ABC Dealing is a business owned and run by Alan B Crick. Whilst the following events took place in the first few days of this month, ledger accounts have not yet been written up and that will becomeyour task here.

01-JunThe business bank account is in funds by £1,500 and there is £2,000 cash in the business’s office safe. Open accounts as relevant and simply show these as existing balances brought forward.

01-JunBought new inventory on credit from N Joshi and received an invoice for £1,800 inclusive of VAT.

01-JunSold goods to Joan’s Phones on credit and sent an invoice for £3,500 plus VAT.

01-JunAlan B Crick puts £2,500 into the business bank account and puts £2,500 into the office safe. This is all new money to his business.

02-JunPurchased goods for resale in cash from MTC Wholesale and their cash invoice/receipt was £2,000 goods,plus VAT.

03-JunSold more goods for £2,700 including VAT and all customers paid by cheque.

05-JunGoods returned by Joan’s Phones and ABC issued a credit note for £250 plus VAT.

06-JunAlan purchased a second-hand van solely for use within ABC Dealing from D Trotter in cash for £1,200 including VAT.

TASK: Opening ledger accounts as necessary and following recognized bookkeeping and accounting principles, correctly record each of the transactions stated above.(

Answer rating: 100% (QA)

Jun02 Purchase 2000 Petty cash 2000 To record purchase of goods Jun03 Bank 2700 Sales Revenue 2700 T... View the full answer