N. Moss commenced business on 1 May 20X3 with a capital of 5,000 of which 1,000 was
Question:
Her transactions during May were as follows:
1. May Borrowed £2,000 from Birmingham Bank Ltd in the form of a cheque
2. May Paid rent of £750 by cheque
5. May Paid wages of £120 in cash
8. May Purchased goods for £1,380 by cheque
10. May Sold goods for £650 cash
12. May Withdrew £200 in cash for personal use
15. May Bought goods on credit for £830 from S. Oak
18. May Sold goods on credit for £1,250 to K. Heath
20. May Bought shop fittings of £2,500 by cheque
23. May Paid water rates of £325 in cash
25. May Paid gas bill of £230 by cheque
27. May Returned goods costing £310 to S. Oak
28. May K. Heath returned goods with an invoice value of £480
29. May N. Moss introduced further capital by cheque: £3,000
30. May Bought stationery of £90 in cash
31. May Sent S. Oak a cheque for £300
31. May Received a cheque for £500 from K. Heath.
You are required to show the above transactions in the ledger (use T accounts).
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Related Book For
Introduction To Financial Accounting
ISBN: 978-0077138448
7th edition
Authors: Anne Marie Ward, Andrew Thomas
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