The following is a list of transactions which relate to Ivan for the first month that he
Question:
The following is a list of transactions which relate to Ivan for the first month that he is in business:
1.9.20..................................... Started the business with £10,000 in cash.
2.9.20..................................... Paid £8000 into a business bank account.
3.9.20..................................... Purchased £1000 of goods in cash.
10.9.20..................................... Bought goods costing £6000 on credit from Roy.
12.9.20..................................... Cash sales of £3000.
15.9.20..................................... Goods sold on credit terms to Norman for £4000.
20.9.20..................................... Ivan settles Roy’s account by cheque.
30.9.20..................................... Cheque for £2000 received from Norman.
Required
Enter the above transactions in Ivan’s ledger accounts.
Step by Step Answer:
Accounting For Non Accounting Students
ISBN: 9781292286938
10th Edition
Authors: John Dyson, Ellie Franklin