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Your friend B . Buhari has started a new business on 1 May 2 0 2 4 and asked your help to record the following
Your friend B Buhari has started a new business on May and asked your help to record
the following transaction taken place during the last month.
May : B Buhari deposited money in a business bank account $ May : Negotiated overdraft from bank $
May : Bought inventory from A Fiddle on credit $ May : Bought equipment from T Xerox on credit $
May : Paid three months rent in advance on shop premises $ May : Sold goods on credit to I. Dunno $
May : Cash sales for the week ending May $
May : I. Dunno returned faulty goods, gave full credit $ May : Purchased stock from B Fawlty for cash $ May : Cash sales for the week ending May $ May : Paid A Fiddle $
May : Bought vehicle on days credit $ May : Paid T Xerox $
May : Paid telephone account $ for the month May : Paid electricity account $ month
May : Bought insurance and prepaid three months $ May : Dunno paid his account $
May : Sold goods on account to M Mouse $
May : The bank charged $ as monthly fee for the overdraft. May : Cash sales, week ending May $
May The closing inventory was $
Required:
a Prepare journal entries.
b Post to the ledger accounts Taccount form
c Prepare trial balance.
d Based on the trail balance, form a worksheet to prepare the comprehensive income and the balance sheet.
e Prepare the comprehensive income and the balance sheet.
f Comments on the financial performance and the position of the business.
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