Question One Enter the following transactions for August 2018 in the subsidiary
ID: 2334964 • Letter: Q
Question
Question One
Enter the following transactions for August 2018 in the subsidiary books of J. Mubanga, post them to the ledger accounts and extract a trial balance as at 31 July 2018.
2016
July
1
Opening balances
K
Cash at Bank
70,000
Inventory
650,000
Trade receivables
J. Thorsten
45,000
T. Murphy
61,000
Trade payables
S. Kelly
22,500
B. Butler
30,000
Premises
400,000
Furniture and Fittings
80,000
Motor Van
65,000
Capital – J. Mubanga
1,318,500
Transactions for the Month:
July 3 Purchased goods on credit from S. Kelly – K20, 000 (Their Invoice No. 82).
5 Purchased goods on credit from B. Butler – K60, 000 (Their Invoice No. 196).
7 Sold goods to Thorsten on credit – K28, 000 (Their Invoice No. 48).
9 Returned goods to S. Kelly – K2, 500 (Our Debit Note).
14 Sold goods to T. Murphy on credit – K20, 000 (Their Invoice No 49).
16 Returned goods to B. Butler – K6, 800 (Our Debit Note No: 17)
18 Return from J. Thorsten goods worth K3, 500 (Their Debit Note No: 42)
20 T. Murphy returned goods – £2,300 (Their Debit Note No. 68)
23 Purchased Furniture on credit from W. Wills – £25,000.
25 Invoice received from Martin & Co for £6,200 being fuel purchased on Credit.
28 Purchased goods from S. Kelly for £15,000 (Invoice No 109)
29 Sold goods to Thorson on credit – £27,500 (Invoice No 50)
30 Sold goods to T. Murphy on credit – £52,000 (Invoice No. 51)
(25 marks)
2016
July
1
Opening balances
K
Cash at Bank
70,000
Inventory
650,000
Trade receivables
J. Thorsten
45,000
T. Murphy
61,000
Trade payables
S. Kelly
22,500
B. Butler
30,000
Premises
400,000
Furniture and Fittings
80,000
Motor Van
65,000
Capital – J. Mubanga
1,318,500
Explanation / Answer
July 3 .Purchase A/c Dr. K 20000
To S.Kelly K20000
(Being Goods Purchase on credit)
July 5. Purchase A/c Dr. K 60000
To B.Butler K60000
(Being Goods Purchase on credit)
July 7. J. Thorsten A/c Dr. k 28000
To Sales A/c K 28000
( Being Goods sold on credit)
July9. S. Kelly A/c Dr. K2500
To Purchase Return K2500
(Being Purchase Return Made)
July18 Sales Return A/c Dr. K3500
To J. Thorsten K3500
( Being Sales Return Made)
July 20 Sales Return A/c Dr. 2300
To T. Murphy 2300
( Being Sales Return Made)
July 23 Furniture A/c Dr. 25000
To W.Wills 25000
( Being Furniture Purchase)
July 25 Fuel expenses A/c Dr. 6200
To Martin & Co. 6200
( Being fuel purchase)
July28 Purchase A/c Dr. 15000
To S. Kelly 15000
Being Goods Purchase)
July29 Thorson A/c Dr. 27500
To Sale 27500
( Being Good Sold on Credit)
July 30 T.Murphy A/c Dr. 52000
To Sale 52000
( Being Good Sold on Credit)
Inventory
2500
750800
Trade Payable(S kelly)
Trade Payable(B.Butler)
Trade Receivable(J.Thorsten)
Trade Receivable(T Murphy)
Furnitures & Fitting
Trial Balance
Trade Receivable
J Thorston 97000
T murphy 130700
Trade Payables
S Kelly 55000
B.butler 83200
W. bills 25000
Martin & Co. 6200
Particular Amount Particular Amount To Balance B/d 650000 By Sales 28000 To Purchase 20000 By Purchase Return2500
To purchase 60000 By sales 20000 To sales Return 3500 By Purchase Return 6800 To Sales Return 2300 By Sales 27500 To Purchase 15000 By Sales 52000 By Balace c/d 614000 750800750800
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