Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(a) On 1stMay 2019, MsLinetstarteda new business withShs780,000 Cash. During May she carried out the followingtransactions:- 1stMay DepositedShs.65,000 in a bank account. 2ndMay BoughtFurnitureforShs.190,000 cash

(a) On 1stMay 2019, MsLinetstarteda new business withShs780,000 Cash. During May she carried out the followingtransactions:-

1stMay

DepositedShs.65,000 in a bank account.

2ndMay

BoughtFurnitureforShs.190,000 cash

9thMay

Boughtgoodsfor Shs.140,000 on credit to AmaniLtd.

12thMay

Sold goods for Shs.160,000 on credittoOliveLtd.

15thMay

Received payment of Shs.50,000OliveLtd

17thMay

Sold goods for Shs.40,000 cashtoAsha.

21stMay

Paid rent Shs.25, 000 by cheque and electricity Shs.8, 000 cash.

Required

Record the above transactions in the relevant ledger accounts

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Multicolumn Journal

Authors: Claudia Gilbertson

10th Edition

128552845X, 9781285528458

More Books

Students also viewed these Accounting questions

Question

1. Too understand personal motivation.

Answered: 1 week ago