QUESTION THREE GENERAL LEDGER 21 MARKS

Gloria from Glorias Garden Ornaments Ltd has asked you to post the following transactions into her general ledger and take out a trial balance at the end of July. The opening balances have been entered for you (except for share capital).

Jul 9	Bought stock on credit, $1,200.
10	Paid $80 on the bank loan, including $10 interest.
	Cash Sales $1,800; cost price $1,300.
16	Paid wages $900.
	Sold ornaments on credit, $2,000; cost price $1,500.
18	Customer returned goods bought on credit $500; cost price $375.
20	Received 60% of the opening balance from debtors.
	Issued 5,000 shares for 50 cents each.
25	Paid $1,150 to a creditor.
31	Bought a new EFTPOS machine on credit, $8,000.

REQUIRED:

1. Calculate the opening balance for share capital and enter it in the share capital ledger account.
2. Post the transactions for July.
3. Balance the ledger accounts as at 31 July.
4. Take out a trial balance as at 31 July.

ACCOUNTS PAYABLE - OTHER

BANK LOAN
			Jul 1	Balance	8,000

RETAINED EARNINGS
			Jul 1	Balance	10,900

SHARE CAPITAL

SALES

SALES RETURNS

COST OF GOODS SOLD

WAGES

INTEREST

QUESTION THREE GENERAL LEDGER 21 MARKS ACCOUNTS RECEIVABLE Jul 1 Balance 1,000 Gloria from Gloria's Garden Ornaments Ltd has asked you to post the following transactions into her general ledger and take out a trial balance at the end of July The opening balances have been entered for you (except for share capital). Ju 9 Bought stock on credit $1,200 10 Paid S80 on the bank loan, including $10 interest Cash Sales S1 800 cost price $1,300 16 Paid wages $900. Sold omaments on credit, $2,000 cost price $1,500 18 Customer retumed goods bought on credit $500; cost price $375. 20 Received 60% of the opening balance from debtors Issued 5,000 shares for 50 cents each. . 25 Paid $1,150 to a creditor a 31 Bought a new EFTPOS machine on credit, $8,000 a INVENTORY Jul 1 Balance 2,000 REQUIRED: SHOP EQUIPMENT Jul 3 Balance 25,000 1 Calculate the opening balance for share capital and enter it in the share capital ledger account 2 Post the transactions for July 3 Balance the ledger accounts as at 31 July 4 Take out a trial balance as at 31 July GLORIA'S GARDEN ORNAMENTS LTD GENERAL LEDGER BANK ACCOUNTS PAYABLE Jul 1 Balance Jul 1 Balance 15 000 2 300 ACCOUNTS PAYABLE - OTHER COST OF GOODS SOLD BANK LOAN Jul 1 Balance 8,000 WAGES INTEREST RETAINED EARNINGS Jul 1 Balance 10.900 SHARE CAPITAL GLORIA'S GARDEN ORNAMENTS LTD TRIAL BALANCE AS AT 31 JULY 2021 DR S CR$ SALES + SALES RETURNS