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QUESTION 1 State the double entry for each of the following transactions: a ) The owner brought in cash and motor vehicles into the business.
QUESTION
State the double entry for each of the following transactions:
a The owner brought in cash and motor vehicles into the business.
Example Answer:
Dr Cash ac
Dr Motor Vehicle ac
Cr Capital ac
b Paid cash for purchase of office equipment
c Deposit cash into bank account
d Purchase goods on credit from Jimat Trading
e Cash sales
f Sold goods on credit to Nasir
g Paid motor expenses by cash
h Nasir returned defective goods to the business
i Nasir settled his account by cheque
j Paid shop assistant's salary by cheque
k The owner withdrew cash for his personal use
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