1. The closing stock at 31 May 2010 $15602. You are to open the books of K. Mullings, a trader, via the journal to record the assetsand liabilities, and then record the daily transactions via the books of original entry andthe ledgers for the month of May 20103. A trial balance is to be extracted as on 31 May, 2010.4. The trading and profit and loss account for the month ended 31 May 2010.5. The balance sheet as at 31 May 20102010May 1N. Hardy $40, M. Nelson $180, Cash at Bank $1,254, Cash in Hand $45.Assets: Premises $2,000, Motor Van $450, Fixtures $600, Stock $1,289, debtors:Liabilities: CreditorB. Blake $60, V. Reagan $200.Paid rent by cheque $15.May 12 Goods bought on credit from B. Blake $20; C. Harris $56; H. Gordon $$38; N. Lee$69.3 Goods sold on credit to: K. O'Connor $56; M. Benjamin $78; L. Staines $98;N. Duffy $48; B. Green $118; M. Nelson $40.4 Paid for motor expenses by cash $137 Cash drawings by proprietor $209 Goods sold on credit to: M. Benjamin $22; L. Pearson $6711 Goods returned to Mullins by: K. O'Connor $16; L. Staines $1814 Bought another motor van on credit from Better Motors Ltd $30016 The following paid Mullings their accounts by cheque less 5% cash discount:N. Hardy; M. Nelson; K. O'Connor; L. Staines19 Goods returned by Mullings to N. Lee $922 Goods bought on credit from: J. Johnson $89; T. Best $7224 The following accounts were settled by Mullings by cheque less 5% cashdiscount: B. Blake; V. Reagan; N. Lee27 Salaries paid by cheque $5630 Paid rates by cheque $6631 Paid Better Motors Ltd a cheque for $300

Name: 1. The closing stock at 31 May 2010 $15602. You are to open the books
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Description: 1. The closing stock at 31 May 2010 $15602. You are to open the books of K. Mullings, a trader, via the journal to record the assetsand liabilities, and then record the daily transactions via the books of original entry andthe ledgers for the month

Closing Stock = Opening Stock + Purchases - Sales. By using the above formula we are going to…

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Business

Accounting

e books of K. Mullings, a trader, via th cord the daily transactions via the bod of May 2010

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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