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Prepare the required Ledger Accounts as per the case given below. Requirement: The students are required to post the journal entries to the general ledger
Prepare the required Ledger Accounts as per the case given below.
Requirement: The students are required to post the journal entries to the general ledger accounts below covering the period from March 1 to 31, 2021 these journal entries were taken from the accounting books of AL Almas Shope owned and managed by Ms. Nabila.
All Ledger accounts must be closed.
The account total and balance are required to be determined after completing all postings for all Ledger accounts.
The students must use the general ledgers accounts mentioned in this assessment paper and use the correct template.
You are not required to fill-up the reference columns in the general ledgers.
Date March. 2021
Particulars
Debit
Credit
1
Cash Capital
200,000
200,000
7,000
7,000
15,000
15,000
2,000
2,000
30,000
30,000
Ref.
To record owners capital invested in Business 2 Furniture
Cash
To record purchase of Furniture by cash from Danube Furniture
4 Land
Accounts Payable
To record purchase of Land on credit from Mr. Said 6 Cash
Loans Payable
To record loan obtained from OAB for the business
8 Accounts Receivable Sales
MEC_AMO_TEM_035_01
Page 2 of 15
Principles of Accounting (BUSS B 1004) Fall 20 CW 2 (Assignment) All QP
To 10
To 14
To 15
To 16
To 17
To 21
To 22
To 23
record sales on credit to AL noor Engineering Services
Purchases Cash
record purchase of goods for cash Utility Expenses
Cash
record payment of Utility Expenses by cash
Purchases
Accounts payable
record purchase of goods on credit from Manal Traders Equipment
Cash
record purchase of equipment by cash
Accounts Payable Cash
record payment to Mr. Said for purchase of land on 4th Dec. Cash
Accounts Receivable
record cash received from AL noor Engineering Services
Accounts Payable Cash
record cash paid to Manal traders Cash
Accounts Receivable
9,000
9,000
8,000
8,000
9,000
9,000
6,000
6,000
30,000
30,000
30,000
30,000
10,000
10,000
10,000
10,000
MEC_AMO_TEM_035_01
Page 3 of 15
Principles of Accounting (BUSS B 1004) Fall 20 CW 2 (Assignment) All QP
To 24
To 25
To 26
To 28
To 31
To
record cash received from AL noor Engineering Services
Accounts Payable Cash
record cash paid to Manal traders Loans Payable
Cash
record cash paid to Bank as part of loan repayment
Cash Sales
record cash sales Drawings
Cash
record withdrawal by Ms. Nabila for her personal use
Salaries Cash
record payment made for Salaries
3,000
3,000
5,000
5,000
40,000
40,000
5,000
5,000
10,000
10,000
Here are the General Journal entries. The amounts are in Omani Rial.
To post the journal entries, you are required to use the following Ledger Account titles for the GENERAL LEDGERS:
1. Cash
5. Accounts Payable 9. Purchases
13. Utility expenses
2. Capital 6. Furniture 10. Salaries
3. Loans payable
7. Accounts Receivable 11. Equipment
4. Land
8. Sales
12. Drawings
Note: All Ledger accounts must be closed. The account total and balance are required to be determined after completing all postings for all Ledger accounts.
MEC_AMO_TEM_035_01
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