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27. The following information was extracted from the books of XYZ traders for the period ended 31/3/2011. March 1: March 2: March 3: March 4: March 5: March 7: March 11: March 14: March 17: March 20: March 22: March 27: started business with Ksh 100,000 cash from private sources bought goods on credit from A clicks Ksh 29,600 paid rent by cash Ksh 2,800 paid Ksh. 100,000 of the cash into the bank account sold goods on credit to J Simpson for Ksh 5,400 Bought stationary Ksh 1,500 by cheque Cash sale of Ksh 4,900 Goods returned by Mapato Traders to A clicks worth Ksh 1,700 Sold goods on credit to Peter Ksh 1,800 Paid for building repairs by cash Ksh 1,800 J Simpson returned goods to Mapato Traders worth Ksh 1,400 Paid A Clicks by cheque Ksh 27,900 DOW

27. The following information was extracted from the books of XYZ traders for the period ended 31/3/2011. March 1: March 2: March 3: March 4: March 5: March 7: March 11: March 14: March 17: March 20: March 22: March 27: started business with Ksh 100,000 cash from private sources bought goods on credit from A clicks Ksh 29,600 paid rent by cash Ksh 2,800 paid Ksh. 100,000 of the cash into the bank account sold goods on credit to J Simpson for Ksh 5,400 Bought stationary Ksh 1,500 by cheque Cash sale of Ksh 4,900 Goods returned by Mapato Traders to A clicks worth Ksh 1,700 Sold goods on credit to Peter Ksh 1,800 Paid for building repairs by cash Ksh 1,800 J Simpson returned goods to Mapato Traders worth Ksh 1,400 Paid A Clicks by cheque Ksh 27,900 DOW

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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27. The following information was extracted from the books of XYZ traders for the period ended 31/3/2011. March 1: March 2: March 3: March 4: March 5: March 7: March 11: March 14: March 17: March 20: March 22: March 27: started business with Ksh 100,000 cash from private sources bought goods on credit from A clicks Ksh 29,600 paid rent by cash Ksh 2,800 paid Ksh. 100,000 of the cash into the bank account sold goods on credit to J Simpson for Ksh 5,400 Bought stationary Ksh 1,500 by cheque Cash sale of Ksh 4,900 Goods returned by Mapato Traders to A clicks worth Ksh 1,700 Sold goods on credit to Peter Ksh 1,800 Paid for building repairs by cash Ksh 1,800 J Simpson returned goods to Mapato Traders worth Ksh 1,400 Paid A Clicks by cheque Ksh 27,900 DOW
Transcribed Image Text:27. The following information was extracted from the books of XYZ traders for the period ended 31/3/2011. March 1: March 2: March 3: March 4: March 5: March 7: March 11: March 14: March 17: March 20: March 22: March 27: started business with Ksh 100,000 cash from private sources bought goods on credit from A clicks Ksh 29,600 paid rent by cash Ksh 2,800 paid Ksh. 100,000 of the cash into the bank account sold goods on credit to J Simpson for Ksh 5,400 Bought stationary Ksh 1,500 by cheque Cash sale of Ksh 4,900 Goods returned by Mapato Traders to A clicks worth Ksh 1,700 Sold goods on credit to Peter Ksh 1,800 Paid for building repairs by cash Ksh 1,800 J Simpson returned goods to Mapato Traders worth Ksh 1,400 Paid A Clicks by cheque Ksh 27,900 DOW
March 22: March 27: March 28: March 29: March 30: J Simpson returned goods to Mapato Traders worth Ksh 1,400 Paid A Clicks by cheque Ksh 27,900 Cash purchases Ksh 12,500 Bought a motor vehicle by cheque Ksh 39,500 Paid motor expenses in cash Ksh 1,500 104 March 31: Required a) Prepare journal entries to record the above transactions. b) Prepare the ledger accounts and bring down the balances. Bought fixtures Ksh 12,000 on credit from R west
Transcribed Image Text:March 22: March 27: March 28: March 29: March 30: J Simpson returned goods to Mapato Traders worth Ksh 1,400 Paid A Clicks by cheque Ksh 27,900 Cash purchases Ksh 12,500 Bought a motor vehicle by cheque Ksh 39,500 Paid motor expenses in cash Ksh 1,500 104 March 31: Required a) Prepare journal entries to record the above transactions. b) Prepare the ledger accounts and bring down the balances. Bought fixtures Ksh 12,000 on credit from R west
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