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A. Pass Journal Entries B. Prepare Ledger Accounts

A. Pass Journal Entries B. Prepare Ledger Accounts

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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Find below the transactions for BND Limited, a food processing company. You are to do the following: A. Pass Journal Entries B. Prepare Ledger Accounts 1. March 8, 2019- BND Limited commenced business with N75million, deposited in the company's bank account. 2. March 10, 2019- Purchased property for use as the factory site and office complex- N40million using a cheque.(Ignore depreciation entries) 3. March 15, 2019- Bought power token for N200,000 using Quickteller 4. March 22, 2019- Bought manufacturing equipment for N25million using a cheque(Ignore depreciation entries for the equipment). 5. April 5, 2019- Purchased raw material inventory and paid with a cheque- N4million 6. April 8, 2019- Purchased packaging on credit from Thomas and Co. Limited- N2.5million 7. April 15, 2019- Sold products for N12million to Lexy Supermarket; 50% on credit, 50% payment received via bank transfer. 8. April 22, 2019- Returned damaged packaging of N150,000 to Thomas and Co. Limited 9. May 7, 2019- Settled the outstanding obligation to Thomas and Co. Limited by cheque. 10. May 28, 2019- Paid salaries via bank transfer- N1.5million
Transcribed Image Text:Find below the transactions for BND Limited, a food processing company. You are to do the following: A. Pass Journal Entries B. Prepare Ledger Accounts 1. March 8, 2019- BND Limited commenced business with N75million, deposited in the company's bank account. 2. March 10, 2019- Purchased property for use as the factory site and office complex- N40million using a cheque.(Ignore depreciation entries) 3. March 15, 2019- Bought power token for N200,000 using Quickteller 4. March 22, 2019- Bought manufacturing equipment for N25million using a cheque(Ignore depreciation entries for the equipment). 5. April 5, 2019- Purchased raw material inventory and paid with a cheque- N4million 6. April 8, 2019- Purchased packaging on credit from Thomas and Co. Limited- N2.5million 7. April 15, 2019- Sold products for N12million to Lexy Supermarket; 50% on credit, 50% payment received via bank transfer. 8. April 22, 2019- Returned damaged packaging of N150,000 to Thomas and Co. Limited 9. May 7, 2019- Settled the outstanding obligation to Thomas and Co. Limited by cheque. 10. May 28, 2019- Paid salaries via bank transfer- N1.5million
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