Question
You are required to create transactions related to the nature of your business for March 2021. All the transactions are to be explained with the
You are required to create transactions related to the nature of your business for March 2021. All the transactions are to be explained with the nature of your business. You must have the following transactions: Introduction of capital Loan taken from bank Non- current assets acquired on credit Non- current assets acquired on cash basis Trade goods purchased on credit (minimum 2 different suppliers) Trade goods purchased on cash basis Trade goods sold on credit (minimum 2 different suppliers) Trade goods sold on cash basis Return of goods by customers & suppliers Payment to supplier inclusive of discount received Payment by customers inclusive of discount allowed Payment of expenses Receipt of income Withdrawal of goods and cash for personal use (20 Marks)ii. Recording Record the transactions into relevant journals Post the transactions to the relevant ledgers Prepare an unadjusted trial balance as of 31 March 2021 Prepare the financial statement on the above date. (Assume your ending inventory on this date to be 10% of your total net purchases). write down your own amount.
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