Hotpot trader has started business of selling Electronic Toys. The following transactions took place during the...
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Hotpot trader has started business of selling Electronic Toys. The following transactions took place during the first week of December 2020 Required: A. Record the following financial transactions of Hotpot trader in 'T' accounts using the double entry principle. Marks 18 01/12/2020: Owner of Hotpot trader started business by depositing £20,000 into the business bank account 01/12/2020: Purchased goods for resale and paid £250 by cheque. 02/12/2020: Paid rent of £225 by cheque. 02/12/2020: Paid insurance of £100 by cheque. 03/12/2020: Sold goods for £650, customer paid by debit card. (Bank) 03/12/2020: Paid rates £135 by cheque 04/12/2020: Sold goods on credit to a customer, James, for £750. 05/12/2020: Purchased goods for resale on credit from Charly for £450. 05/12/2020: Paid wages £750 by bank transfer. C. B. Balance only Bank account and bring down the balance in the account. Prepare Trial balance as on 05 December 2020 with the appropriate title using all 'T' accounts' balances from task A above. Hotpot trader has started business of selling Electronic Toys. The following transactions took place during the first week of December 2020 Required: A. Record the following financial transactions of Hotpot trader in 'T' accounts using the double entry principle. Marks 18 01/12/2020: Owner of Hotpot trader started business by depositing £20,000 into the business bank account 01/12/2020: Purchased goods for resale and paid £250 by cheque. 02/12/2020: Paid rent of £225 by cheque. 02/12/2020: Paid insurance of £100 by cheque. 03/12/2020: Sold goods for £650, customer paid by debit card. (Bank) 03/12/2020: Paid rates £135 by cheque 04/12/2020: Sold goods on credit to a customer, James, for £750. 05/12/2020: Purchased goods for resale on credit from Charly for £450. 05/12/2020: Paid wages £750 by bank transfer. C. B. Balance only Bank account and bring down the balance in the account. Prepare Trial balance as on 05 December 2020 with the appropriate title using all 'T' accounts' balances from task A above.
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192020 To 6 Alo By Balanwild 750 135 James Alc 4122020 Tosaly A ICH by Bal cld ... View the full answer
Related Book For
Accounting Business Reporting for Decision Making
ISBN: 9780730302414
4th edition
Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver
Posted Date:
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