Prepare journal entries, t-accounts, trial balance, income statement (Assuming closing inventory of £300), and balance sheet statement.

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Jill commences trading 1st September 2017 preparing accounts to 30th September 2018. Her transactions in first month were as follows: 1/09 Started business with £3,000 in the Bank and £800 cash 2/09 Purchased goods £900 on credit from Ron 3/09 Bought Computer £800 paying by cheque 5/09 Sold goods for £500 and received the money in Bank 6/09 Bought goods on cash £400 from C Jones 10/09 Paid rent by cheque £300 12/09 Bought stationery £100 paying in cash 18/09 Goods returned to Ron £100 21/09 Let off part of the premises receiving rent by cheque £100 23/09 Sold goods on credit to Bill £400 23/09 Sold goods of £1500 and received cash 24/09 Bought a car for business use paying by cheque £900 30/09 Paid the month's wages by cash £400 30/09 Jill took cash for herself £550 Jill commences trading 1st September 2017 preparing accounts to 30th September 2018. Her transactions in first month were as follows: 1/09 Started business with £3,000 in the Bank and £800 cash 2/09 Purchased goods £900 on credit from Ron 3/09 Bought Computer £800 paying by cheque 5/09 Sold goods for £500 and received the money in Bank 6/09 Bought goods on cash £400 from C Jones 10/09 Paid rent by cheque £300 12/09 Bought stationery £100 paying in cash 18/09 Goods returned to Ron £100 21/09 Let off part of the premises receiving rent by cheque £100 23/09 Sold goods on credit to Bill £400 23/09 Sold goods of £1500 and received cash 24/09 Bought a car for business use paying by cheque £900 30/09 Paid the month's wages by cash £400 30/09 Jill took cash for herself £550

Answer rating: 100% (QA)

Lets go through the transactions step by step and prepare the journal entries Taccounts trial balance income statement and balance sheet for Jills bus... View the full answer