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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Imustration II
The following transactions relates to the business activities of Raqeeba Ltd for the month of
March 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 ¢5,040,000
March 8. Paid Rent & Rate by cash ¢600,000
March 9. Sols goods on credit to Alexa Ltd ¢3,050,000 and Tyler Ltd ¢4,800,000
March 10. Bought Machinery & Equipment by cheque ¢16,000,000
March 12. Bought goods for cash ¢800,000
March 14. Bought goods on credit from Nicky Enterprise ¢7,050,000
March 16. Paid wages & salaries by cheque ¢6,000,000
March 17. Paid Shuraim Enterprise 760,000 as part settlement of our indebtedness
March 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 on
account.
March 20. Returned goods worth ¢60,000 to Theo Ltd
March 20. Paid Nicky Enterprise a cheque ¢5,500,000 on account of the our indebtedness
March 21. Paid Theo Enterprise the amount due after deducting a cash discount of ¢30,000
March 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% 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 31st March 2018.
Balancing the Accounts
The accounts are balanced on the last day of the period
If the totals on each side of the account are equal, double underline them to
close the account
If the account contains only one entry, insert the same figure on the other side
with the label 'Balance carried down (c/d)'. Under the total on the original
side, show the 'Balance brought down (b/d)' at the beginning of the next
period
If the totals on an account are unequal, add a balancing figure to the side with
the 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
Transcribed Image Text:Imustration II The following transactions relates to the business activities of Raqeeba Ltd for the month of March 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 ¢5,040,000 March 8. Paid Rent & Rate by cash ¢600,000 March 9. Sols goods on credit to Alexa Ltd ¢3,050,000 and Tyler Ltd ¢4,800,000 March 10. Bought Machinery & Equipment by cheque ¢16,000,000 March 12. Bought goods for cash ¢800,000 March 14. Bought goods on credit from Nicky Enterprise ¢7,050,000 March 16. Paid wages & salaries by cheque ¢6,000,000 March 17. Paid Shuraim Enterprise 760,000 as part settlement of our indebtedness March 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 on account. March 20. Returned goods worth ¢60,000 to Theo Ltd March 20. Paid Nicky Enterprise a cheque ¢5,500,000 on account of the our indebtedness March 21. Paid Theo Enterprise the amount due after deducting a cash discount of ¢30,000 March 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% 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 31st March 2018. Balancing the Accounts The accounts are balanced on the last day of the period If the totals on each side of the account are equal, double underline them to close the account If the account contains only one entry, insert the same figure on the other side with the label 'Balance carried down (c/d)'. Under the total on the original side, show the 'Balance brought down (b/d)' at the beginning of the next period If the totals on an account are unequal, add a balancing figure to the side with the 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
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