Question

Draw T-account for transactions given below: Transactions 1: Businessman started his business with $5000 paid into a business bank on 1 Aug 2015. Transaction 2: The businessman purchase furniture with amount of $600 on credit from TKR4 ltd on 2 Aug 2015. Transaction 3: The businessman purchases a PC computer with a cheque for $600 on 3 Aug 2015. Transaction 4: The businessman pays TKR4 ltd $200 by cheque on 4 Aug 2015. Transaction 5: The businessman borrows $4,000 on loan from a bank on 5 Aug 2015. The money is paid into the business bank account.

Answer 1

Bank Account
Debit			Credit
Date		Amount	Date		Amount
01-Aug-15	Capital	5000	03-Aug-15	Computer Equipment	600
05-Aug-15	Bank Loan	4000	04-Aug-15	Accounts Payable TKR4 Ltd	200
				Balance C/d	8200
	Totals	9000		Totals	9000
Capital
Debit			Credit
Date		Amount	Date		Amount
	Balance C/d	5000	01-Aug-15	Bank	5000
		5000			5000
Furniture
Debit			Credit
Date		Amount	Date		Amount
02-Aug-15	Accounts Payable TKR4 Ltd	600		Balance C/d	600
	Totals	600		Totals	600
Accounts Payable- TKR4 Ltd
Debit			Credit
Date		Amount	Date		Amount
04-Aug-15	Bank	200	02-Aug-15	Furniture	600
	Balance C/d	400
		600			600
Computer Equipment
Debit			Credit
Date		Amount	Date		Amount
03-Aug-15	Bank	600		Balance C/d	600
	Totals	600		Totals	600
Bank Loan
Debit			Credit
Date		Amount	Date		Amount
	Balance C/d	4000	05-Aug-15	Bank	4000
		4000			4000