Out Of The Box is a registered VAT vendor which sells craft supplies, and began trading on
Question:
Out Of The Box is a registered VAT vendor which sells craft supplies, and began trading on
1 August. All purchases are made from registered VAT vendors from whom the business always receives valid tax invoices. The business uses the periodic inventory system to account for inventory.
Using the complete journal entries, prepare the balance sheet accounts in the general ledger, balancing any accounts required to be balanced. Years may be ignored in the date column; only months (use abbreviations, e.g. “Aug”, “Sept”) and days must be shown.
Please use the image to relate it to the following T acccounts.
Capital
Date | Details | Folio | Amount | Date | Details | Folio | Amount |
Drawings
Date | Details | Folio | Amount | Date | Details | Folio | Amount |
Motor vehicles
Date | Details | Folio | Amount | Date | Details | Folio | Amount |
Debtors
Date | Details | Folio | Amount | Date | Details | Folio | Amount |
Frank Woods Business Accounting Volume 1
ISBN: 9780273681496
10th Edition
Authors: Frank Wood, Alan Sangster