1. Recording in Principal Books of Accounts (Ledgers) Illustration I Rayhana Enterprise started business in 2017 and the following transactions related to the business during the month of January 2017. Jan. 1 Started business with cash of ¢2,500,000; a cheque of ¢6,000,000; Furniture Fittings valued at ¢400,000, and Motor Vehicles of ¢7000,000 Jan. 8 Deposited ¢1,500,000 to the bank. Jan. 13 Purchases of goods by cheque ¢300,000. • Jan. 15 Paid Rent of e1,200,000 by cheque Jan. 16 Purchase of goods on credit from Logic Enterprise ¢4,000,000 Jan. 19 Paid a cheque of ¢800,000 for Electricity & Water Charges. • Jan. 20 Paid Carriage charges on goods purchased by cash ¢150,000 Jan. 20 Sold goods receiving cheque ¢3,500,000. Jan 21 Bought goods ¢3,800,000 on credit from Bella Ltd; less 10% trade discount. Jan. 23 Sold goods on credit to Tyler Ltd ¢9,000,000. Jan. 25 Received ¢8,000,000 cheque from Tyler Ltd to discharge the total amount due. Jan. 28 Paid Bella Ltd the amount due her less 10% cash discount. Jan. 30 Sold goods for cash ¢2,800,000. Jan. 30 Paid wages and salaries by cheque ¢2,600,000. Jan. 30 Paid Logic Enterprise ¢3,050,000 as part payment. Jan. 30 Contracted to buy from Mina Ltd on 31/03/2017, goods valued at ¢2,000,000. • Jan. 31 Paid Repairs & Maintenance of ¢900,000 by cash. Required: Record the above transactions in to the necessary ledger accounts of Rayhana Enterprise for the month of January 2017.
1. Recording in Principal Books of Accounts (Ledgers) Illustration I Rayhana Enterprise started business in 2017 and the following transactions related to the business during the month of January 2017. Jan. 1 Started business with cash of ¢2,500,000; a cheque of ¢6,000,000; Furniture Fittings valued at ¢400,000, and Motor Vehicles of ¢7000,000 Jan. 8 Deposited ¢1,500,000 to the bank. Jan. 13 Purchases of goods by cheque ¢300,000. • Jan. 15 Paid Rent of e1,200,000 by cheque Jan. 16 Purchase of goods on credit from Logic Enterprise ¢4,000,000 Jan. 19 Paid a cheque of ¢800,000 for Electricity & Water Charges. • Jan. 20 Paid Carriage charges on goods purchased by cash ¢150,000 Jan. 20 Sold goods receiving cheque ¢3,500,000. Jan 21 Bought goods ¢3,800,000 on credit from Bella Ltd; less 10% trade discount. Jan. 23 Sold goods on credit to Tyler Ltd ¢9,000,000. Jan. 25 Received ¢8,000,000 cheque from Tyler Ltd to discharge the total amount due. Jan. 28 Paid Bella Ltd the amount due her less 10% cash discount. Jan. 30 Sold goods for cash ¢2,800,000. Jan. 30 Paid wages and salaries by cheque ¢2,600,000. Jan. 30 Paid Logic Enterprise ¢3,050,000 as part payment. Jan. 30 Contracted to buy from Mina Ltd on 31/03/2017, goods valued at ¢2,000,000. • Jan. 31 Paid Repairs & Maintenance of ¢900,000 by cash. Required: Record the above transactions in to the necessary ledger accounts of Rayhana Enterprise for the month of January 2017.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:1. Recording in Principal Books of Accounts (Ledgers)
Illustration I
Rayhana Enterprise started business in 2017 and the following transactions related to the
business during the month of January 2017.
Jan. 1 Started business with cash of ¢2,500,000; a cheque of ¢6,000,000; Furniture &
Fittings valued at ¢400,000, and Motor Vehicles of ¢7000,000
Jan. 8 Deposited ¢1,500,000 to the bank.
Jan. 13 Purchases of goods by cheque ¢300,000.
Jan. 15 Paid Rent of é1,200,000 by cheque
Jan. 16 Purchase of goods on credit from Logic Enterprise ¢4,000,000
Jan. 19 Paid a cheque of ¢800,000 for Electricity & Water Charges.
Jan. 20 Paid Carriage charges on goods purchased by cash ¢150,000
Jan. 20 Sold goods receiving cheque ¢3,500,000.
Jan 21 Bought goods ¢3,800,000 on credit from Bella Ltd; less 10% trade discount.
Jan. 23 Sold goods on credit to Tyler Ltd ¢9,000,000.
Jan. 25 Received ¢8,000,000 cheque from Tyler Ltd to discharge the total amount due.
Jan. 28 Paid Bella Ltd the amount due her less 10% cash discount.
Jan. 30 Sold goods for cash ¢2,800,000.
Jan. 30 Paid wages and salaries by cheque ¢2,600,000.
Jan. 30 Paid Logic Enterprise ¢3,050,000 as part payment.
Jan. 30 Contracted to buy from Mina Ltd on 31/03/2017, goods valued at ¢2,000,000.
Jan. 31 Paid Repairs & Maintenance of ¢900,000 by cash.
Required: Record the above transactions in to the necessary ledger accounts of Rayhana
Enterprise for the month of January 2017.
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