The following transactions occurred in the accounts of UTOPOLO SC on June 2022 June1 Started in...
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The following transactions occurred in the accounts of UTOPOLO SC on June 2022 June1 Started in business with Bank Account of TZS20,000,000 and stock valued at TZS 300,000. GSM LTD lent UTOPOLO TZS5,000,000 in cash. 2 3 Purchased a building on credit from NHC costing TZS5,000,000. 4 Bought goods on credit from MAYELE TZS1,500,000. 5 Sold goods by cash TZS1,900,000. 6 Took TZS2,000,000 from bank and put it in cash account. 8 Sold goods on credit to SUREBOY TZS1,400,000. 10 Sold goods on credit to LOMALISA TZS850,000. 11 Bought goods on credit from FEISAL TZS500,000. 12 SUREBOY returned goods to UTOPOLO SC TZS 100,000. 15 UTOPOLO SC returned goods to FEISAL TZS50,000. 17 Bought a motorcar on credit from AZAM Cars Ltd TZS4,500,000. 18 Bought office furniture on credit from MTIBWA Ltd TZS1,800,000. 20 Bought goods by cash TZS400,000. 22 UTOPOLO SC drew both cash TZS500,000 and goods of TZS100,000 for private use. 24 Goods were sold by cash TZS650,000. 25 Paid money owing to MAYELE and GSM LTD by cheque TZS1,900,000 and TZS2,500,000 respectively. 28 Paid AZAM Cars Ltd TZS4,000,000 by cheques. 30 Paid the following by cash; insurance TZS210,000, stationaries TZS130,000, wages & salaries TZS350,000, electricity TZS110,000 and transportation TZS100,000. REQUIRED Prepare Statement of Profit and Loss and the Statement of Financial Position for UTOPOLO SC as at 30th June 2022; assuming that the ending inventories are valued at TZS200,000. The following transactions occurred in the accounts of UTOPOLO SC on June 2022 June1 Started in business with Bank Account of TZS20,000,000 and stock valued at TZS 300,000. GSM LTD lent UTOPOLO TZS5,000,000 in cash. 2 3 Purchased a building on credit from NHC costing TZS5,000,000. 4 Bought goods on credit from MAYELE TZS1,500,000. 5 Sold goods by cash TZS1,900,000. 6 Took TZS2,000,000 from bank and put it in cash account. 8 Sold goods on credit to SUREBOY TZS1,400,000. 10 Sold goods on credit to LOMALISA TZS850,000. 11 Bought goods on credit from FEISAL TZS500,000. 12 SUREBOY returned goods to UTOPOLO SC TZS 100,000. 15 UTOPOLO SC returned goods to FEISAL TZS50,000. 17 Bought a motorcar on credit from AZAM Cars Ltd TZS4,500,000. 18 Bought office furniture on credit from MTIBWA Ltd TZS1,800,000. 20 Bought goods by cash TZS400,000. 22 UTOPOLO SC drew both cash TZS500,000 and goods of TZS100,000 for private use. 24 Goods were sold by cash TZS650,000. 25 Paid money owing to MAYELE and GSM LTD by cheque TZS1,900,000 and TZS2,500,000 respectively. 28 Paid AZAM Cars Ltd TZS4,000,000 by cheques. 30 Paid the following by cash; insurance TZS210,000, stationaries TZS130,000, wages & salaries TZS350,000, electricity TZS110,000 and transportation TZS100,000. REQUIRED Prepare Statement of Profit and Loss and the Statement of Financial Position for UTOPOLO SC as at 30th June 2022; assuming that the ending inventories are valued at TZS200,000.
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To prepare the Statement of Profit and Loss and the Statement of Financial Position for UTOPOLO SC as at 30th June 2022 we need to record the transactions in the journal and then prepare the financial ... View the full answer
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Fundamentals of Cost Accounting
ISBN: 978-0077398194
3rd Edition
Authors: William Lanen, Shannon Anderson, Michael Maher
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