Imustration IIThe following transactions relates to the business activities of Raqeeba Ltd for the month ofMarch 2018.March 1. Started business with ¢8,000,000 in the bank and ¢4,000,000 cash.March 2. Bought goods on credit from Theo Ltd ¢760,000 and Shuraim Enterprise ¢800,000.March 6. Cash sales to date ¢5,040,000March 8. Paid Rent & Rate by cash ¢600,000March 9. Sols goods on credit to Alexa Ltd ¢3,050,000 and Tyler Ltd ¢4,800,000March 10. Bought Machinery & Equipment by cheque ¢16,000,000March 12. Bought goods for cash ¢800,000March 14. Bought goods on credit from Nicky Enterprise ¢7,050,000March 16. Paid wages & salaries by cheque ¢6,000,000March 17. Paid Shuraim Enterprise 760,000 as part settlement of our indebtednessMarch 18. Sold goods on credit to Tyler Enterprise, ¢9,000,000; less 10% trade discount.March 20. Received ¢2,050,000 cheque from Alexa Ltd in settlement of their debt onaccount.March 20. Returned goods worth ¢60,000 to Theo LtdMarch 20. Paid Nicky Enterprise a cheque ¢5,500,000 on account of the our indebtednessMarch 21. Paid Theo Enterprise the amount due after deducting a cash discount of ¢30,000March 22. Tyler Ltd returned goods amounting to ¢800,000 for damages.March 25. Received a cheque of ¢9,000,000 from Tyler Ltd after deducting 10% cashdiscount.March 27. Sales to general customers receiving a cheque of ¢8,000,000March 28. Cash sales to date ¢6,000,000March 30. Paid Electricity Charges by cash ¢1,000,000March 31. Bought Office Computers by cheque ¢7,000,000.Required: Record the above transactions in the ledger accounts of Raqeeba Ltd, balance offthe accounts and prepare a trial balance as at 31st March 2018.Balancing the AccountsThe accounts are balanced on the last day of the periodIf the totals on each side of the account are equal, double underline them toclose the accountIf the account contains only one entry, insert the same figure on the other sidewith the label 'Balance carried down (c/d)'. Under the total on the originalside, show the 'Balance brought down (b/d)' at the beginning of the nextperiodIf the totals on an account are unequal, add a balancing figure to the side withthe smaller total and label it 'Balance c/d'. Under the total on the other side,show the 'Balance b/d' at the beginning of the next period

Ledger The purpose of preparing the ledger account to get the final account balance of each account…

March 25. Received a cheque of ¢9,000,000 from Tyler Ltd after deducting 10% cash discount. March 27. Sales to general customers receiving a cheque of ¢8,000,000 March 28. Cash sales to date ¢6,000,000 March 30. Paid Electricity Charges by cash ¢1,000,000 March 31. Bought Office Computers by cheque ¢7,000,000. Required: Record the above transactions in the ledger accounts of Raqeeba Ltd, balance off the accounts and prepare a trial balance as at 31" March 2018.

March 25. Received a cheque of ¢9,000,000 from Tyler Ltd after deducting 10% cash discount. March 27. Sales to general customers receiving a cheque of ¢8,000,000 March 28. Cash sales to date ¢6,000,000 March 30. Paid Electricity Charges by cash ¢1,000,000 March 31. Bought Office Computers by cheque ¢7,000,000. Required: Record the above transactions in the ledger accounts of Raqeeba Ltd, balance off the accounts and prepare a trial balance as at 31" March 2018.

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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