receipts and payments from the bank took place during May 20X9: 3 May Introduced additional...
-
Consider the following actual and forecast demand levels for Big Mac hamburgers at a local McDonalds restaurant: The forecast for Monday was derived by observing Mondays demand level and setting...
-
Considering the entertainment value of sport, how can athletes best engage in activism within this context?
-
If you oversaw the corporate communication for MLS NEXT, what communication strategies would you implement for your different stakeholders (coaches, players, parents, community members, etc.)?
-
What kinds of responsibilities do sports organizations have regarding diversity, equity, and inclusion? How do these responsibilities differ for youth leagues versus adult leagues?
-
Discuss whether Take a Knee truly embodied a self-inflicted athlete reputational crisis. How might this form of crisis be viewed as avoidable or manageable in the context of athlete activism? How can...
-
What responsibility do professional sport teams have in social and political debates? Does the same apply to collegiate and youth teams?
-
From an ethical standpoint, should women tennis players be paid the same as men tennis players in the U.S. Open even though the women play two out of three sets in comparison to the three out of five...
-
DEPARTMENT DATA EMPLOYEE DATA EmployeeNumber FirstName Mary Rosalie Richard George Alan 3 4 5 7 8 9 855555ES 12 13 14 15 16 17 Create the database tables in SQL or ACCESS: 18 19 20 PROJECT DATA Ken...
-
The following is a summary from the cash book of Hozy Co. Ltd for October 20X2: On investigation you discover that: 1. Bank charges of 35 shown on the bank statement have not been entered in the cash...
-
A young and inexperienced bookkeeper is having great difficulty in producing a bank reconciliation statement at 31 December. He gives you his attempt to produce a summarized cash book, and also the...
-
The statement of financial position and statement of profit and loss of Faults Ltd show the following two items: Bank balance- over drown......................................3,620 Statement of...
-
The following Python program swaps two variables which is entered by user # To take input from the user x = input ('Enter value of x: ') y = input ('Enter value of y: ') # create a temporary variable...
-
1. Raman purchases a motor car from Bharathan whose cash price is Rs. 56,000 on 11.93. Rs. 15,000 is paid on signing the contract and the balance is to be paid in three equal annual instalments of...
-
Write a function that takes in a value x, a value el, and a list and adds as many el's to the end of the list as there are x's in the list. Make sure to modify the original list using list mutation...
Study smarter with the SolutionInn App