Agline Freeman is a graduate with a Degree in Electrical and Electronic Engineering. During her internship and
Question:
Agline Freeman is a graduate with a Degree in Electrical and Electronic Engineering. During her internship and volunteering services she was able to have a savings of L$990,000 during the year. After the internship she started a retail business, AF Enterprises, selling household electrical equipment. She transferred her car worth L$1,440,000 for the use of the business. She borrowed L$198,000 from her friend. All these were used for the business. During the month of December 2019, he had the following transactions:
Date Transactions Description
December
3rd Purchased electrical equipment from Charles Ltd on credit--------------------- 540,000
3RD There was transportation charge paid by cash to take the
Equipment to the warehouse------------------------------------------------------------------49,368
6th Sold goods on credit to Johnson & Co--------------------------------------------------570,000
8 Sold good for cash-----------------------------------------------------------------------------78,840
11 Paid general expenses by cash-----------------------------------------------------------48,834
15 Purchased electrical items on credit from Charles Ltd ------------------------------180,000
17 Adesha Ventures repair the motor car on credit---------------------------------------32,556
20 Paid cash to Charles on account----------------------------------------------------------502,500
22 Johnson & Co paid cash---------------------------------------------------------------------375,000
25 Paid cash for salaries and wages----------------------------------------------------------233,874
25 Paid cash for Rent-----------------------------------------------------------------------------18,000
27 Sold electrical wire to Alice on credit-----------------------------------------------------204,000
i. Post the transactions into the ledgers.
ii. Extract a Trial Balance as at 31 December, 2019.
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws