Question
Question 2 J. Bank is a sole Trader started his business January 1 2022. You are being asked to enter the following transactions in the
Question 2
J. Bank is a sole Trader started his business January 1 2022. You are being asked to enter the following transactions in the ledger by means of double entry and extra a Trial Balance as at that date (marks 20)
Jan 1 Started business with $35,000 cash in the bank and $30,000 cash in hand
Bought machinery $8000, furniture $3000, and fittings $2000 by cheque
Bought goods for resale $4000 by cheque
Bought goods on credit from T. Lassalle $2400. Paid for stationary $300 cash
Sold good on credit to A Pontian $1200 and J Joplin $1600
Cash sales $900
A. Pontian returned good $180
J. Bank withdrew $2000 cash for his personal use
Bought calculator $2000 and computer $3700 both by cheque
Purchased goods for resale $3000 by cheque
Cash sales $2400. Deposited $2000 cash in the bank
Paid for stationery $380 cash
Paid sundry expenses $400 cash
Sold goods on credit to A. Pontian $4000
Paid wages $1000 cash.
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