The following information relates to the books of ANTIQ Ltd for the month of March 2021. 2021 MARCH

1 Started the business with sh. 80,000 in the bank.

“ 2 Bought goods on credit from Frank Sh. 5,500.

“ 5 Cash sales Sh.5,100

“ 6 Paid wages in cash Sh.1,100

“ 7 Sold goods on credit to: Snow Sh.2,950

“ 8 Goods returned by Snow Sh. 500

“ 9 Bought goods credit from Paul Sh. 2,200

“ 12 Goods returned to Paul Sh. 400

“ 15 Bought shop fixtures on credit from Stop Limited for sh.7,400.

“ 21 Paid Stop Limited by cheque Sh. 7,400

“ 24 Snow paid us his account by cheque Sh.2,450

REQUIRED

1) Journal entries recording each of the transactions above (You may omit the narrations) 

2) Draw T- Accounts and post the accounts as necessary. Close the accounts and extract balances at the end of the month. 

3) Draw the Trial Balance as at 31 st March 2021. 

Answer rating: 100% (QA)

Date Account title Debit Credit 1 Cash 80000 Capital 80000 To record cash bought in as capital 2 Fra... View the full answer