Question

Question 2

Complete the T-accounts from the following details for the month of July 2015 and extract trial balance as per 31 July 2016

2016

July 1   Started firm with capital in cash of N$ 25 000

                2   Bought goods on credit from following persons: J Kaputu N$5400, D Goraseb   N$8700, F Muayambuatji N$2500, Noabeb N$7600; T Haindongo N$6400

         4 Sold goods on credit to; C Baily N$4300; B Hughes N$6200; H Spencer N$17600

         6   Paid rent by cash N$1200

         9    Baily paid us his account by cheque N$4300

       10   H Spencer paid us N$15000 by cheque

       12   We paid the following by cheque; F Muayambuatji N$2500; J Kaputu N$5400

       15   Paid carriage by cash N$ 2300

       18   Bought goods on credit from D Goraseb   N$ 4300; Noabeb N$11000

       21   Sold goods on credit to B Hughes N$6700

       31   Paid rent by cheque N$1800

Answer 1

Cash		Bank
Account	Debit	Credit	Account		Account	Debit	Credit	Account
Capital	25000	1200	Rent		Account receivable	4300	7900	Accounts Payable
		2300	Carriage		Account receivable	15000	1200	Rent
Closing balance	21500				Closing balance	10200
Capital		Rent
Account	Debit	Credit	Account		Account	Debit	Credit	Account
		25000	Cash		Cash	1200
		25000	Closing balance		Closing balance	1200
					Closing balance	2400
Purchases
Account	Debit	Credit	Account		Carriage
Accounts Payable	30600				Account	Debit	Credit	Account
Accounts Payable	15300				Cash	2300
Closing balance	45900				Closing balance	2300
Accounts Payable
Account	Debit	Credit	Account
Bank	7900	30600	Purchases
		15300	Purchases
		38000	Closing balance
Accounts Receivable
Account	Debit	Credit	Account
Sales	28100	4300	Bank
Sales	6700	15000	Bank
Closing balance	15500
Sales
Account	Debit	Credit	Account
		28100	Accounts Receivables
		6700	Accounts Receivables
		34800	Closing balance

Trial Balance
Account	Debit	Credit
Cash	21500	0
Capital	0	25000
Purchases	45900	0
Accounts Payable	0	38000
Accounts Receivable	15500
Sales	0	34800
Rent	2400	0
Bank	10200	0
Carriage	2300	0
Total	97800	97800