15:58 0.00 N KB/S go.room.sh/?room=3ec0b922-e618- Question F Polk, after being in Bakery business för some years without keeping proper records, nowdecides to ke 2021 he establishes that his assetsand liabilities are as follows: Assets: Van £5,700, Fixtures £2,800, Stock £5,200, Debtors - PMullen £105, M Abel £311, Bank £1060, Cash £85. Liabilities: Creditors - Syme Ltd £229, A Hill£80.He is not sure about Journal entries for the following transactions in September 2021 as follows:Sep 1: A debt of £105 owing from P Mullen was written off as a bad debtSep 5: Office Fixtures originally bought by credit for £150 was returned to the supplier Syme Ltd., as it was unsuitable. Full allowance will be given for this.Sep 10: The business is owed £311 by M. Abel. He is declared bankrupt and we only received£180 cash in full settlement of the debt.Sep 18: Bought a Machinery from Brown Ltd. to use in the company. The total purchasing valueof the machine is £1,800. The owner paid £100 cash, £500 by issuing a cheque and restof the purchasing value would remain as credit.Sep 26 The owner paid half of the machinery debt to Brown Ltd. by issuing a cheque.Sep 28: The owner paid £130 an insurance bill via cheque thinking that it was in respect of thebusiness. We now discover that £70 of the amount paid was in fact insurance of ourprivate house.Required:You are required to show the Journal entries (only) (with narrative) necessary to record thefollowing items which occur in Sep 2021. a double entry set of books. On 1 September +
15:58 0.00 N KB/S go.room.sh/?room=3ec0b922-e618- Question F Polk, after being in Bakery business för some years without keeping proper records, nowdecides to ke 2021 he establishes that his assetsand liabilities are as follows: Assets: Van £5,700, Fixtures £2,800, Stock £5,200, Debtors - PMullen £105, M Abel £311, Bank £1060, Cash £85. Liabilities: Creditors - Syme Ltd £229, A Hill£80.He is not sure about Journal entries for the following transactions in September 2021 as follows:Sep 1: A debt of £105 owing from P Mullen was written off as a bad debtSep 5: Office Fixtures originally bought by credit for £150 was returned to the supplier Syme Ltd., as it was unsuitable. Full allowance will be given for this.Sep 10: The business is owed £311 by M. Abel. He is declared bankrupt and we only received£180 cash in full settlement of the debt.Sep 18: Bought a Machinery from Brown Ltd. to use in the company. The total purchasing valueof the machine is £1,800. The owner paid £100 cash, £500 by issuing a cheque and restof the purchasing value would remain as credit.Sep 26 The owner paid half of the machinery debt to Brown Ltd. by issuing a cheque.Sep 28: The owner paid £130 an insurance bill via cheque thinking that it was in respect of thebusiness. We now discover that £70 of the amount paid was in fact insurance of ourprivate house.Required:You are required to show the Journal entries (only) (with narrative) necessary to record thefollowing items which occur in Sep 2021. a double entry set of books. On 1 September +
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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0.00 N
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go.room.sh/?room=3ec0b922-e618-
Question
F Polk, after being in Bakery business för some years without keeping proper
records, nowdecides to ke
2021 he establishes that his assetsand liabilities are as follows: Assets: Van
£5,700, Fixtures £2,800, Stock £5,200, Debtors - PMullen £105, M Abel £311,
Bank £1060, Cash £85. Liabilities: Creditors - Syme Ltd £229, A Hill£80.He is
not sure about Journal entries for the following transactions in September 2021
as follows:Sep 1: A debt of £105 owing from P Mullen was written off as a bad
debtSep 5: Office Fixtures originally bought by credit for £150 was returned to
the supplier Syme Ltd., as it was unsuitable. Full allowance will be given for
this.Sep 10: The business is owed £311 by M. Abel. He is declared bankrupt
and we only received£180 cash in full settlement of the debt.Sep 18: Bought a
Machinery from Brown Ltd. to use in the company. The total purchasing
valueof the machine is £1,800. The owner paid £100 cash, £500 by issuing a
cheque and restof the purchasing value would remain as credit.Sep 26 The
owner paid half of the machinery debt to Brown Ltd. by issuing a cheque.Sep
28: The owner paid £130 an insurance bill via cheque thinking that it was in
respect of thebusiness. We now discover that £70 of the amount paid was in
fact insurance of ourprivate house.Required:You are required to show the
Journal entries (only) (with narrative) necessary to record thefollowing items
which occur in Sep 2021.
a double entry set of books. On 1 September
+
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