Question
March 01: Cash balance GH20,500 (Dr.), bank balance GH30,000 (Dr.), Motor Van 40,000, Receivables (John & Co.) 12,100, Capital 70,000, Loan GH10,000 and Creditors Mark
March 01: Cash balance GH20,500 (Dr.), bank balance GH30,000 (Dr.), Motor Van 40,000, Receivables (John & Co.) 12,100, Capital 70,000, Loan GH10,000 and Creditors Mark & Co. GH14,000, Daniel Inc. GH8,600. March 02: Paid Mark & Co. by cheque GH 1,200. March 04: Received from John & Co. a cheque amounting to GH4,000. March 05: Bought a motor van on credit from Smith & Sons GH40,000 March 08: Purchased stationery for cash, GH2,500. March 12: Purchased goods for cash, GH5,250. March 12: Credit sales to Peter & Co. GH10,000 March 13: Sold goods for cash, GH1,800. March 15: Cash deposited into bank, GH8,500. March 17: Withdrew from bank for personal expenses, GH400. March 18: Goods returned by Peter & Co. GH1,200 March 19: Issued a cheque for goods purchased, GH6,300. March 19: Bought goods on credit of GH15,000 from Roserio. March 20: Withdrew from bank for office use, GH1,500. March 22: Received a cheque from Peter & Co. GH8,800. March 24: Goods valued at GH1,500 was returned to Roserio March 25: Paid a cheque to Daniel Inc. for GH2,700. March 26: Bought furniture for cash for office use, GH1,750. March 28: Paid office rent by cheque, GH1,200. March 29: Cash sales, GH6,500. March 31: Paid salary to employees by cheque, GH3,000. Required: Record the above transactions in a double column cash book and other relevant journals/daybooks. Post entries into relevant ledger accounts Prepare a trial balance.
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