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An individual started business with 5,000,000 cash at hand and 10,000,000 cash at bank. 11 Purchased stock of goods for 3 million paying 50% cash
An individual started business with 5,000,000 cash at hand and 10,000,000 cash at bank. 11 Purchased stock of goods for 3 million paying 50% cash and 50% on credit. Sold , of the goods at 2,500,000 credit. Paid rent 100,000/= cash 111. Received cash payment of 2,000,000 from debtors and paid 1,000,000 cash to suppliers. Bought motor vehicle for 6,000,000, paid 2,000,000 by cheque and 1,000,000 cash and promised to the pay balance later. vi. Sold half of the remaining stock of goods for 700,000/= collecting cash of 200,000/= immediately and the balance to be received later. Paid electricity 200,000/= by cheque. vii. viii. Used business cash of 200,000 to buy a gomesi for his wife Acquired Entandikwa loan of 4,000,000 shillings cash. The loan is to be repaid in two 301 years' time. REQUIRED: prepare a general journal from the above information ations
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