The purchase transactions as listed below were conducted by Ashan Trading Enterprise during April 2020. 02...
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The purchase transactions as listed below were conducted by Ashan Trading Enterprise during April 2020. 02 Purchased merchandise at the cost of Rs. 8,500 on credit from Decent Supplies. 06 Procured Store supplies valuing Rs. 5,000 on credit from Ahmad Supplies Company. 10 Acquired merchandise amounting to Rs. 22,000 from Decent supplies on 30 days credit. 14 Procured merchandise on credit valuing Rs. 18,500 from Laeeq Sons for sale 20 Purchased Computer equipment from Reliable Technology valuing Rs. 5,500 On 2/15, n/30 credit terms 25 Purchased merchandise from Laeeq Sons on 20 days credit basis at price of Rs. 10,000 30 Procured Saleable goods worth Rs. 15,000 from Ahmad Supplies Company on 2/10, n/30 credit terms Required a) b) c) d) Record the above transactions in the Purchase Journal and allot some suitable account numbers of control accounts Post these transactions in the control ledger accounts Also post these transactions in the subsidiary ledger accounts Draw a schedule of Accounts Payable indicating the amount due to each credit supplies at the end of the month and reconcile it with the control account. The purchase transactions as listed below were conducted by Ashan Trading Enterprise during April 2020. 02 Purchased merchandise at the cost of Rs. 8,500 on credit from Decent Supplies. 06 Procured Store supplies valuing Rs. 5,000 on credit from Ahmad Supplies Company. 10 Acquired merchandise amounting to Rs. 22,000 from Decent supplies on 30 days credit. 14 Procured merchandise on credit valuing Rs. 18,500 from Laeeq Sons for sale 20 Purchased Computer equipment from Reliable Technology valuing Rs. 5,500 On 2/15, n/30 credit terms 25 Purchased merchandise from Laeeq Sons on 20 days credit basis at price of Rs. 10,000 30 Procured Saleable goods worth Rs. 15,000 from Ahmad Supplies Company on 2/10, n/30 credit terms Required a) b) c) d) Record the above transactions in the Purchase Journal and allot some suitable account numbers of control accounts Post these transactions in the control ledger accounts Also post these transactions in the subsidiary ledger accounts Draw a schedule of Accounts Payable indicating the amount due to each credit supplies at the end of the month and reconcile it with the control account.
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a Purchase Journal Particulars Debit Credit Decent Supplies 8500 Ahmad Supplies Company 5000 ... View the full answer
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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