Question
In: Accounting
Record the following in John’s two-column cash book. Balance the cash book and bring down the...
Record the following in John’s two-column cash book. Balance the cash book and bring down the balances of cash in hand and cash at bank at the end of the period. and open the necessary ledger account.
2018
October 1st Introduced ₦5,000 cash into the business as capital
October 5th Paid rent of ₦2000 cash
October 11th Receive cheque of ₦1000 from sales
October 15th Purchase good and paid ₦2000 by cheque
October 19th Pay Insurance ₦500 by cheque
October 24th Cash sales ₦500
October 25th Receive rent by cheque ₦1000
October 28th Cash paid into bank ₦2,000
October 31st paid wages by cash ₦500
Solutions
Expert Solution
| Books of Mr. John | |||||||||||
| Cash Book (Double Column) | |||||||||||
| For the month ended October 2018 | |||||||||||
| Receipts | Payments | ||||||||||
| Date | Description | Ref | Cash | Bank | Date | Description | Ref | Cash | Bank | ||
| 2018 | 2018 | ||||||||||
| 1 | 10 | Capital A/c | 5,000.00 | 5 | 10 | Rent Expense A/c | 2,000.00 | ||||
| 11 | 10 | Sales A/c | 1,000.00 | 15 | 10 | Purchases A/c | 2,000.00 | ||||
| 24 | 10 | Sales A/c | 500.00 | 19 | 10 | Insurance A/c | 500.00 | ||||
| 25 | 10 | Rent Income A/c | 1,000.00 | 28 | 10 | Bank A/c | C | 2,000.00 | |||
| 28 | 10 | Cash A/c | C | 2,000.00 | 31 | 10 | Wages A/c | 500.00 | |||
| 31 | 10 | By Balance c/d | 1,000.00 | 1,500.00 | |||||||
| 5,500.00 | 4,000.00 | 5,500.00 | 4,000.00 | ||||||||
| 1 | 11 | Balance b/d | 1,000.00 | 1,500.00 |
| Capital A/c | |||||
| Date | Particulars | Amount | Date | Particulars | Amount |
| 2018 | 2018 | ||||
| 1/10 | By Cash A/c | 5,000 | |||
| 31/10 | To Balance c/d | 5,000 | |||
| 5,000 | 5,000 | ||||
| Rent Expense A/c | |||||
| Date | Particulars | Amount | Date | Particulars | Amount |
| 2018 | 2018 | ||||
| 5/10 | To Cash A/c | 2,000 | |||
| 31/10 | By Balance c/d | 2,000 | |||
| 2,000 | 2,000 | ||||
| Sales A/c | |||||
| Date | Particulars | Amount | Date | Particulars | Amount |
| 2018 | 2018 | ||||
| 11/10 | By Bank A/c | 1,000 | |||
| 31/10 | To Balance c/d | 1,000 | |||
| 1,000 | 1,000 | ||||
| Purchases A/c | |||||
| Date | Particulars | Amount | Date | Particulars | Amount |
| 2018 | 2018 | ||||
| 15/10 | To Bank A/c | 2,000 | |||
| 31/10 | By Balance c/d | 2,000 | |||
| 2,000 | 2,000 | ||||
| Insurance Expenses A/c | |||||
| Date | Particulars |
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