Question
From the following transactions, you are to prepare the necessary day books, post the book to the ledger and extract a trial balance. January. 1
From the following transactions, you are to prepare the necessary day books, post the book to the ledger and extract a trial balance.
January. 1 Bwalya started business selling football boots and put K2 000 in the bank as initial capital.
January 2 Zanaco lent her K10 000 giving the money in cheque form.
January 3 Credit purchases from B Zimba K580 000; J Phiri K360 000.
4 Bought a motor van by cheque for K5 500
4 Sold goods to C Mate K348 000
5 Returned goods to J Phiri K160 000
6 Returns from C Mate K84 000
7 Made cash sales amounting to K1 050
8 Paid motor expenses in cash K150
13 Sold goods to Z Buumba K152 000
14 Paid insurance premium by cheque K220
18 Bought goods on credit from: C Banda K900 000 less 10% trade discount.
18 Returns from Z Buumba K42 000
20 Returned goods to C Banda K200 000 less 10% trade discount.
21 Sales to C Mate K100 000
24 Sales to M Chalwe K256 000
please help me thank you very much
25 Received K150 commission in cash as a result of successful sales promotion
26 Bought goods on credit from: D Soko K600 000 and B Zimba K800 000 less 10% trade discount.
27 Returns from M Chalwe K60 000
28 Sales to Z Buumba K300 000 less 10% trade discount.
28 Returned goods to B Zimba K180 000 less 10% trade discount.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started