Answered step by step
Verified Expert Solution
Question
1 Approved Answer
2. Gulf Office Supplies has started a business. During the Month to 30st June 2022 the following transactions occur: F23 Introduced 10,000 Capital into
2. Gulf Office Supplies has started a business. During the Month to 30st June 2022 the following transactions occur: F23 Introduced 10,000 Capital into the business. Bought goods for 3,500. Sold goods on credit for 2,200 to Gulf PetroChem. Paid wages of 400. Received a 9,000 cash loan from the bank. Bought goods on credit for 5,000 From MegaSupplies Sold goods for 3,500 cash. 1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 11) 12) 13) 14) 15) Bought a fork lift truck on credit for 3,500. Bought a delivery van for use in the business costing 5,000. Bought Stationary for 20. Received and paid an electricity bill for 500. Sold goods for 800 on credit to Palm Estates. Paid a supplier 1,800. Received 900 from Gulf PetroChem Repaired the delivery van costing 60. Required: a) Show the nominal ledger entries (using T-accounts) for the above transactions Close off each T-account and prepare an initial trial balance as at 30th June b) Produce a Statement of Profit or Loss for year ended 30th June 2022 and a Statement of Financial Position as at 30th June 2022 Note: Note: Closing inventory was 5,000 for Gulf Office Supplies
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started