Answered step by step
Verified Expert Solution
Question
1 Approved Answer
NjiNgwa started a wholesale business at the Bamenda food market on the 1st of January 2020 wit h a capital of 3,500,000 frs cash.
NjiNgwa started a wholesale business at the Bamenda food market on the 1st of January 2020 wit h a capital of 3,500,000 frs cash. During the month, he carried out the following transactions; Jan 2, deposited 2,800,000 frs of the cash into the business bank account Jan 3, bought goods for cash 150,000 frs Jan 4, Bought goods on credit from; Onyama 360,000 frs, Kika 490,000 frs, Tatoh 110,000 frs, Muk otsi 340,000 frs. Jan 5, Bought stationery on credit from Heavenly Papers Ltd for 170,000 frs. Jan 6, Sold goods on credit to; Ogaji 90,000 frs, Binka 150,000 frs, Baba 190,000 frs, Enanga 160,0 00 frs. Jan 8, paid electricity bill by cheque 55,000 frs Jan 10, Bought furniture on credit from Bambui furnitures Ltd 480,000 frs Jan 11, paid salanes and wages in cash 120,000 frs. Jan 14, Return goods to; Kika 40,000 frs, Tatoh 60,000 frs. Jan 15, bought motor vehicle by cheque 700,000 frs. Jan 16, Acquired a loan from NsoSCCUL by cheque 600,000 frs. Jan 18, Return goods to NjiNgwa by; Ogaji 20,000 frs, Baba 40,000 frs. Jan 21, Cash sales 90,000 frs. Jan 24, Sold goods on credit to; Binka 100,000 frs, Enanga 340,000 frs, Bombey 115,000 frs. Jan 26, Paid the following by cheque, Kika 450,000 frs, Tatoh 50,000 frs. Jan 29, Received cheques from; Bombey 115,000 frs, Binka 250,000 frs. Jan 30, Contracted another loan from NsoSCCUL by cash 200,000.frs. Jan 30, Received 500,000 frs cash from Enanga 500,000 frs. Work Required: 1) Present the two column cashbook 2) Present the sales daybook and purchases daybook 3) Present the sales and purchases ledgers 4) Present the General ledger 1
Step by Step Solution
★★★★★
3.52 Rating (149 Votes )
There are 3 Steps involved in it
Step: 1
A twocolumn cash book is a journal prepared by an entity to keep records of all transactions of cash ...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