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In: Accounting
R. Sedeno had the following assets and liabilities on 31st December, 2019. Items
R. Sedeno had the following assets and liabilities on 31st December, 2019.
Items $ Items $
Cash 100 Bank 2,180
Stock 5,900 Petty Cash 120
Furniture and Fittings 6,800 Equipment 3,200
Motor Vehicle 17,500 Premises 40,000
Debtors: Creditors:
L. Robertson 1,900 T. Hosein 250
H. Henry 520 N. Akua 1,200
Transactions during the month of January 2020 were as follows:
1 Paid N. Akua’s account less 5% discount by cheque.
2 Bought $20 stamps and $40 in stationery from cash.
3 Withdrew $200 cash from bank for office use.
6 Cash sales $1,600 of which $1,600 was banked.
8 Paid wages $800 and advertising expense $300 by cheque.
14 Robertson paid his account in cash less 3% discount.
He bought a further $400 worth of goods on credit.
16 Received a month’s rent for a sub-let office $1,500 by cheque.
18 Cash purchase of $1,800.
20 Sedeno drew a $1,250 cheque for private use and made a down-payment of $1,000 to Ocean View Resort for a family vacation in August.
22 Bought a computer $5,000 on credit from T. Hosein.
23 Bought $860 worth of goods from T. Hosein on credit.
Paid for cleaning supplies $36 in cash.
25 Bought a computer desk $3,000 on credit from T. Hosein.
26 Paid wages $1,200 by cheque. Returned $160 of goods bought from T. Hosein on 23rd January. Paid Hosein’s account at the beginning of the month in cash.
28 Sold good to H. Henry invoiced at $600 less 10% trade discount.
Purchase goods $430 on credit from N. Akua.
30 Henry returned $40 of the goods bought the previous day and paid the balance in cash.
Sedeno borrowed $2,000 from his sister C. Sedeno.
31 Petty Cashier is reimbursed.
**********
Closing stock was counted and value at $4,800.
- Write-up the appropriate day books or Journals.
(All cash expenditure under $50 should be recorded as Petty Cash.)
- Write-up the proper accounting subsidiary books for all information.
Solutions
Expert Solution
| Date | Account Title | Debit | Credit |
| Jan 01, 2020 | N . Akua -Creditor | $ 1,200 | |
| Discount received | $ 60 | ||
| Bank | $ 1,140 | ||
| Jan 02, 2020 | Office Supplies- Stamp | $ 20 | |
| Office Supplies- Stationery | $ 40 | ||
| Cash | $ 60 | ||
| Jan 03, 2020 | Cash | $ 200 | |
| Bank | $ 200 | ||
| Jan 06, 2020 | Cash | $ 1,600 | |
| Sales | $ 1,600 | ||
| Jan 06, 2020 | Bank | $ 1,600 | |
| Cash | $ 1,600 | ||
| Jan 08, 2020 | Wages Expenses | $ 800 | |
| Advertising expenses | $ 300 | ||
| Bank | $ 1,100 | ||
| Jan 14, 2020 | Cash | $ 1,843 | |
| Discount given | $ 57 | ||
| L. Robertson- Debtor | $ 1,900 | ||
| Jan 14, 2020 | L. Robertson- Debtor | $ 400 | |
| Sales | $ 400 | ||
| Jan 16, 2020 | Bank | $ 1,500 | |
| Other income -rent | $ 1,500 | ||
| Jan 18, 2020 | Purchase | $ 1,800 | |
| Cash | $ 1,800 | ||
| Jan 20, 2020 | Ocean a/c | $ 1,000 | |
| R. Sedeno | $ 250 | ||
| Bank | $ 1,250 | ||
| Jan 22, 2020 | Fixed assets- Computer | $ 5,000 | |
| T. Hosein- Creditor | $ 5,000 | ||
| Jan 23, 2020 | Purchase | $ 860 | |
| T. Hosein- Creditor | $ 860 | ||
| Jan 23, 2020 | Cleaning supplies | $ 36 | |
| Petty Cashier | $ 36 | ||
| Jan 25, 2020 | Fixed assets- Computer desk | $ 3,000 | |
| T. Hosein- Creditor | $ 3,000 | ||
| Jan 26, 2020 | Wage expense | $ 1,200 | |
| Bank | $ 1,200 | ||
| Jan 26, 2020 | T. Hosein- Creditor | $ 160 | |
| Purchase Return | $ 160 | ||
| Jan 26, 2020 | T. Hosein- Creditor | $ 250 | |
| Cash | $ 250 | ||
| Jan 28, 2020 | H. Henry- Debtor | $ 540 | |
| Discount given | $ 60 | ||
| Sales | $ 600 | ||
| Jan 30, 2020 | Purchase | $ 430 | |
| N. Akua- Creditor | $ 430 | ||
| Jan 30, 2020 | Sales return | $ 40 | |
| H. Henry- Debtor | $ 40 | ||
| Jan 30, 2020 | Cash | $ 500 | |
| H. Henry- Debtor | $ 500 | ||
| Jan 30, 2020 | Cash | $ 2,000 | |
| C. Sedeno-loan | $ 2,000 | ||
 ekkarill92 answered 2 years agoRelated SolutionsR. Sedeno had the following assets and liabilities on 31st December, 2019. ItemsR. Sedeno had the following assets and liabilities on
31st December, 2019.
Items
$
Items
$
Cash
100
Bank
2,180
Stock
5,900
Petty
Cash
120
Furniture and
Fittings
6,800
Equipment
3,200
Motor
Vehicle
17,500
Premises
40,000
Debtors:
Creditors:
L.
Robertson
1,900
T. Hosein 250
H.
Henry
520
N. Akua
1,200
Transactions during the month of January 2020 were as
follows:
1 Paid N.
Akua’s account less 5% discount by cheque.
2 Bought
$20 stamps and $40...
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the year, Ian withdrew $35,000.
Accounts payable $73,500
Accounts receivable 288,000
Cash 186,000
Fees earned 905,900
Land 542,000
Miscellaneous expense 6,600
Rent expense 30,000
Supplies 5,100
Supplies expense 4,200
Utilities expense 26,500
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Accounts
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Accounts payable
$73,000
Accounts receivable
277,000
Cash
191,500
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Land
547,000
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Rent expense
34,000
Supplies
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Supplies expense
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Accounts
Amounts
Accounts payable
$68,000
Accounts receivable
267,000
Cash
183,000
Fees earned
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Land
544,000
Miscellaneous expense
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Rent expense
35,000
Supplies
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Supplies expense
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On December 1, 2019, Geneva Jordan opened her new business with the
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Liabilities and Stockholders’ Equity
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Accounts Payable
687,121
Accounts Receivable
1,754,137
Notes Payable
553,153
Inventories
1,338,640
Other Liabilities
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Equipment and
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Other Assets
1,823,009
Stockholders’ Equity
3,155,838
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Total Liabilities and Stockholders’ Equity
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The following information relates to ABC Ltd., for the year ended 31st December, 2019.The following information
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Ordinary Shares capital of par value Rs.10/each………………
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10% Bonds payable of par value Rs.1000/each………………….
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Reserves and surplus………………………………………………Rs.250,000.
Current liabilities…………………………………………………..Rs.250,000.
Tax rate is 30%.
Market price of share is Rs.20 each.
Dividend payout ratio is 60%.
Required; Compute and comments
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Notes Payable, due June 2, 2020 $1,000 Current Maturities of
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Accounts Receivable $267,500 Unearned Revenue $4,320
Equipment $950,000 Interest Payable $1,010
Accounts Payable $104,400 Wages Payable $6,000
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