Marks awarded: $20$ marks of overall assessment

Due date: Week $12$

Ignore any tax implication in this assignment.

Only HARD copies will be accept.

Question $1$

Record the following transactions for the month of January of a apps developer, balance off all

the accounts, extract a trial balance, prepare the income statement, statement of changes in

owner$$s equity and balance sheet as at $31$ January $2024.$

$2024$

Jan $1$ Started in business with $$10,500$ cash.

Jan $2$ Put $$5,000$ of the cash into a bank account.

Jan $4$ Bought a computer on credit from IBM Ltd at $$1,000.$

Jan $5$ Bought stationery on credit from Buttons Ltd $$89.$

Jan $6$ Paid insurance by cheque $$1,200.$

Jan $8$ Received service fee earned from work in cash $$7,800.$

Jan $9$ Paid rent by cheque $$1,220.$

Jan $10$ Bought fixtures on credit from Chiefs Ltd $$620.$

Jan $11$ Paid salaries in cash $$4,790.$

Jan $12$ Paid $$500$ cash to IBM Ltd$.$

Jan $13$ Settle the amount due to Buttons Ltd by cash.

Jan $16$ Received loan from B Barclay by cheque $$2,000.$

Jan $17$ Received service fee earned from work in cheque $$35,200.$

Jan $18$ Paid $$500$ cheque to IBM Ltd$.$

Jan $22$ Bought stationery on credit from Buttons Ltd $$511.$

Jan $24$ Received service fee earned from work in cash $$8,880.$

Jan $26$ Bought fixtures on credit from Able Ltd $$1,000.$

Jan $29$ Settle the amount due to Buttons Ltd by cash.

Jan $30$ Return the fixtures purchased on Jan $26$ to Able Ltd$.$

Jan $31$ The bank informed the proprietor that bank charges of $$250$ had been deducted from

the bank account.

$********$ END OF ASSIGNMENT $********$

Hint:

$1.$ Total of trial balance $-$ $$65,000$

$2.$ Net income for the month $-$ $$43,820$

$3.$ Closing balance of capital as at January $31,2024-$ $$54,320$

$4.$ Net current asset in Balance Sheet $-$ $$52,700$