W. Green decided to go into business on 1 August 20X9 by W. Green decided to go
Question:
W. Green decided to go into business on 1 August 20X9 by W. Green decided to go into business purchasing a firm owned by L. House. The purchase consideration was £96,000, which had been computed by valuing the assets and liabilities that were taken over as follows:
Required
You are required to show the opening entries in the journal and ledger of W. Green.
Premises Plant and machinery Goods for resale Trade receivables Trade payables £ 55,000 23,000 14,600 6,300 2,900
Step by Step Answer:
Journal Entries DateAccountDebitCredit 1 Aug 20X9Cash96000 1 Au...View the full answer
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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