Paris started a business on 1 June 2020. Her first month's transactions are as follows: 1...

 

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Paris started a business on 1 June 2020. Her first month's transactions are as follows: 1 June Paris started the business with £10,000 in cash. She paid in £9,500 of this amount into the business bank account. The first month's rent of her business premises was paid in cash, amounting to £350. 2 June Paris bought equipment costing £3,400, paying cheque. Inventories costing £8,950 was bought on credit from Oxford Plc. 6 June Inventory was sold for £3,670. The customer paid by bank transfer. 9 June Inventory costing £100 was returned to Oxford Plc. 14 June Inventory was sold on credit to A. Hussain for £5,000 and A. Richard for £300. 16 June Electricity was paid for in cash, amounting to £37. 18 June A. Hussain returned inventory originally sold to him for £200. 24 June The amount owing Oxford Plc was paid by cheque. Paris was given a 2% cash discount. 25 June Inventory costing £6,200 was bought on credit from J. Charles. 28 June The amount owing by A. Hussain was received by cheque. Paris gave A. Hussain a 2.5% cash discount. 30 June £1,750 was paid by cheque for insurance. Required: Record these transactions in Paris' ledger account, balance these off and draw up a trial balance as at 30 June 2020. Paris started a business on 1 June 2020. Her first month's transactions are as follows: 1 June Paris started the business with £10,000 in cash. She paid in £9,500 of this amount into the business bank account. The first month's rent of her business premises was paid in cash, amounting to £350. 2 June Paris bought equipment costing £3,400, paying cheque. Inventories costing £8,950 was bought on credit from Oxford Plc. 6 June Inventory was sold for £3,670. The customer paid by bank transfer. 9 June Inventory costing £100 was returned to Oxford Plc. 14 June Inventory was sold on credit to A. Hussain for £5,000 and A. Richard for £300. 16 June Electricity was paid for in cash, amounting to £37. 18 June A. Hussain returned inventory originally sold to him for £200. 24 June The amount owing Oxford Plc was paid by cheque. Paris was given a 2% cash discount. 25 June Inventory costing £6,200 was bought on credit from J. Charles. 28 June The amount owing by A. Hussain was received by cheque. Paris gave A. Hussain a 2.5% cash discount. 30 June £1,750 was paid by cheque for insurance. Required: Record these transactions in Paris' ledger account, balance these off and draw up a trial balance as at 30 June 2020.

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IN THE BOOKS Of FARIS FOR THE MONTH ENDED 30062020 JOURNAL DATE PARTICULARS 1 Cash Alc DEBIT TCR... View the full answer