1:21 14.41% Randi Morrison is a sole proprietor who set up his business in Mpigi. The following were the transactions that took place in the month of January 2020. Amounts are in Uganda shillings. Jan 1 started the business with cash in hand shs 10,000,000 and cash at bank of shs 20,000,000. Jan 2nd purchased stock of goods on credit of shs 3,000,000. Jan 3rd bought a motor vehicle for business operations using the cash at bank of shs 2,000,000. Jan 4th Sold goods to James for shs 600,000 cash which had costed him shs 500,000. Jan 5th paid the shopkeeper shs 50,000 cash as salary. Jan 6th bought more stock of goods for shs 500,000 cash. Jan 8th Used business cash of shs 300,000 to buy for his wife and children Christmas clothes. Required. a) Construct an accounting Equation. b) Extract a simple balance sheet. < ▷ D ☑
1:21 14.41% Randi Morrison is a sole proprietor who set up his business in Mpigi. The following were the transactions that took place in the month of January 2020. Amounts are in Uganda shillings. Jan 1 started the business with cash in hand shs 10,000,000 and cash at bank of shs 20,000,000. Jan 2nd purchased stock of goods on credit of shs 3,000,000. Jan 3rd bought a motor vehicle for business operations using the cash at bank of shs 2,000,000. Jan 4th Sold goods to James for shs 600,000 cash which had costed him shs 500,000. Jan 5th paid the shopkeeper shs 50,000 cash as salary. Jan 6th bought more stock of goods for shs 500,000 cash. Jan 8th Used business cash of shs 300,000 to buy for his wife and children Christmas clothes. Required. a) Construct an accounting Equation. b) Extract a simple balance sheet. < ▷ D ☑
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:1:21
14.41%
Randi Morrison is a sole proprietor who set up his business in
Mpigi. The following were the transactions that took place in the
month of January 2020. Amounts are in Uganda shillings.
Jan 1 started the business with cash in hand shs 10,000,000 and
cash at bank of shs 20,000,000.
Jan 2nd purchased stock of goods on credit of shs 3,000,000.
Jan 3rd bought a motor vehicle for business operations using the
cash at bank of shs 2,000,000.
Jan 4th Sold goods to James for shs 600,000 cash which had
costed him shs 500,000.
Jan 5th paid the shopkeeper shs 50,000 cash as salary.
Jan 6th bought more stock of goods for shs 500,000 cash.
Jan 8th Used business cash of shs 300,000 to buy for his wife and
children Christmas clothes.
Required.
a) Construct an accounting Equation.
b) Extract a simple balance sheet.
< ▷ D
☑
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