ecord the transactions in the respective accounts, balance-off the accounts and extract a trial balance as at 31 January 2021. Jan 1. Emmy invested GHc50, 000 on 01/01/2021 to start her own business Emmy’s Ltd. The money was deposited into a bank account opened soley for the business. Jan 2. The Firm paid rent in advance for the year ended 31st December 2021 at a cost of GHc16,000 with cheque. Jan 3. The firm purchased office equipment for GHc14000 with cheque. Jan 4. The firm purchased office equipment for GHc10, 000 on credit from IPMC. Jan 5. The firm purchased stationery at a cost of GHc2, 000 and paid for it with a cheque. Jan 6. The business paid GHc6,000 by cheque to IPMC to reduce the firm’s debt Jan 7. The firm performed services for GHc10, 500 on cash Jan 8. The firm performed services for GHc3500 on credit Jan 9. Received GHc1, 500 in cash from credit clients on their account Jan 10. Paid GHc2, 500 for Salaries with cheque Jan 11. Paid GHc2000 for utility bills with cash Jan 12. Emmy withdrew GHc2000 cash for personal expenses Jan 13. The business acquired plant and machinery from IPMC at a cost of GHc20,000, paid GHC15000 with cheque and agreed to pay the balance in 30 days
QUESTION: The following transactions have been extracted from the books of Emmy’s Ltd. For the month of January 2021. Record the transactions in the respective accounts, balance-off the accounts and extract a
Jan 1. Emmy invested GHc50, 000 on 01/01/2021 to start her own business Emmy’s Ltd. The money was deposited into a bank account opened soley for the business.
Jan 2. The Firm paid rent in advance for the year ended 31st December 2021 at a cost of GHc16,000 with cheque.
Jan 3. The firm purchased office equipment for GHc14000 with cheque.
Jan 4. The firm purchased office equipment for GHc10, 000 on credit from IPMC.
Jan 5. The firm purchased stationery at a cost of GHc2, 000 and paid for it with a cheque.
Jan 6. The business paid GHc6,000 by cheque to IPMC to reduce the firm’s debt
Jan 7. The firm performed services for GHc10, 500 on cash
Jan 8. The firm performed services for GHc3500 on credit
Jan 9. Received GHc1, 500 in cash from credit clients on their account
Jan 10. Paid GHc2, 500 for Salaries with cheque
Jan 11. Paid GHc2000 for utility bills with cash
Jan 12. Emmy withdrew GHc2000 cash for personal expenses
Jan 13. The business acquired plant and machinery from IPMC at a cost of GHc20,000, paid GHC15000 with cheque and agreed to pay the balance in 30 days
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