Question: Compile a ledger account using this information? Vale has been in business for some years. The following balances were brought for- ward in his books

Compile a ledger account using this information?

Vale has been in business for some years. The following balances were brought for-

ward in his books of account as at 31 December 2004:

During the year to 31 December 2005 the following transactions took place:

1 Goods bought from Dodd on credit for 30 000.

2 Cash sales of 20 000.

3 Cash purchases of 15 000.

4 Goods sold to Fish on credit for 50 000.

5 Cheques sent to Dodd totalling 29 000.

6 Cheques received from Fish totalling 45 000.

7 Cash received from Fish amounting to 7000.

8 Office expenses paid in cash totalling 9000.

9 Purchase of delivery van costing 12 000 paid by cheque.

10 Cash transfers to bank totalling 3000.

:

(a) Compile Vales ledger accounts for the year 31 December 2005, balance off the

accounts and bring down the balances as at 1 January 2006.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!