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Q1. Enter the following transactions in the appropriate ledger books of Ataa Nii’s Enterprises, completing the...
Q1. Enter the following transactions in the appropriate ledger
books of Ataa Nii’s Enterprises, completing the double entry for
August 2009 and balancing all accounts at the end of the
month.
Do not prepare a Trial balance. Balance and close off the
accounts at the end of the period bringing down balances to the
next period. Failure to do so will lead to loss of points
August 1 Started business with Gh¢100,000 out of which
Gh¢40,000 was paid into the bank
2 Purchased furniture worth Gh¢10,000 and machinery for
Gh¢10,000
3 Bought goods for Gh¢28,000
6 Sold goods for Gh¢16,000 cash
8 Purchased goods from Manu on credit for Gh¢22,000
10 Paid telephone bill by cheque for Gh¢ 1000
11 Bought a computer for Gh¢2,200 from Unity Computers on
credit
15 Sold goods for Gh¢24,000 to Kofi on credit
17 Sold goods to Rose for Gh¢4,000 on credit
19 Owner withdraws Gh¢3,000 from bank for personal use
21 Received cash from Kofi for Gh¢23,800 allowing a discount
of Gh¢200
22 Paid into bank Gh¢11,600
23 Bought Barclays Shares for Gh¢6,000 and paying brokers for
Gh¢40
25 Goods worth Gh¢2,000 found defective were returned to Manu
and the balance of Gh¢20,000 due to them settled by paying with
cheque
28 Sold some of Barclays Shares for Gh¢2,600
Solutions
Expert Solution
| Cash | |||||
| Date | Particulars | Debit (Gh¢) | Date | Particulars | Credit (Gh¢) |
| Aug-01 | To Capital A/C | 60,000 | Aug-02 | By Furniture A/C | 10,000 |
| Aug-06 | To Sales A/C | 16,000 | Aug-02 | By Machinery A/C | 10,000 |
| Aug-21 | To Accounts Receivable A/C | 23,800 | Aug-03 | By Purchases A/C | 28,000 |
| Aug-28 | To Investment in Barclays A/C | 2,600 | Aug-22 | By Bank A/C | 11,600 |
| Aug-23 | By Investment in Barclays A/C | 6,000 | |||
| Aug-23 | By Broker's Commission A/C | 40 | |||
| Aug-30 | By Balance C/D | 36,760 | |||
| 1,02,400 | 1,02,400 |
| Bank | |||||
| Date | Particulars | Debit (Gh¢) | Date | Particulars | Credit (Gh¢) |
| Aug-01 | To Capital A/C | 40,000 | Aug-10 | By Telephone Expenses A/C | 1,000 |
| Aug-22 | To Cash A/C | 11,600 | Aug-19 | By Drawings A/C | 3,000 |
| Aug-25 | By Accounts Payable A/C | 20,000 | |||
| Aug-30 | By Balance C/D | 27,600 | |||
| 51,600 | 51,600 |
| Capital | |||||
| Date | Particulars | Debit (Gh¢) | Date | Particulars | Credit (Gh¢) |
| Aug-30 | To Balance C/D | 1,00,000 | Aug-01 | By Cash A/C | 60,000 |
| Aug-01 | By Bank A/C | 40,000 | |||
| 1,00,000 | 1,00,000 |
| Machinery | |||||
| Date | Particulars | Debit (Gh¢) | Date | Particulars | Credit (Gh¢) |
| Aug-02 | To Cash A/C | 10,000 | Aug-30 | By Balance C/D | 10,000 |
| 10,000 | 10,000 |
| Furniture | |||||
| Date | Particulars | Debit (Gh¢) | Date | Particulars | Credit (Gh¢) |
| Aug-02 | To Cash A/C | 10,000 | Aug-30 | By Balance C/D | 10,000 |
| 10,000 | 10,000 |
| Purchases | |||||
| Date | Particulars | Debit (Gh¢) | Date | Particulars | Credit (Gh¢) |
| Aug-03 | To Cash A/C | 28,000 | Aug-30 | By Income Summary | 50,000 |
| Aug-08 | To Accounts Receivable A/C | 22,000 | |||
| 50,000 | 50,000 |
| Sales | |||||
| Date | Particulars | Debit (Gh¢) | Date | Particulars | Credit (Gh¢) |
| Aug-30 | To Income Summary | 44,000 | Aug-06 | By Cash A/C | 16,000 |
| Aug-15 | By Accounts Receivable A/C | 24,000 | |||
| Aug-17 | By Accounts Receivable A/C | 4,000 | |||
| 44,000 | 44,000 |
| Accounts Payable | |||||
| Date | Particulars | Debit (Gh¢) | Date | Particulars | Credit (Gh¢) |
| Aug-25 | To Purchases Return A/C | 2,000 | Aug-08 | By Purchases A/C | 22,000 |
| Aug-25 | To Bank A/C | 20,000 | Aug-11 | By Computer A/C | 2,200 |
| Aug-30 | To Balance C/D | 2,200 | |||
| 24,200 | 24,200 |
| Telephone Expenses | |||||
| Date | Particulars | Debit (Gh¢) | Date | Particulars | Credit (Gh¢) |
| Aug-10 | To Cash A/C | 1,000 | Aug-30 | By Income Summary | 1,000 |
| 1,000 | 1,000 |
| Computer | |||||
| Date | Particulars | Debit (Gh¢) | Date | Particulars | Credit (Gh¢) |
| Aug-11 | To Accounts Payable A/C | 2,200 | Aug-30 | By Balance C/D | 2,200 |
| 2,200 | 2,200 |
| Accounts Receivable | |||||
| Date | Particulars | Debit (Gh¢) | Date | Particulars | Credit (Gh¢) |
| Aug-15 | To Sales A/C | 24,000 | Aug-21 | By Cash A/C | 23,800 |
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