The following transactions took place at Chap chap Cereals Shop during the month of Feb 2023.

1/2/23 The business received shs.120, 000 cash from the owner.

4/2/23 The business borrowed shs.65, 000 cash from Job.

5/2/23 The business deposited shs. 48,000 cash into the bank.

7/2/23 The business paid shs.9, 000 cash as telephone expense. 1

0/2/23 The business bought stock at shs.29, 000 on credit from Zippy.

12/2/23 The business paid by a Cheque, shs.12, 000 as insurance expense.

14/2/23 The business sold stock at shs.42, 000 cash.

17/2/23 The business received a Cheque of shs. 31,000 as rent income.

25/2/23 The business made cash purchases worth shs.17, 000

26/2/23 The business paid by a Cheque shs.8, 000 to Zippy.

28/2/23 The business paid shs. 14,000 cash to Job.

Required: Open the appropriate accounts and post the events. Work out the balances in each account.

Prepare a statement of financial position of Chap chap shop as at 28/2/23

Answer rating: 100% (QA)

To complete this task we will open the appropriate accounts for the transactions and post them accor... View the full answer