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2.3 write up the asset and liability and capital accounts to record the foilowing transactions in the records of F Murray. 20X7 1 Started business with E15,000 in the bank. 2 Hought office furniture by cheque £1,200. 3 Bought machinery E1,400 on credit from Trees Ltd. 5 Bought a van paying by cheque E6,010. July 26 Chapter 2. The double entry system for assets, liabilities and capital 8 Sold some of the office furniture - not suitable for the business-for £150 on credit to D Twig & Sons. 15 Paid the amount owing to Trees Ltd E1,400 by cheque. 23 Received the amount due from D Twig & Sons E150 in cash. 31 Bought more machinery by cheque C650.

2.3 write up the asset and liability and capital accounts to record the foilowing transactions in the records of F Murray. 20X7 1 Started business with E15,000 in the bank. 2 Hought office furniture by cheque £1,200. 3 Bought machinery E1,400 on credit from Trees Ltd. 5 Bought a van paying by cheque E6,010. July 26 Chapter 2. The double entry system for assets, liabilities and capital 8 Sold some of the office furniture - not suitable for the business-for £150 on credit to D Twig & Sons. 15 Paid the amount owing to Trees Ltd E1,400 by cheque. 23 Received the amount due from D Twig & Sons E150 in cash. 31 Bought more machinery by cheque C650.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2.3 write up the asset and liability and capital accounts to record the following transactions in the records of F Murray. 20X7 1 Started business with E15,000 in the bank. 2 Bought office furniture by cheque E1,200. 3 Bought machinery E1,400 on credit from Trees Ltd. 5 Bought a van paying by cheque E6,010. July 26 Chapter 2- The double entry system for assets, liabiities and capital 8 Sold some of the office furniture - not suitable for the business - for £150 on credit to D Twig & Sons. 15 Paid the amount owing to Trees Ltd £1,400 by cheque. 23 Received the amount due from D Twig & Sons E150 in cash. 31 Bought more machinery by cheque E650. 2.4 You are required to open the asset and liability and capital accounts and record the follow- ing transactions for June 20x8 in the records of P Bernard. 20X8 1 Started business with £12,000 in cash. 2 Paid £11,700 of the opening cash into a bank account for the business. 5 Bought office furniture on credit from Dream Ltd for £1,900. 8 Bought a van paying by cheque E5,250. 12 Bought equipment from Pearce & Sons on credit £2,300. 18 Returned faulty office furniture costing £120 to Dream Ltd. 25 Sold some of the equipment for (200 cash. 26 Paid amount owing to Dream Ltd E1,780 by cheque. 28 Took E130 out of the bank and added to cash. 30 FBrown lent us £4,000 - giving us the money by cheque. June 2.5A Write up the asset, capital and liability accounts in the books of D Gough to record the following transactions: 20X9 June 1 Started business with £16,000 in the bank. 2 Bought van paying by cheque (6, 400. 5 Bought office fixtures £900 on credit from Old Ltd. 8 Bought van on credit from Carton Cars Ltd £7,100. 12 Took £180 out of the bank and put it into the cash till. 15 Bought office fixtures paying by cash (120. 19 Paid Carton Cars Ltd a cheque for £7,100. 21 A loan of E500 cash is received from B Berry. 25 Paid (400 of the cash in hand into the bank account. 30 Bought more office fixtures paying by cheque £480. 2.6A Write up the accounts to record the following transactions: 20X7 1 Started business with £750 cash and £9,000 in the bank. 2 Received a loan of £2,000 from B Blane by cheque. 3 Bought a computer for cash E600. 5 Bought display equipment on credit from Clearcount Ltd (420. 8 Took £200 out of the bank and put it in the cash till. 15 Repaid part of Blane's loan by cheque E500. 17 Paid amount owing to Clearcount Ltd £420 by cheque. 24 Repaid part of Blane's loan by cash £250. 31 Bought a printer on credit from F Jones for E200. March You can find a range of additional self-test questions, as well as material to help you with your studies, on the website that accompanies this book at www.pearsoned.co.uk/wood 27
Transcribed Image Text:2.3 write up the asset and liability and capital accounts to record the following transactions in the records of F Murray. 20X7 1 Started business with E15,000 in the bank. 2 Bought office furniture by cheque E1,200. 3 Bought machinery E1,400 on credit from Trees Ltd. 5 Bought a van paying by cheque E6,010. July 26 Chapter 2- The double entry system for assets, liabiities and capital 8 Sold some of the office furniture - not suitable for the business - for £150 on credit to D Twig & Sons. 15 Paid the amount owing to Trees Ltd £1,400 by cheque. 23 Received the amount due from D Twig & Sons E150 in cash. 31 Bought more machinery by cheque E650. 2.4 You are required to open the asset and liability and capital accounts and record the follow- ing transactions for June 20x8 in the records of P Bernard. 20X8 1 Started business with £12,000 in cash. 2 Paid £11,700 of the opening cash into a bank account for the business. 5 Bought office furniture on credit from Dream Ltd for £1,900. 8 Bought a van paying by cheque E5,250. 12 Bought equipment from Pearce & Sons on credit £2,300. 18 Returned faulty office furniture costing £120 to Dream Ltd. 25 Sold some of the equipment for (200 cash. 26 Paid amount owing to Dream Ltd E1,780 by cheque. 28 Took E130 out of the bank and added to cash. 30 FBrown lent us £4,000 - giving us the money by cheque. June 2.5A Write up the asset, capital and liability accounts in the books of D Gough to record the following transactions: 20X9 June 1 Started business with £16,000 in the bank. 2 Bought van paying by cheque (6, 400. 5 Bought office fixtures £900 on credit from Old Ltd. 8 Bought van on credit from Carton Cars Ltd £7,100. 12 Took £180 out of the bank and put it into the cash till. 15 Bought office fixtures paying by cash (120. 19 Paid Carton Cars Ltd a cheque for £7,100. 21 A loan of E500 cash is received from B Berry. 25 Paid (400 of the cash in hand into the bank account. 30 Bought more office fixtures paying by cheque £480. 2.6A Write up the accounts to record the following transactions: 20X7 1 Started business with £750 cash and £9,000 in the bank. 2 Received a loan of £2,000 from B Blane by cheque. 3 Bought a computer for cash E600. 5 Bought display equipment on credit from Clearcount Ltd (420. 8 Took £200 out of the bank and put it in the cash till. 15 Repaid part of Blane's loan by cheque E500. 17 Paid amount owing to Clearcount Ltd £420 by cheque. 24 Repaid part of Blane's loan by cash £250. 31 Bought a printer on credit from F Jones for E200. March You can find a range of additional self-test questions, as well as material to help you with your studies, on the website that accompanies this book at www.pearsoned.co.uk/wood 27
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