QUESTION FIVE (20 Marks)

Abusuapanyin Ntaah Brentu a retired Trained Teacher and Cocoa Farmer started business on September 1, 2022 and named it after his Second Daughter Sarah Young. You are required to: a. Prepare an opening journal for Sarah Young b. Enter the transactions in the right ledgers and extract the trial balance. (20 Marks) The following are the opening balances Cash in hand Balance at Bank Debtors: Obaa Lizzy V. Berko Sheila T.K Inventory Creditors: Willy Will Godwin GHC'000 80 900 200 500 300 1,000 600 1,400 During the month of September, the following transactions took place Sep 5. The three debtors settled their accounts by cheque subject to a cash discount of 4% Sep 9. A cheque for Ghc 100,000 was cashed for office use Sep 13. Willy Will was paid by cheque less 7.5% cash discount Sep 17. Godwin's account was settled, subject to a discount of 5% by cheque Sep 20. We paid wages of GHC 130,000 by cash Sep 25. We took loan of GHC 100,000 cash from Andrews Quartey Microfinance

During the month of September, the following transactions took place Sep 5 . The three debtors settled their accounts by cheque subject to a cash discount of 4% Sep 9. A cheque for Ghc 100,000 was cashed for office use Sep 13 . Willy Will was paid by cheque less 7.5% cash discount Sep 17. Godwin's account was settled, subject to a discount of 5% by cheque Sep 20. We paid wages of GHC 130,000 by cash Sep 25. We took loan of GHC 100,000 cash from Andrews Quartey Microfinance