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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.
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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