Question One Enter the following transactions for August 2018 in the subsidiary
ID: 2818528 • 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 August 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
PURCHASES JOURNAL Date Suppliers Account Credited Supplier Accounts Inventory Furniture Fuel Expense Invoice No. Payable Cr. Dr. Dr. Dr. July 3 S. Kelly 82 20,000 20,000 5 B.Butler 196 60,000 60,000 23 W. Wills 25,000 25,000 25 Martin & co. 6,200 6,200 28 S. Kelly 109 15,000 15,000 TOTAL 95,000 25,000 6,200 PURCHASES RETURN JOURNAL Date Suppliers Account Debited Debi Note Accounts Inventory Payable Dr. Cr. July 9 S. Kelly 2,500 2,500 16 B.Butler 6,800 6,800 Total 9,300 SALES JOURNAL Date Customer Account Debited Invoice No. Account receivable Dr. July 7 Thorsten 48 28,000 14 T Murphy 49 20,000 29 Thorsten 50 27,500 30 T Murphy 51 52,000 Total 127,500 SALES RETURN JOURNAL Date Customer Account Credited Debit Credit Account Note No. Memo. No. receivable Cr. July 18 J.Thorsten 42 3,500 20 T Murphy 68 2,300 Total 5,800 J. Thorsten Date Description Debit Credit July 1 Beginning Balance 45,000 7 Sales Revenue 28,000 18 Sales Returns 3,500 29 Sales revenue 27,500 Ending Balance 97,000 T.Murphy Date Description Debit Credit July 1 Beginning Balance 61,000 14 Sales Revenue 20,000 20 Sales Returns 2,300 30 Sales revenue 52,000 Ending Balance 130,700 S.Kelly Date Description Debit Credit July 1 Beginning Balance 22,500 3 Inventory 20,000 9 Inventory 2,500 28 Inventory 15,000 Ending Balance 55,000 B. Butler Date Description Debit Credit July 1 Beginning Balance 30,000 5 Inventory 60,000 16 Inventory 6,800 Ending Balance 83,200 W.Wills Date Description Debit Credit Beginning Balance - July 23 Furniture 25,000 Ending Balance 25,000 Martin & Co. Date Description Debit Credit Beginning Balance - July 25 Fuel expense 6,200 Ending Balance 6,200 Inventory Beginning Balance 650000 Purchases 95,000 Purchase Returns 9,300 Ending Balance 735,700 Furnitures & Fittings Beginning Balance 80,000 Purchases 25,000 Ending Balance 105,000
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.