A. Oldridge started a new business on 1 May 20-7. In your ledger write up the double
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A. Oldridge started a new business on 1 May 20-7. In your ledger write up the double entry accounts needed to record the following transactions:
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May 1 Started business with 5,000 in a business bank account 2 Bought goods on credit from J. Richardson costing 750.00 plus VAT 131.25, total invoice 881.25 4 Withdrew 500 cash from the bank and placed it in the cash till for use in the business 6 Returned goods to J. Richardson for 40.00 plus VAT 7.00; a credit note for 47.00 is received 7 Proprietor took 100.00 cash for personal use 11 Sold goods on credit to K. Stead priced at 150.00 plus VAT 26.25, total invoice 176.25 12 Paid rent 275.50 by cheque 14 K. Stead returned goods priced at 24.00 plus VAT 4.20; a credit note for 28.20 is issued 15 Paid motor expenses (148.60, VAT 26.00), total 174.60 in cash 16 Received rent for premises sublet, 230.00 by cheque 19 Bought goods on credit from S. Ramsden costing 720.80 plus: VAT 126.14, total invoice 846.94 22 Paid wages 150 in cash 24 Received 148.05 by cheque from K. Stead 26 Sold goods on credit to T. Barnett priced at 122.00 plus VAT 21.35, total invoice 143.35 27 Returned goods to S. Ramsden for 68.94 plus VAT 12.06; a credit note for 81.00 is received 30 Proprietor took 150 by cheque for his private use
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