Mr J Mwero, a wholesale merchant had the following balances in his ledger at 1 March 2019. Cash in hand Sh.3,000; Bank overdraft Sh.7,000; Motor vans Sh.56,000; Furniture and Equipment Sh.11,900; Creditor (R. Osoro) Sh.4,800; Debtor (B. Anyumba) Sh.3,000; Capital Sh.20,000; Loan from Kokise Investment Ltd. Sh. 42,100. At the end of the month, Mr. J Mwero was able to provide the following information from his records: Cash Transactions: I) Receipts - March 7: Cash Sales - Sh.1,200 “ 26: Cash from bank - Sh.3,500 ii) Payments - March 10: Electricity - Shs.200 “ 14: Salaries - Sh.1,800 “ 25: Postage and Stationery - Sh.960 Bank Transactions: i) Receipts - March 17: B. Anyumba - Sh.48,000 ii) Payment - March 20: R. Osoro - Sh. 20,600 in full Settlement less Sh.200 cash discount March 27: Kokise Investment Ltd. - Shs.2,100 Other Transactions: March 5: Purchase goods - Sh.16,000 from R Osoro March 11: Sold goods to B Anyumba - Shs.50,000 March 13: Bought office chair - Sh.280 on credit from United Furniture mart March 15: B Anyumba returned goods worth Sh.150 Required, Open accounts in Mr J Mwero’s ledger and post above transactions in the ledger and the three column cash book.
Mr J Mwero, a wholesale merchant had the following balances in his ledger at 1 March 2019.
Cash in hand Sh.3,000; Bank overdraft Sh.7,000; Motor vans Sh.56,000; Furniture and Equipment Sh.11,900; Creditor (R. Osoro) Sh.4,800; Debtor (B. Anyumba) Sh.3,000; Capital Sh.20,000; Loan from Kokise Investment Ltd. Sh. 42,100.
At the end of the month, Mr. J Mwero was able to provide the following information from his records:
Cash Transactions:
- I) Receipts - March 7: Cash Sales - Sh.1,200
“ 26: Cash from bank - Sh.3,500
- ii) Payments - March 10: Electricity - Shs.200
“ 14: Salaries - Sh.1,800
“ 25: Postage and Stationery - Sh.960
Bank Transactions:
- i) Receipts - March 17: B. Anyumba - Sh.48,000
- ii) Payment - March 20: R. Osoro - Sh. 20,600 in full
Settlement less Sh.200 cash discount
March 27: Kokise Investment Ltd. - Shs.2,100
Other Transactions:
March 5: Purchase goods - Sh.16,000 from R Osoro
March 11: Sold goods to B Anyumba - Shs.50,000
March 13: Bought office chair - Sh.280 on credit from United Furniture mart
March 15: B Anyumba returned goods worth Sh.150
Required,
- Open accounts in Mr J Mwero’s
ledger and post above transactions in the ledger and the three columncash book . - Balance the accounts and extract a
Trial Balance as at 31March 2019.
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