Question 3 Following information is provided by a bookkeeper of Nambawan Trading Ltd, a newly established...
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Question 3 Following information is provided by a bookkeeper of Nambawan Trading Ltd, a newly established business. You were asked to help the bookkeeper record the transactions. On 01 June 2010, Owner introduces following assets to commence business. Cash K100,000 Building K24,900 Office Equipment K7,400 Following transactions occur during the month of June 2010 02 June. Owner opened business bank account and deposited K65,000 02. Received invoice from Ravi K10,000 04. Sold goods to Gobi on credit K12,000 05. Purchase Store Goods for cash K5,000 06. Sales receipts from EFPOS K10,000 07. Invoice sent to Dama K5,000 08. Sold for Cash K7,000 09. Bought Furniture paid by cheque K2,000 10. Received Credit Note from Ravi K2,000 12. Purchase goods from Soha K10,000 14. Cash paid to Ravi K7,800 on full settlement of account 15. Paid Wages K3,000 cheque and K2.000 cash 16. Credit Note sent to Gobi K3,000 17. Deposited cash into Bank K5,000 18. Sold goods to Buwa K12,000 19. Paid for advertisement by cheque K1,000 20. Issued cheque of K9,850 to Soha for amount owing on full settlement of account 22. Received Cash from Gopi K8,800 in full settlement of his account 25. Received interest through cheque K2,000 28. Goods taken by owner for own use K1,000 cash and K500 worth of Furniture 29. Received Cash from Buwa K6,000 30. Dama went hiding. Balance on account to be written off as it is uncertain to be collected. . Monthly rent paid by cheque K2,000 .Paid Wages K3,000 cheque and K2,000 Cash You are required to: a) Prepare relevant journal entries to record the transactions (15 marks) b) Prepare three columnar Cashbook for the cash transactions (20 marks) c). Post them to individual ledger accounts and (30 marks) d) Prepare Trial Balance as at 30 June 2010 (15 marks) Question 3 Following information is provided by a bookkeeper of Nambawan Trading Ltd, a newly established business. You were asked to help the bookkeeper record the transactions. On 01 June 2010, Owner introduces following assets to commence business. Cash K100,000 Building K24,900 Office Equipment K7,400 Following transactions occur during the month of June 2010 02 June. Owner opened business bank account and deposited K65,000 02. Received invoice from Ravi K10,000 04. Sold goods to Gobi on credit K12,000 05. Purchase Store Goods for cash K5,000 06. Sales receipts from EFPOS K10,000 07. Invoice sent to Dama K5,000 08. Sold for Cash K7,000 09. Bought Furniture paid by cheque K2,000 10. Received Credit Note from Ravi K2,000 12. Purchase goods from Soha K10,000 14. Cash paid to Ravi K7,800 on full settlement of account 15. Paid Wages K3,000 cheque and K2.000 cash 16. Credit Note sent to Gobi K3,000 17. Deposited cash into Bank K5,000 18. Sold goods to Buwa K12,000 19. Paid for advertisement by cheque K1,000 20. Issued cheque of K9,850 to Soha for amount owing on full settlement of account 22. Received Cash from Gopi K8,800 in full settlement of his account 25. Received interest through cheque K2,000 28. Goods taken by owner for own use K1,000 cash and K500 worth of Furniture 29. Received Cash from Buwa K6,000 30. Dama went hiding. Balance on account to be written off as it is uncertain to be collected. . Monthly rent paid by cheque K2,000 .Paid Wages K3,000 cheque and K2,000 Cash You are required to: a) Prepare relevant journal entries to record the transactions (15 marks) b) Prepare three columnar Cashbook for the cash transactions (20 marks) c). Post them to individual ledger accounts and (30 marks) d) Prepare Trial Balance as at 30 June 2010 (15 marks)
Expert Answer:
Related Book For
Intermediate Accounting
ISBN: 978-1119048534
11th Canadian edition Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
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