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Assignment: Draw the T account of Purchases, Sales, Mr. D, Mr. E, Return inwards, Return outwards, Mr. Z and Bank.

Assignment: Draw the T account of Purchases, Sales, Mr. D, Mr. E, Return inwards, Return outwards, Mr. Z and Bank.

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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On 1 March 2020, goods valuing $1000 were bought from Mr. D. On 15 March 2020, goods, valued at $200, returned to Mr. D. On 1 May 2020, goods for $2000 were sold to Mr. E. On 15 May 2020, Mr. E returned goods, valued at $500, to the business. On 1 June 2020, goods, valued at $600, were bought from Mr. Z on credit. On 15 June 2020, the due amount of $800 was paid to Mr. D through cheque. On 15 July 2020, the due amount of $1500 was received from Mr. E through cheque. Assignment: Draw the T account of Purchases, Sales, Mr. D, Mr. E, Return inwards, Return outwards, Mr. Z and Bank.
Transcribed Image Text:On 1 March 2020, goods valuing $1000 were bought from Mr. D. On 15 March 2020, goods, valued at $200, returned to Mr. D. On 1 May 2020, goods for $2000 were sold to Mr. E. On 15 May 2020, Mr. E returned goods, valued at $500, to the business. On 1 June 2020, goods, valued at $600, were bought from Mr. Z on credit. On 15 June 2020, the due amount of $800 was paid to Mr. D through cheque. On 15 July 2020, the due amount of $1500 was received from Mr. E through cheque. Assignment: Draw the T account of Purchases, Sales, Mr. D, Mr. E, Return inwards, Return outwards, Mr. Z and Bank.
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