8. 4.1 Enter the by in T accounts, the double entry in the f month of May 20X7. 20X7 May 1 Started in business with £10,000 in the bank. accounts. 2 Purchased goods £290 on credit from D James. 3 Bought fixtures and fittings £1,150 paying by cheque. 5 Sold goods for cash £140. 6 Bought goods on credit £325 from C Monty. 10 Paid rents by cash £200. 12 Bought stationery £45, paying in cash. 18 Goods returned to D James £41. 21 Received rent of £25 by cheque for sublet of corner space. 23 Sold goods on credit to G Cross for £845. 24 Bought a van paying by cheque £4,100. 30 Paid the month's wages by cash £360. 31 The proprietor took cash for his own personal use £80 1oumo 9. Enter the following in the personal accounts (ie teditor and debtor accounts) only. Do not write up the other accounts. Balance off each personal account at the end of the month, Aft 20X8

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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8. 4.1 Enter the by in T accounts, the double entry in the f
month of
May 20X7.
20X7
May 1 Started in business with £10,000 in the bank.
accounts.
2 Purchased goods £290 on credit from D James.
3 Bought fixtures and fittings £1,150 paying by cheque.
5 Sold goods for cash £140.
6 Bought goods on credit £325 from C Monty.
10 Paid rents by cash £200.
12 Bought stationery £45, paying in cash.
18 Goods returned to D James £41.
21 Received rent of £25 by cheque for sublet of corner space.
23 Sold goods on credit to G Cross for £845.
24 Bought a van paying by cheque £4,100.
30 Paid the month's wages by cash £360.
31 The proprietor took cash for his own personal use £80
1oumo
9. Enter the following in the personal accounts (ie teditor and debtor accounts) only. Do
not write up the other accounts. Balance off each
personal account at the end of the month, Aft
20X8
Transcribed Image Text:8. 4.1 Enter the by in T accounts, the double entry in the f month of May 20X7. 20X7 May 1 Started in business with £10,000 in the bank. accounts. 2 Purchased goods £290 on credit from D James. 3 Bought fixtures and fittings £1,150 paying by cheque. 5 Sold goods for cash £140. 6 Bought goods on credit £325 from C Monty. 10 Paid rents by cash £200. 12 Bought stationery £45, paying in cash. 18 Goods returned to D James £41. 21 Received rent of £25 by cheque for sublet of corner space. 23 Sold goods on credit to G Cross for £845. 24 Bought a van paying by cheque £4,100. 30 Paid the month's wages by cash £360. 31 The proprietor took cash for his own personal use £80 1oumo 9. Enter the following in the personal accounts (ie teditor and debtor accounts) only. Do not write up the other accounts. Balance off each personal account at the end of the month, Aft 20X8
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