Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please you have to make a trial balance and general legder the trial balance should balance. CAPITAL CONTRIBUTIONS TRANSACTION: 1 Jan 2015. Dala decided to

Please you have to make a trial balance and general legder the trial balance should balance.
image text in transcribed
image text in transcribed
CAPITAL CONTRIBUTIONS TRANSACTION: 1 Jan 2015. Dala decided to start a cleaning business called ADALA SERVICES. He deposited R120 000 into the business bank account ACQUISITION OF LOANS TRANSACTION Date: 2 Jan 2015 Adala Services obtained a loan of R30 000 with a payback period of more than a year from ABSA Bank. The amount was paid into the bank account of the business, PURCHASE OF ASSETS FOR CASH TRANSACTION 5 Jan 2015 dala Services bought equipment from XY Furnishers for R100 000 and paid by cheque PURCHASE OF ASSETS ON CREDIT (DEBT) TRANSACTION 10 Jan, 2015 Adala Services bought furniture for R2 000 on credit from Purity Ltd. PAYMENTS TO CREDITORS TRANSACTION 11 Jan 2015 Adala Services paid Purity Lid's account of R2 000 WITHDRAWALS BY OWNER TRANSACTION 12 Jan 2015 The owner withdrew R1 000 for his personal use. TRANSACTIONS WHICH GIVE RISE TO INCOME AND EXPENDITURE INCOME (CASH) TRANSACTION Adala Services provided services for a client B. Brasso and received a cheque for R1 000 EXPENDITURE (CASH) TRANSACTION 16 Jan 2015 Adala Services paid wagens by cheque, R1 200 13 Jan, 2015 INCOME (CREDIT) TRANSACTION 18 Jan. 2015 Adala Services provided services worth R6 000 to C. Canon on credit. EXPENDITURE (CREDIT) TRANSACTION 21 Jan. 2015 Adala Services placed an advertisement in a local newspaper R200 Payment was to be made within 30 days, PAYMENTS RECEIVED FROM DEBTORS TRANSACTION 28 Jan, 2015 PAYMENTS RECEIVED FROM DEBTORS TRANSACTION: 28 JAN.2015 Received cheque of R2000 from C.Canon THE GENERAL LEDGER ACCOUNT An account is opened in the general ledger for every asset liability and equity item. Every account appears on its own on a page in the ledger and each account is given a number, which is known as a FOLIO NUMBER. An account is an accounting record in which all transactions relating to a specific item are recorded. A TRIAL BALANCE

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

Todays Mood Is Sponsored By Auditing

Authors: Ruby Publishing

1st Edition

B08BG52SST, 979-8655512771

More Books

Students also viewed these Accounting questions

Question

Evaluating Group Performance?

Answered: 1 week ago