Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ib. Superman started a business on January 1 2021 and during the same month, he transacted the following businesses: 1 Jan, he introduced cash
Ib. Superman started a business on January 1 2021 and during the same month, he transacted the following businesses: 1 Jan, he introduced cash as initial capital 1 Jan, he bought second hand computer 2nd Jan, he made purchases for cash 3d Jan, he made additional purchases on credit from Usman 6th Jan, he made sales for cash 7th Jan, he made sales on credit to Gbenga 10th Jan, he paid 4 months' rent by cash 13th Jan. he bought a car on credit from Udoh and paid a deposit of N5, 000 and agreed to pay the balance of 35,000 in June 15th Jan. he paid N6,200 to Udoh in settlement of debt 20th Jan, he made additional sales on credit to Gbenga 28th Jan, he received N3,000 cash from uman You are required to post the above transactions in the journal N 100,000 3,000 5,500 6,200 2,700 4,000 2,100 40,000 6,200 3,500 3,000 22 marks
Step by Step Solution
★★★★★
3.49 Rating (149 Votes )
There are 3 Steps involved in it
Step: 1
DATE PARTICULARS Dr Cr 01012021 Capital Ac To Cash Ac Being initial capital 100...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