The following transactions took place in the month of August 2019: August 1 Started in business...
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The following transactions took place in the month of August 2019: August 1 Started in business with £80,000 in cash. 1 Sold goods on credit for £30,000 to Mr Alan and bought goods for cash £28,000. 2 Paid general expenses £ 1,800 by cash. 4 Mr. Alan paid cash £ 15,500. 5 Bought goods on credit from Mr. Ken £ 8,000. 6 A loan of £15,000 cash is received from Ms Tang. 8 We returned goods to Mr. Ken amounting to £800. 9 Bought office fixtures paying by cash £8,500. 11 Paid to creditor Mr. Ken £3,000 by cash. 12 Owner withdrew £1,500 worth of goods for his personal use. 17 Sold goods on credit for £15,800 to Mr. Chin. 19 Paid office expenses £2,800 by cash. 21 Received from Mr. Chin £13,000 cash. 28 Paid money owing to Ms Tang £2,500 by cash. 31 Mr. Alan paid another cash £1,500. 4 Required: (a) Record the above transactions in the relevant ledgers. (b) Prepare a trial balance as the end of the month. (18 marks) (7 marks) (Total: 25 marks) The following transactions took place in the month of August 2019: August 1 Started in business with £80,000 in cash. 1 Sold goods on credit for £30,000 to Mr Alan and bought goods for cash £28,000. 2 Paid general expenses £ 1,800 by cash. 4 Mr. Alan paid cash £ 15,500. 5 Bought goods on credit from Mr. Ken £ 8,000. 6 A loan of £15,000 cash is received from Ms Tang. 8 We returned goods to Mr. Ken amounting to £800. 9 Bought office fixtures paying by cash £8,500. 11 Paid to creditor Mr. Ken £3,000 by cash. 12 Owner withdrew £1,500 worth of goods for his personal use. 17 Sold goods on credit for £15,800 to Mr. Chin. 19 Paid office expenses £2,800 by cash. 21 Received from Mr. Chin £13,000 cash. 28 Paid money owing to Ms Tang £2,500 by cash. 31 Mr. Alan paid another cash £1,500. 4 Required: (a) Record the above transactions in the relevant ledgers. (b) Prepare a trial balance as the end of the month. (18 marks) (7 marks) (Total: 25 marks)
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LEDGERS CASH Account amountdr Account Amount cr Capital 80000 General exp 1800 Account receivable 15500 Inventory 28000 Loan payable 15000 Office fixt... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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