M. Gonzalas started a new business on 1 October. In your ledger write up the double entry
Question:
M. Gonzalas started a new business on 1 October. In your ledger write up the double entry accounts needed to record the following transactions:
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Oct 1 Started a new business with 9,000 in a business bank account 2 Bought goods on credit from Tee-Jay Products costing 392.75 plus VAT 68.73, total invoice 461.48 4 Withdrew 750 cash from the bank for business use 8 Bought goods on credit from Demland Supplies costing 268.92 plus VAT 47.06, total invoice 315.98 12 Bought goods on credit from W. Jackson costing 302.99 plus VAT 53.02, total invoice 356.01 16 Goods returned to Demland Supplies for 48.00 plus VAT 8.40, a credit note for 56.40 is received 20 Paid Tee-Jay Products 150.00 in cash 23 Bought goods on credit from W. Jackson costing 374.80 plus VAT 65.59, total invoice 440.39 26 Returned goods to W. Jackson for 56.00 plus VAT 9.80, a credit note for 65.80 is received 31 Paid Tee-Jay Products 311.48 by cheque
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