Question 4

Dr Mutasa started a new business on 1 January 2017. The following transactions took place during his first month in business

2017

1.1 Started business with N$ 100 000 in cash

1.2 Put N$ 8000 of the cash into the business bank account

1.3 Bought a van on credit from Sensei's Kung-Fu Dojo for N$ 3000

1.4 Paid rent N$ 1000 by cheque

1.5 Bought goods on credit from Roy limited for N$ 4000

1.6 Paid shop expenses N$ 1500 by cheque

1.7 Sold goes on credit to Scott Company

1.8 Paid Perkin N$ 3000 by cheque

1.9 Received a cheque from Scott Company for N$ 2000

1.10 Paid Roy limited N$ 500 by cheque

1.11 Bought goods for N$ 3000 from Roy limited on credit

1.12 Cash sales N$2000

Required : Enter the above transactions in appropriate ledger accounts, balance off each accounts as at 31 January 2017 (33 marks) 1 mark for every correct entry and balancing off.