Question

Enter the following transactions in the records of TRUST GOD Enterprise, balance the various accounts and extract a trial balance for the month of June 2018.
June 1   stated business with GH¢55,000 of the bank
June 2    Bought goods on credit from Blessing GH¢1,200
June 3    Bought goods GH¢700 from John paying by cheque
June 4   Return goods to Blessing GH¢500
June 7   Sold good for cash GH¢3,000
June 8   Bought furniture by cheque GH¢1,750
June 9   Banked cash GH¢1,500
June 12 Sold goods on credit to Deede GH¢480
June 14 Received loan GH¢2,300 from Andra
June 15 Deede returned goods GH¢210
June 18 Paid rent GH¢750 by cash
June 20 Received discount of GH¢60 by cash
June 24 Withdrew GH¢800 from the bank for personal use
June 30 Received electricity bill GH¢230 from E. C. G but not settle

Answer 1

Journal Entries in the books of TRUST GOD Enterprise

Date	Particulars	Debit($)	Credit($)
June 1	Bank A/c Dr.	55,000
	To Capital A/c		55,000
June 2	Purchases A/c Dr.	1,200
	To Blessings A/c		1,200
June 3	Purchases A/c Dr.	700
	To Bank A/c		700
June 4	Blessings A/c Dr.	500
	To Purchase Return A/c		500
June 7	Cash A/c Dr.	3,000
	To Sales A/c		3,000
June 8	Furniture A/c Dr.	1,750
	To Bank A/c		1,750
June 9	Bank A/c Dr	1,500
	To Cash A/c		1,500
June 12	Deede A/c Dr.	480
	To Sales A/c		480
June 14	Cash A/c Dr.	2,300
	To Loan from Andra A/c		2,300
June 15	Sales Return A/c Dr.	210
	To Deede A/c		210
June 18	Rent Expense A/c Dr.	750
	To Cash A/c		750
June 20	Cash A/c Dr.	60
	To Discount Received A/c		60
June 24	Drawings A/c Dr.	800
	To Bank A/c		800
June 30	Electricity Expense A/c Dr.	230
	To Electricity Expense Payable A/c		230

Ledger Posting:

Capital Account

Particulars	Amount	Particulars	Amount
To Balance c/f	55,000	By Bank A/c	55,000
	55,000		55,000

Purchases Account

Particulars	Amount	Particulars	Amount
To Blessings A/c	1,200	By Balance c/f	1,900
To Bank A/c	700
	1,900		1,900

Blessings Account

Particulars	Amount	Particulars	Amount
To Purchase Return A/c	500	By Purchases A/c	1,200
To Sundry Creditors A/c	700
	1,200		1,200

Purchase Return Account

Particulars	Amount	Particulars	Amount
To Balance c/f	500	By Blessings A/c	500
	500		500

Sales Account

Particulars	Amount	Particulars	Amount
To Balance c/f	3,480	By Cash A/c	3,000
		By Deede A/c	480
	3,480		3,480

Deede Account

Particulars	Amount	Particulars	Amount
To Sales A/c	480	By Sales Return A/c	210
		By Sundry Debtors A/c	270
	480		480

Sales Return Account

Particulars	Amount	Particulars	Amount
To Deede A/c	210	By Balance c/f	210
	210		210

Furniture Account

Particulars	Amount	Particulars	Amount
To Bank A/c	1,750	By Balance c/f	1,750
	1,750		1,750

Loan from Andra Account

Particulars	Amount	Particulars	Amount
To Balance c/f	2,300	By Cash A/c	2,300
	2,300		2,300

Rent Expense Account

Particulars	Amount	Particulars	Amount
To Cash A/c	750	By Balance c/f	750
	750		750

Discount Received Account

Particulars	Amount	Particulars	Amount
To Balance c/f	60	By Cash A/c	60
	60		60

Drawings A/c

Particulars	Amount	Particulars	Amount
To Bank A/c	800	By Balance c/f	800
	800		800

Electricity Expense Account

Particulars	Amount	Particulars	Amount
To Electricity Expense Payable	230	By Balance c/f	230

Electricity Expense Payable Account

Particulars	Amount	Particulars	Amount
To Balance c/f	230	By Electricity Expense A/c	230

Bank Account

Particulars	Amount	Particulars	Amount
To Capital A/c	55,000	By Purchases A/c	700
To Cash A/c	1,500	By Furniture	1,750
		By Drawings A/c	800
		By Balance c/f	53,250
	53,250		53,250

Cash Account

Particulars	Amount	Particulars	Amount
To Sales	3,000	By Bank A/c	1,500
To Loan from Andra	2,300	By Rent Expense A/c	750
To Discount Received	60	By Balance c/f	3,110
	3,110		3,110

Trial Balance

TRUST GOD Enterprise

Month Ending June 30

Account	Debit	Credit
Capital		55,000
Sales		3,480
Purchase Return		500
Electricity Expense Payable		230
Sundry Creditors		700
Discount Received		60
Loan from Andra		2,300
Cash	3,110
Bank	53,250
Sundry Debtors	270
Purchases	1,900
Sales Return	210
Electricity Expense	230
Rent	750
Furniture	1,750
Drawings	800
Total	62,270	62,270