Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help with the following general ledgers QUESTION 3 The following information appeared in the books of 4U JJ Traders who are in the business

image text in transcribed

Please help with the following general ledgers

image text in transcribed
QUESTION 3 The following information appeared in the books of 4U JJ Traders who are in the business of plumbing and repairs of electrical appliances. 4U JJ Traders use the perpetual inventory system to record the transactions. 1. Balances and totals on 01 January 2020 Trading inventory R 5 700 Bank R 3 200 Vehicle R 4 800 Capital R65 000 Sales R 2 600 Wages R 1 300 Telephone R 2 100 Equipment R 7 800 Transactions during the month: January 2020 3 The owner deposited R120 000 as his additional capital contribution 4 Bought goods on credit from AB Manufactures, R3 200 6 Paid wages, R 1 500 8 Received R15 000 from a debtor M Mahlangu in full settlement of his of R15 500 9 Issued an invoice to a debtor C Mashego R4 500, cost of sales (R3 000) 11 The owner withdrew R11 000 for his personal use from the business bank account 12. Received an invoice from a creditor, PJ wholesalers R22 000 for goods bought 13 Paid carriage on goods purchased by cheque, R1 600 15 The owner took merchandise for his own use, R2 T00 17 Paid AB Manufactures, R3 000 in full settlement of our account 18 Sold goods to A. Apple on credit R16 000, cost of sales (R13 500) 19 Cash sales R18 600, cost of sales (R14 200) 20 Issued a credit note to A. Apple for damaged goods returned R3 800, cost of sales (R2 600) 21 Receive the remaining balance from A. Apple 22 Bought goods and paid by cheque, R18 400 23 Bough equipment for cash, R2 700 24 Paid telephone by cheque, R1 700 25 Bought equipment on credit, R4 500 26 Credit sales R5 400, cost of sales, (R 3400) You are required to: 1. Enter the above transactions in the general ledger of 4U JJ Traders as per the answer sheet 2. Balance the bank account only

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction to Governmental and Not for Profit Accounting

Authors: Martin Ives, Terry K. Patton, Suesan R. Patton

7th edition

9780132776073, 132776014, 978-0132776011

More Books

Students also viewed these Accounting questions

Question

b. Is it an undergraduate or graduate level course?

Answered: 1 week ago