9.7 Enter the following transactions in the ledger of A Baker and prepare a trial balance...

9.7 Enter the following transactions in the ledger of A Baker and prepare a trial balance at 31 May, together with a calculation of the profit for the month and a balance sheet at 31 May.

May 1 Started in business with £1,500 in the bank and £500 cash

May 2 Purchased goods to the value of £1,750 from C Dunn, agreeing credit terms of 60 days

May 3 Bought fixtures and fittings for the bakery for £150, paying by cheque

May 6 Bought goods on credit from E Farnham for £115

May 10 Paid rent of £300 paying cash

May 12 Bought stationery – cash book and invoices – for £75 – paying by cash

May 14 Sold goods on credit, value £125, to G Harlem

May 20 Bought an old van for deliveries for £2,000 on credit from I Jumpstart

May 30 Paid wages of £450 net for the month by cheque, Inland Revenue deductions of £75 to be paid in the following month

May 31 Summarised cash sales for the month and found them to be £2,500. Took a cheque for £500 as own wages for the month. Banked £2,000 out of the cash sales over the month

May 31 Closing stock was £500

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ekkarill92 answered 1 year ago

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