Question
FINANCIAL ACCOUNTING ASSIGNMENT ONE ( Due Oct 5, 8:59AM) Mulenga .C. started a business in Kawambwa, using an old building which was used as a
FINANCIAL ACCOUNTING ASSIGNMENT ONE ( Due Oct 5, 8:59AM)
Mulenga .C. started a business in
Kawambwa, using an old building which was used as a mortuary in the 1970s.The
following transactions relate to the business for the month of October 2021
October 2021
1.Started business with K150,000 in theFINANCIAL ACCOUNTING ASSIGNMENT ONE ( Due Oct 5, 8:59AM)
Mulenga .C. started a business in
Kawambwa, using an old building which was used as a mortuary in the 1970s.The
following transactions relate to the business for the month of October 2021
October 2021
1.Started business with K150,000 in the
business bank account and K20,000 in cash
1.Paid rent K180 cash to Njekwa Mulopu
2.Paid delivery expenses by cheque K657
2.Sold goods for cash K16,000 to Kapembwa
Lawrence
2.Sold goods on credit to Namukoko Niza K450
7.Sold goods on credit to J.ChisukuluK600
8.Bought goods on credit from B.Bwanale K500
10.Bought goods from Sikaona Izukanji paying by
cheque K7,000
10.Bought goods on credit from Sampa Chalo K1,500
12.Cash sales paid directly into the bank K75,000
12.Sold goods on credit to Kangwa Lukusu K290
13.Sold goods on credit to Musonda Warren
K1,000
15.Kangwa Lukusu paid by cheque K30 Bought goods on credit from N.Morgan K700
15.Musonda Warren returns goods valued at K50
18.Sold Goods on credit to M.Ballack K1,000
20.Cash sales to Kayeyi Felix paid directly
into the bank K90,000
20.Sold goods on credit to B.Burton K600
20.Goods returned by J.Chisukulu K70
21.Received cheque from Musonda Warren K500 LoL
21. Goods returned by M.Ballack K100
22.Sold goods to F.Whiteman on credit K800
22.Bought goods from H.Sipopwe on credit K500
25.Received a Cheque from Namukoko Niza K70
25.Namukoko Niza was given K50 discount
25.Received a cheque from J.Chisukulu K205
25.Received a cheque from Kangwa Lukusu K30
25.Received a cheque from M.Ballack K110
25.Retuned goods to N.Morgan K50 Returned goods to H.Sipopwe K100
25.Bought motor vehicle on credit from Toyota
Zambia K80,000
25.Paid wages by cheque K745
25.Bought machinery by cheque K56,000
25.J.William lent the business K500 money
deposited into the business bank account.
25.Bought Office Furniture by cheque K25,000
26.F.Whiteman paid by cash K200
26.B.Burton paid by cash K100
26.Paid heating and lighting by cheque K185
26.Bought machinery on credit from Beenzu
Lumamba Co. K25,000
26.Paid Motor expenses by cash K500
26.Bought fixtures and fittings by cheque K170
27.
Exchanged a Motor vehicle valued at K1,000 with Furniture belonging to Samboko
Mubotu
28. Received a Cheque from Namukoko Niza K150
2 28. Paid B.Bwanale K210 B.Bwanale gave the business a discount of
K150 8. Namukoko Niza was given K50 discount. 28. Paid Sampa Chalo;cash K750 and cheque K700
28.Kangwa Lukusu paid by cheque K40
28. Received cheque from Whiteman K200
28.Two cheques were paid to N.Morgan K300 and
K350
28. Two cheques were paid to H.Sipopwe K100 and
K180
28.Withdrew K500 from the bank for business
use.
29.Bought goods on credit from D.Sankalimba
K400
29.B.Burton paid by cheque K500
29.Withdrew K2,500 from his personal bank for
business use
29.Bought goods paying by cheque K12,000
30.J.Chisukulu paid by cheque K150
30.D.Sinkamba gave the business a discount of
K20
30.Paid D.Sinkamba K230 by cheque. M.Ballack paid by cheque K168
31.F.Whiteman paid K380 by cheque and a
disputed amount of K20 was written off.
Required.
Record the above transactions in the relevant subsidiary books, Open ledger accounts in the
respective ledger books, balance them off, prepare a trial balance and prepare Financial
statements that will show the financial performance and financial position of the business. 30.Withdrew cash K125 for personal use.
business bank account and K20,000 in cash
1.Paid rent K180 cash to Njekwa Mulopu
2.Paid delivery expenses by cheque K657
2.Sold goods for cash K16,000 to Kapembwa
Lawrence
2.Sold goods on credit to Namukoko Niza K450
7.Sold goods on credit to J.ChisukuluK600
8.Bought goods on credit from B.Bwanale K500
10.Bought goods from Sikaona Izukanji paying by
cheque K7,000
10.Bought goods on credit from Sampa Chalo K1,500
12.Cash sales paid directly into the bank K75,000
12.Sold goods on credit to Kangwa Lukusu K290
13.Sold goods on credit to Musonda Warren
K1,000
15.Kangwa Lukusu paid by cheque K30 Bought goods on credit from N.Morgan K700
15.Musonda Warren returns goods valued at K50
18.Sold Goods on credit to M.Ballack K1,000
20.Cash sales to Kayeyi Felix paid directly
into the bank K90,000
20.Sold goods on credit to B.Burton K600
20.Goods returned by J.Chisukulu K70
21.Received cheque from Musonda Warren K500
21. Bought goods from Chanda Bwalya paying by
cheque K15,000
21. Goods returned by M.Ballack K100
22.Sold goods to F.Whiteman on credit K800
22.Bought goods from H.Sipopwe on credit K500
25.Received a Cheque from Namukoko Niza K70
25.Namukoko Niza was given K50 discount
25.Received a cheque from J.Chisukulu K205
25.Received a cheque from Kangwa Lukusu K30
25.Received a cheque from M.Ballack K110
25.Retuned goods to N.Morgan K50 Returned goods to H.Sipopwe K100
25.Bought motor vehicle on credit from Toyota
Zambia K80,000
25.Paid wages by cheque K745
25.Bought machinery by cheque K56,000
25.J.William lent the business K500 money
deposited into the business bank account.
25.Bought Office Furniture by cheque K25,000
26.F.Whiteman paid by cash K200
26.B.Burton paid by cash K100
26.Paid heating and lighting by cheque K185
26.Bought machinery on credit from Beenzu
Lumamba Co. K25,000
26.Paid Motor expenses by cash K500
26.Bought fixtures and fittings by cheque K170
27.
Exchanged a Motor vehicle valued at K1,000 with Furniture belonging to Samboko
Mubotu
28. Received a Cheque from Namukoko Niza K150
2 28. Paid B.Bwanale K210 B.Bwanale gave the business a discount of
K150 8. Namukoko Niza was given K50 discount. 28. Paid Sampa Chalo;cash K750 and cheque K700
28.Kangwa Lukusu paid by cheque K40
28. Received cheque from Whiteman K200
28.Two cheques were paid to N.Morgan K300 and
K350
28. Two cheques were paid to H.Sipopwe K100 and
K180
28.Withdrew K500 from the bank for business
use.
29.Bought goods on credit from D.Sankalimba
K400
29.B.Burton paid by cheque K500
29.Withdrew K2,500 from his personal bank for
business use
29.Bought goods paying by cheque K12,000
30.J.Chisukulu paid by cheque K150
30.D.Sinkamba gave the business a discount of
K20
30.Paid D.Sinkamba K230 by cheque. M.Ballack paid by cheque K168
31.F.Whiteman paid K380 by cheque and a
disputed amount of K20 was written off.
Required.
Record the above transactions in the relevant subsidiary books, Open ledger accounts in the
respective ledger books, balance them off, prepare a trial balance and prepare Financial
statements that will show the financial performance and financial position of the business. 30.Withdrew cash K125 for personal use.
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The Board Of Directors And Audit Committee Guide To Fiduciary Responsibilities Ten Critical Steps To Protecting Yourself And Your Organization
Authors: Sheila Moran CPA CFE, Ronald Kral CPA CMA
1st Edition
0814431666, 978-0814431665
