Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION THREE The following transactions were extracted from the books Egyakoo Ltd for the month of August 2018. Show the effect of the transactions

image text in transcribed

QUESTION THREE The following transactions were extracted from the books Egyakoo Ltd for the month of August 2018. Show the effect of the transactions on the accounting equation of Egyakoc Ltd L Alaska the owner of Egyakoo Ltd contributed an amount of GHS100,000 by cheque representing 10,000 equity shares 1. Acquired factory building on credit from Lilwin enterprise for GHS50,000 III. Acquired a loan of GHS48,000 from Womenzgold Ltd by cheque IV. Purchased goods for resale on credit, GHS250,000 from "Too-Much" Enterprise V. Paid for repairs and maintenance of GHS2,080 from bank VI. Goods worth GHS98.000 sold on credit for GHS105,000 to Baby Jackson Ltd VII. Goods worth GHS5,350 returned to "Too-Much" Enterprise a supplier. VIII. Alaska the owner of Agya Koo ltd. GHS28,000 from the company to buy a jeep for Ajara Mapuka for giving birth to junior Alaska. IX. The company received interest of GHS5.200 on its mobile money wallet account from MTN Ltd. X. Purchased a special machine for the production of a specialized design on its product to it niche market at a cost of GHS13.250 on credit from McBrown Ltd. (20 Marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Corporate Financial Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

12th edition

1305041399, 1285078586, 978-1-133-9524, 9781133952428, 978-1305041394, 9781285078588, 1-133-95241-0, 978-1133952411

More Books

Students also viewed these Accounting questions

Question

percents ta the negest handredth of a ivertait? 3.00n n.ish voug

Answered: 1 week ago