H. George commenced business as a butcher on 1 October 20X9 introducing cash of 5,000 from her
Question:
H. George commenced business as a butcher on 1 October 20X9 introducing cash of £5,000 from her personal bank account to the newly opened business bank account. Her transactions during October 20X9, which were all in cash, are as follows:
1 Oct Rent of shop: £200
2 Oct Purchases of goods: £970
4 Oct Bought fixtures and fittings: £1,250
6 Oct Borrowed £3,500 from S. Ring
9 Oct Purchased delivery van: £2,650
12 Oct Sold goods for £1,810
15 Oct Paid wages of £150
18 Oct Purchases: £630
19 Oct Drawings: £350
21 Oct Petrol for van: £25
22 Oct Printing costs: £65
24 Oct Sales: £1,320
25 Oct Repairs to van: £45
27 Oct Wages: £250
28 Oct Purchased stationery costing £35
30 Oct Rates on shop: £400
31 Oct Drawings: £175
You are required to record the above transactions in the ledger (use T accounts).
Step by Step Answer:
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas