Havi a small scale businessman who keeps basic accounting records for his retail business, has engaged you
Question:
Havi a small scale businessman who keeps basic accounting records for his retail business,
has engaged you to help him prepare his books of accounts, using the accounting cycle
process, prepare ledger accounts and a trial balance for the business period ended 2018
1 Dec. Mr. Havi started a business $1,000,000
5 Dec. Purchased furniture from fundi ltd for $80,000
7 Dec. Purchased goods for cash $50,000
10 Dec. Purchased goods from Bon ltd for $100,000 trade discount 20%
12 Dec. Opened a bank account by depositing $50,000
14 Dec. Sold goods for cash$50,000
15 Dec. Purchased stationery for use in the office for $10,000 by cash from stationery Mart
18 Dec. Sold goods to Joseph $20,000
20 Dec. Goods returned by Joseph $4,000
21 Dec. Payment to Bono ltd. by cheque $20,000
22 Dec. Purchased goods on credit from Rama ltd for $10,000
23 Dec. Returned goods to Rama ltd. worth $20,000
29 Dec. Cash sale for $25,000
30 Dec. Withdraw $2,000 for private use from bank
Financial Accounting
ISBN: 978-0324645576
10th edition
Authors: W. Steve Albrecht, James D. Stice, Earl K. Stice