Question

Question One

Enter the following transactions for August 2018 in the subsidiary books of J. Mubanga, post them to the ledger accounts and extract a trial balance as at 31 July 2018.

2016
July	1	Opening balances	K
		Cash at Bank	70,000
		Inventory	650,000
		Trade receivables
		J. Thorsten	45,000
		T. Murphy	61,000
		Trade payables
		S. Kelly	22,500
		B. Butler	30,000
		Premises	400,000
		Furniture and Fittings	80,000
		Motor Van	65,000
		Capital – J. Mubanga	1,318,500

Transactions for the Month:

July 3              Purchased goods on credit from S. Kelly – K20, 000 (Their Invoice No. 82).

        5              Purchased goods on credit from B. Butler – K60, 000 (Their Invoice No. 196).

        7              Sold goods to Thorsten on credit – K28, 000 (Their Invoice No. 48).

        9              Returned goods to S. Kelly – K2, 500 (Our Debit Note).

       14             Sold goods to T. Murphy on credit – K20, 000 (Their Invoice No 49).

      16              Returned goods to B. Butler – K6, 800 (Our Debit Note No: 17)

      18              Return from J. Thorsten goods worth K3, 500 (Their Debit Note No: 42)

      20              T. Murphy returned goods – £2,300 (Their Debit Note No. 68)

      23              Purchased Furniture on credit from W. Wills – £25,000.

      25              Invoice received from Martin & Co for £6,200 being fuel purchased on Credit.

      28              Purchased goods from S. Kelly for £15,000 (Invoice No 109)

      29              Sold goods to Thorson on credit – £27,500 (Invoice No 50)

      30              Sold goods to T. Murphy on credit – £52,000 (Invoice No. 51)

Answer 1

July 3 .Purchase A/c Dr. K 20000

To S.Kelly K20000

(Being Goods Purchase on credit)

July 5. Purchase A/c Dr. K 60000

To B.Butler K60000

(Being Goods Purchase on credit)

July 7. J. Thorsten A/c Dr. k 28000

To Sales A/c K 28000

( Being Goods sold on credit)

July9. S. Kelly A/c Dr. K2500

To Purchase Return K2500

(Being Purchase Return Made)

July18 Sales Return A/c Dr. K3500

To J. Thorsten K3500

( Being Sales Return Made)

  

July 20 Sales Return A/c Dr. 2300

To T. Murphy 2300

( Being Sales Return Made)

July 23 Furniture A/c Dr. 25000

To W.Wills 25000

( Being Furniture Purchase)

July 25 Fuel expenses A/c Dr. 6200

To Martin & Co. 6200

( Being fuel purchase)

July28 Purchase A/c Dr. 15000

To S. Kelly 15000

Being Goods Purchase)

July29 Thorson A/c Dr. 27500

To Sale 27500

( Being Good Sold on Credit)

  

July 30 T.Murphy A/c Dr. 52000

To Sale 52000

( Being Good Sold on Credit)

Inventory

Particular	Amount	Particular	Amount
To Balance B/d	650000	By Sales	28000
To Purchase	20000	By Purchase Return	2500
To purchase	60000	By sales	20000
To sales Return	3500	By Purchase Return	6800
To Sales Return	2300	By Sales	27500
To Purchase	15000	By Sales	52000
		By Balace c/d	614000
	750800		750800

Trade Payable(S kelly)

Particular	Amount	Particular	Amount
To Purchase Return	2500	By Balance B/d	22500
To Balance C/d	55000	By Purchase	20000
		By Purchase	15000
	57500		57500

Trade Payable(B.Butler)

Particular	Amount	Particular	Amount
To Purchase Return	6800	By Balance B/d	30000
To Balance C/d	83200	By Purchase	60000
	90000		90000

Trade Receivable(J.Thorsten)

Particular	Amount	Particular	Amount
To Balance B/d	45000	By Sales Return	3500
To sales	28000	By Balance C/d	97000
To sales	27500
	100500		100500

Trade Receivable(T Murphy)

Particula	Amount	Particular	Amount
To Balance B/d	61000r	By Sales Return	2300
To sales	20000	By Balance C/d	130700
To sales	52000
	133000		133000

Furnitures & Fitting

Particula	Amount	Particular	Amount
To Balance B/d	80000	By Balance B/d	105000
To W.Wills	25000
	105000		105000

Trial Balance

Particular	Dr.	Cr.
Cash at bank	70000
Inventory	614000
Trade Receivable J Thorston 97000 T murphy 130700	227700
Trade Payables S Kelly 55000 B.butler   83200 W. bills 25000 Martin & Co. 6200		169400
Premises	400000
Furniture & Fitting	105000
Moter van	65000
Capital J.Munga		1318500