Question

During the month of January 2020, S. John had the following transactions:

You are required to prepare:

a. Two-column Journal to record the above transactions.

b. Trial Balance for the month of January 2020.

c. Statement of Profit or Loss for the month of January.

d. Statement of Financial Position at the end of January 2020.

Additional Notes:

Closing Inventory (end of January) was 2,000

Depreciation on Motor Car 100

Depreciation on Office Equipment 50

January 2020 1 Transactions He started business with 150.000 in bank 2 Bought a Motor Car on credit from ABC Motors Ltd, costing 10,000 4 Bought Office Equipment costing 12,000 and paid by cheque 5 Bought goods 3,000 on credit from Pantelis 6 Withdrew 40.000 cash from bank 7 Cash sales 2,000 8 Paid 8.000 to ABC Motors Ltd by cheque 12 Sold goods on credit to George 2,000 Cash sales 1,000 15 17 Cash purchases 1,500 18 Paid 700 cash for Car service and repairs 20 Paid the amount owed to Pantelis by cheque 23 Bought goods 5,000 on credit from Savvas 24 Sold goods on credit to Maria 10,000 25 Cash sales 7,000 26 Received 1,500 cash from George 27 Received 4,000 from Maria by cheque 28 Paid Rent 3,000 by cheque 29 Paid Salaries 8,000 by cheque 30 Withdrew 1,000 from bank for personal use