Homework Help is Here – Start Your Trial Now!
Business
Accounting
business bank account 2016 1 Started in business with £10,500 cash. Jan 2. Put £9,000 of the cash into a bank account. 3 Bought goods for cash £550. Bought goods on time from: T. Dry £800; F. Hood £930; M. Smith £160; G. Low £510. 5 Bought stationery on time from Buttons Ltd £89. 6 Sold goods on time to: R. Tong £170; L Fish £240; M. Singh £326; A. Tom £204. Paid rent by cheque £220. 8. 10 Bought fixtures on time from Chiefs Ltd £610. 11 Paid salaries in cash £790. 14 Returned goods to: F. Hood £30; M. Smith £42. 15 Bought van by cheque £6,500. 16 Received loan from B. Barclay by cheque £2,000. 18 Goods returned to us by: R. Tong E5; M. Singh £20. 21 Cash sales £145. 24 Sold goods on time to: L. Fish £130; A. Tom £410; R. Pleat £158. 26 We paid the following by cheque: F. Hood £900; M. Smith £118. 29 Received cheques from: R. Pleat £158; L Fish £370. 30 Received a further loan from B. Barclay by cash £500. 30 Received £614 cash from A. Tom.

business bank account 2016 1 Started in business with £10,500 cash. Jan 2. Put £9,000 of the cash into a bank account. 3 Bought goods for cash £550. Bought goods on time from: T. Dry £800; F. Hood £930; M. Smith £160; G. Low £510. 5 Bought stationery on time from Buttons Ltd £89. 6 Sold goods on time to: R. Tong £170; L Fish £240; M. Singh £326; A. Tom £204. Paid rent by cheque £220. 8. 10 Bought fixtures on time from Chiefs Ltd £610. 11 Paid salaries in cash £790. 14 Returned goods to: F. Hood £30; M. Smith £42. 15 Bought van by cheque £6,500. 16 Received loan from B. Barclay by cheque £2,000. 18 Goods returned to us by: R. Tong E5; M. Singh £20. 21 Cash sales £145. 24 Sold goods on time to: L. Fish £130; A. Tom £410; R. Pleat £158. 26 We paid the following by cheque: F. Hood £900; M. Smith £118. 29 Received cheques from: R. Pleat £158; L Fish £370. 30 Received a further loan from B. Barclay by cash £500. 30 Received £614 cash from A. Tom.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question
Part 1 Intraduction to financial accounting na goods on time to 1. Petts (a5 Fjeld F4B, T. Gray 1,640. 11 Paid wages by 17 cash 290 18 Potts £14. 20 Goods were returned to us by: 1. Field E6: 21 Bought van on time from Turnkey Motors (4,950 23 26 Received a loan of E750 cash from 8. Bennet 28 Received cheques from T. Potts (71, J. Field £42. Froprietor brings a further £900 into the business, by a payment into the business bank account balance-off all the accounts, and then extract a trial balance as at 31 January 2016. 2016 Started in business with £10,500 cash. Put £9,000 of the cash into a bank account. Bought goods for cash £550. Bought goods on time from: T. Dry £800; F. Hood £930; M. Smith £160; G. Low £510. Jan 2. 4. Bought stationery on time from Buttons Ltd £89. Sold goods on time to: R. Tong £170; L. Fish £240; M. Singh £326; A. Tom £204 Paid rent by cheque £220. 10 Bought fixtures on time from Chiefs Ltd £610. Paid salaries in cash £790. 11 14 Returned goods to: F. Hood £30; M. Smith £42. 15 Bought van by cheque £6,500. Received loan from B. Barclay by cheque £2,000. 18 Goods returned to us by: R. Tong £5; M. Singh £20. 16 21 Cash sales £145. 24 Sold goods on time to: L. Fish £130; A. Tom £410; R. Pleat £158. 26 We paid the following by cheque: F. Hood £900; M. Smith £118. 29 Received cheques from: R. Pleat £158; L. Fish £370. Received a further loan from B. Barclay 30 cash £500. 30 Received £614 cash from A. Tom. 6.5 Note, this question should not be attempted until cash discounts and trade discounts have been covered (see Chapters 13 and 14). It should also be noted that this is an example of the excep- tion to the rule that closing inventory does not generally appear in a trial balance. On 1 October 2016, the owner of the USS Enterprise, Mr Kirk, decides that he will boldly go and keep his records on a double entry system. HIs assets and liabilities at that date were:
Transcribed Image Text:Part 1 Intraduction to financial accounting na goods on time to 1. Petts (a5 Fjeld F4B, T. Gray 1,640. 11 Paid wages by 17 cash 290 18 Potts £14. 20 Goods were returned to us by: 1. Field E6: 21 Bought van on time from Turnkey Motors (4,950 23 26 Received a loan of E750 cash from 8. Bennet 28 Received cheques from T. Potts (71, J. Field £42. Froprietor brings a further £900 into the business, by a payment into the business bank account balance-off all the accounts, and then extract a trial balance as at 31 January 2016. 2016 Started in business with £10,500 cash. Put £9,000 of the cash into a bank account. Bought goods for cash £550. Bought goods on time from: T. Dry £800; F. Hood £930; M. Smith £160; G. Low £510. Jan 2. 4. Bought stationery on time from Buttons Ltd £89. Sold goods on time to: R. Tong £170; L. Fish £240; M. Singh £326; A. Tom £204 Paid rent by cheque £220. 10 Bought fixtures on time from Chiefs Ltd £610. Paid salaries in cash £790. 11 14 Returned goods to: F. Hood £30; M. Smith £42. 15 Bought van by cheque £6,500. Received loan from B. Barclay by cheque £2,000. 18 Goods returned to us by: R. Tong £5; M. Singh £20. 16 21 Cash sales £145. 24 Sold goods on time to: L. Fish £130; A. Tom £410; R. Pleat £158. 26 We paid the following by cheque: F. Hood £900; M. Smith £118. 29 Received cheques from: R. Pleat £158; L. Fish £370. Received a further loan from B. Barclay 30 cash £500. 30 Received £614 cash from A. Tom. 6.5 Note, this question should not be attempted until cash discounts and trade discounts have been covered (see Chapters 13 and 14). It should also be noted that this is an example of the excep- tion to the rule that closing inventory does not generally appear in a trial balance. On 1 October 2016, the owner of the USS Enterprise, Mr Kirk, decides that he will boldly go and keep his records on a double entry system. HIs assets and liabilities at that date were:
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS