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task: to journalise transactions ReadySet Garments is registered as trading of garments for Mens, Womens and Kids. The company has warehouse situated in London, United
task: to journalise transactions
ReadySet Garments is registered as trading of garments for Mens, Womens and Kids. The company has warehouse situated in London, United Kingdom In month of January 2019, the company has made following Accounting Transactions: 02 Jan 2019: Ordered Garments Stock for mens, womens and kids for different sizes worth 5,000. The company imported these garments from China Whole Markets and make sales in the Denver. The company makes margin of 70% on these products. 06 Jan: The Company made a cash and credit card sales of 2,000 and 3,000 respectively, all the cash sales have been deposited in the business bank account at the end of the day. 08 Jan: Received Garments ordered on 02 Jan, the payment terms for these purchases is Net 30. 10 Jan: Made another Cash sales of 3,000 and the card sales of 5,000, all the cash sales banked on the same day. 12 Jan: The items sold on 06 Jan for 200 got returned due color fading, The customer has been paid the cash refund. 15 Jan: Paid 2,000 for the Advertising and Marketing of thr Brand Image to WeBoost Limited through bank account 17 Jan: Made Cash sales of 2,500 and the credit sales of 4,000, all the cash sales banked on the same day. 18 Jan: The stock items for 500 purchased on 08 Jan got defective and they were returned back for the claim. 20 Jan: Place an order of garments for mens, womens and kids for 4,000. The ordered is expected to be recieved at the start of the next month. 25 Jan: Made cash sales of 3,000 and card sales of 5,500 31 Jan: The freight and carriage charges for the month amounts to 1,000 31 Jan: Make Accruals for the salaries, rent and utilies. 31 Jan: Deprecite the Fixed Asset at the rate of 5% per annum on reducing balance method. You are required to: 1) Journalize all the above transactions in the Books of RDC LimitedStep by Step Solution
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