Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During the month of March 2019 the following transactions took place at Roberts' business: March 1Roberts opened bank account with 50,000 obtained from private resources.

During the month of March 2019 the following transactions took place at Roberts' business:

March 1Roberts opened bank account with 50,000 obtained from private resources.

March 4Van purchased for 15,000 paying by cheque

March 5Bought goods costing 3,000 on credit from Alison.

March 10Sold some goods on credit to Dave for 9,000

March 15Roberts transferred 800 of the bank account to open a petty cash account

March 18Roberts withdrew 950 in cash from the bank account for personal use.

March 20Sold goods on cash to Ebays for 10,000

March 23Roberts paid Alison's account by cheque after receiving cash discount of 400

March 25 Dave returned goods of 700 to Roberts and is allowed a cash discount of 300

March 30 van repairs of 300 paid out of the petty cash.

Required:

1.Journalise the above transactions

2.Post the above transactions in Roberts' ledger accounts of March 2019

3.Close & Balance off the 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

Step: 3

blur-text-image

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

Horngrens Financial And Managerial Accounting

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura

6th Edition

0134486838, 978-0134486833

More Books

Students also viewed these Accounting questions

Question

Purpose: What do we seek to achieve with our behaviour?

Answered: 1 week ago

Question

An action plan is prepared.

Answered: 1 week ago