Jane Butt, who commenced a wholesale store on 1.8.2010, has summarised her transactions during the first week

Question:

Jane Butt, who commenced a wholesale store on 1.8.2010, has summarised her transactions during the first week of business as follows:

Note: Jane has paid all her expenses by the weekend and holds no unsold goods.


Required:

(a) Record Jane’s transactions in the appropriate books of prime entry.

(b) Post the transactions to the Nominal ledger, Receivables ledger and Payables ledger.

(c) Extract a Trial Balance as at 5 August 2010.

(d) Prepare the Statement of income for the five days to 5 August 2010 and the Statement of financial position as at that date.

Note: ignore depreciation of furniture.

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Related Book For  answer-question

Financial Accounting An Introduction

ISBN: 9780273737650

2nd Edition

Authors: Mr Barry Elliott, Mr Augustine Benedict

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