Enter the following transactions in the appropriate primary day books & ledger of Aku and prepare a trial balance, Income Statement and Balance sheet as at 31 Dec 2019. 1. Started in business with £10,500 in the bank and £1,500 cash 2. Purchased goods to the value of £1,750 from C Dunn, 3. Bought fixtures and fittings for the bakery for £1,150, paying by cheque 4. Credit purchases from: K Hill £580; M Norman £500; N Senior £106. 5. Credit sales to: E Rigby £510; E Phillips £246; F Thompson £356.Bought goods for cash £550. 6. Bought van by cheque £3,500 7. Bought goods on credit from E Farnham for £115 8. Paid rent of £300 paying cash 9. Bought stationery – cash book and invoices – for £75 – paying by cash 10. Sold goods on credit, value £2,125, to G Harlem 11. Credit purchases from: K Hill £380; M Norman £500; N Senior £106. 12. Credit sales to: E Rigby £510; E Phillips £246; F Thompson £356. 13. Credit purchases from: R Morton £1,200; J Cook £180; D Edwards £410; C Davies £66. 14. Received loan from B Barclay by cheque £2,000. 15. Credit sales to: E Phillips £1,188; F Powell £2,310; E Lee £1,420. 16. Credit purchases from: C Ferguson £550; K Ennevor £900. 17. Returns inwards from: E Phillips £127; E Rigby £130. 18. Bought Cloaking Device (Fixture and Fittings) from Klingon Corp £3,500 19. Bought an van for deliveries for £2,000 on credit from I Jumpstart 20. Paid wages of £450 net for the month by cheque, 21. Summarised cash sales for the month and found them to be £2,500. Took a cheque for £500 as own wages for the month. Banked £2,000 out of the cash sales over the month 22. Paid rent by cheque £220 23. Cash sales 1200 and deposit into bank 24. Bought goods for cash £550. 25. Bought goods on credit from: T Dry £800; F Hood £930; M Smith £160; G Low £510. 26. Bought stationery on credit from Buttons Ltd £89. 27. Paid insurance by cheque £320 28. Received cheque from G Harlem 29. Withdrew £150 from the bank for business use. 30. Paid motor expenses by cheque £81. 31. Paid C Dunn By cheque. 32. Cash sales £1,510 33. Took £200 out of the cash till and paid it into the bank. 34. Bought office equipment by cheque £310. 35. We paid the following accounts by cheque, in each case deducting 21/2 per cent cash discount: T Dry £800; F Hood £930; M Smith £160; G Low £510. 36. Withdrew cash from the bank for business use £400. 37. Sold goods on credit to: R Tong £2,170; L Fish £5,240; M Singh £1,326; A Tom £1,204. 38. Goods returned to us by: R Tong £5; M Singh £20 39. Cash sales £1,450 40. Bought fixtures on credit from Chiefs Ltd £610 41. Bought van by cheque £6,500. 42. Sold goods on credit to: L Fish £2,130; A Tom £5,410; R Pleat £3,158. 43. We paid the following by cheque: F Hood £900; M Smith £118. 44. Received cheques from: R Pleat £1,158; L Fish £1,370. 45. Received a further loan from B Barclay by cash £500. 46. Received £1,614 cash from A Tom 47. Further invest in business with £5,000 in the bank. 48. Paid motor expenses by cheque £81. 49. Bought lorry paying by cheque £14,300. 50. Withdrew cash from the bank for business use £400. 51. Paid all creditors(credit purchases) Partial 50%payment by cheque. 52. Paid utility bills £150 Additional data A. Closing stock was £500. B. Insurances have been prepaid by£50. C. Wages is accrued £500.

Answer rating: 100% (QA)

capital accountAKU bal cd 1700000 Bank account 1050000 Cash account 150000 Bank account 500000 Cash AccountAku capital account 150000 cash purchases 55000 sales account ... View the full answer