Double Entry Principles and Striking of Trial Balance

QUESTION 1.

Record the following detail relating to a Carpet Retailer for the month of June 2015 and extract a trial balance as at June 30, 2015

2015

June 1 Started business with Ghc 150,000 in the bank.

3 Bought goods on credit from: Small Ghc 2,900; Brown Ghc 12,000; Rae Ghc

6,100; Charles Ghc 5,300

5 Cash sales Ghc 6,100

6 Paid rent by cheque Ghc 1,750

7 Paid business rate by cheque 1,300

11 Sold goods on credit to: Pots Ghc 850; Field Ghc 480; Gray Ghc 16,400

17 Paid wages by cash Ghc 290

18 We returned goods to: Small Ghc 180; Charles Ghc 270

19 Bought goods on credit from: Charles Ghc1,100; Rae Ghc 3,200; Jack Ghc 1,650

20 Goods returned to us by: Field Ghc 60; Pots Ghc 140

21 Bought Van on credit from German Motors Ghc 49,500

23 We pay the following by cheque Small Ghc 2,270; Brown Ghc 12,000; Rae Ghc

5,000

25 Bought another Van, paying by cheque immediately Ghc 62,000

26 Received loan of Ghc 7,500 cash from Benett

28 Received cheques from Pots Ghc 710; Field Ghc 420

30 Proprietor brings a further Ghc 9,000 into the business, a payment into the

business bank account.