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.

Transcribed Image Text:

Date 1.8 1.8 2.8 3.8 3.8 4.8 4.8 5.8 5.8 Cash receipts Particulars Capital Sales Sales Paul Russell Sales Allen Stern Sales Allen Stern Sales Amount £10,000 £526 £412 £1,236 £168 £1,214 £320 £1,425 £460