Question One

Enter the following transactions for August 2018 in the subsidiary books of J. Mubanga, post them to the ledger accounts and extract a trial balance as at 31 August 2018.

2016
July	1	Opening balances	K
		Cash at Bank	70,000
		Inventory	650,000
		Trade receivables
		J. Thorsten	45,000
		T. Murphy	61,000
		Trade payables
		S. Kelly	22,500
		B. Butler	30,000
		Premises	400,000
		Furniture and Fittings	80,000
		Motor Van	65,000
		Capital J. Mubanga	1,318,500

Transactions for the Month:

July 3 Purchased goods on credit from S. Kelly K20, 000 (Their Invoice No. 82).

5 Purchased goods on credit from B. Butler K60, 000 (Their Invoice No. 196).

7 Sold goods to Thorsten on credit K28, 000 (Their Invoice No. 48).

9 Returned goods to S. Kelly K2, 500 (Our Debit Note).

14 Sold goods to T. Murphy on credit K20, 000 (Their Invoice No 49).

16 Returned goods to B. Butler K6, 800 (Our Debit Note No: 17)

18 Return from J. Thorsten goods worth K3, 500 (Their Debit Note No: 42)

20 T. Murphy returned goods 2,300 (Their Debit Note No. 68)

23 Purchased Furniture on credit from W. Wills 25,000.

25 Invoice received from Martin & Co for 6,200 being fuel purchased on Credit.

28 Purchased goods from S. Kelly for 15,000 (Invoice No 109)

29 Sold goods to Thorson on credit 27,500 (Invoice No 50)

30 Sold goods to T. Murphy on credit 52,000 (Invoice No. 51)

(25 marks)