The following are details of XYZ ltd for the month of May
1st May 2010 He started a business with capital of $600,000 which was deposited in bank
account
2nd May 2010 Bought goods on credit from Kimeu $10,000 and from Kiplimo $10,000
4th May 2010 Sold goods for cash $6,000 and on credit to Kimeli $4000
6th May 2010 Returned goods worth $10,000 to Kimeu
9th May 2010 Purchased motor vehicle for $88,000 by cheque
11th May 2010 Issued on a credit note of $5000 to Kimeli for goods returned
13th May 2010 Purchased goods for cash $40,000
14th May 2010 Paid wages by cash $36,000 and by cheque $6,000
20th May 2010 paid in cash $4,000 to Kimeu
24th May 2010 Paid in cash $44,000 for business use.
25th May 2010 Banked cash $6,000
29th May 2010 Took stock worth $1,000 for private use
Required:
a) Prepare ledger accounts for the month of May 2010 (20 Marks)

Answer rating: 100% (QA)

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