Mr. Opoku, the sole Proprietor of Dangote Enterprise started business in the year 2019, dealing in spare parts. The following transactions were extracted from his books during the year. Jan. 20th: Introduced ¢42,000,000 cash in his business out of which ¢33,000,000 was used to open a bank account at NIB. ¢5,000,000 was also used to purchase goods by cash. Jan.30th: Bought office stationery from K. Danso Ltd ¢300,000 by cheque. Jan.31st: Bought Motor Vehicle from Alhaji maikano on credit ¢40,000,000. Fab. 1st: Bought goods on credit from T. Anane ¢4,400,000; H. Newman ¢5,100,000; Akrong Ent.7, 500,000. Cash sales of ¢24,000,00 was also made. Feb. 4th: Paid salaries by cash ¢1,500,000. Feb. 28th: Sold goods on credit to Allema ¢4,000,000; Aku walley ¢4,800,000 and Nicodemus Limited ¢10,000,000. Rent of ¢1,600,000 was paid on the same day by cheque. March, 1st: Received a credit note from T. Anane ¢600,000 and Akrong ¢900,000. March 20th: Bought Fixtures and fittings by cheque ¢12,000,000. May 1st: Issued a credit note to Allema ¢900,000 and Aku walley ¢500,000. May 30th: Goods sold to Mr. Nti by cash ¢40,000,000.Cash of ¢28,000,000 was sent to the bank the same day. June 30th: Sold goods to Mr. Nti ¢3,000,000 on credit; Akuwalley ¢9,900,000. July, 20th: Cheques were paid to T. Anane ¢3,600,000 H. Newman ¢2,800,000; Akrong ¢4,000,000 in each, less 5% cash discount. Aug. 21st: Received cheques from Allema ¢6,000,000; Akuwalley ¢4,800,000; Nicodemus ¢6,000,000 in each case, discount of 2% was allowed. Aug. 30th: Bought plant and machinery on credit from Kwame Ent. ¢20,000,000. Sept, 2nd: Returned part of the plant and machinery valued at ¢8,000,000 to Kwame Ent. Nov.20th: Withdrew ¢1,200,000 from bank for office use and paid salaries by cash ¢1,500,000. Nov.21st: Bought motor van by cheque ¢24,000,000 which was partly financed by a loan of ¢4,000,000 from ICAG Finance company. Dec.10th: Received an additional loan from ICAG finance by cheque ¢14,000,000 and paid Kwame Ent ¢6,000,000 by cheque. Dec.31st: Bought goods on credit from T. Anane ¢4,800,000; H. Newman ¢3,000,000 and Akrong ¢3,000,000. You are required to use the following transactions to prepare: The necessary ledgers Extract a trial balance
Mr. Opoku, the sole Proprietor of Dangote Enterprise started business in the year 2019, dealing in spare parts. The following transactions were extracted from his books during the year.
Jan. 20th: Introduced ¢42,000,000 cash in his business out of which ¢33,000,000 was used to open a bank account at NIB. ¢5,000,000 was also used to purchase goods by cash.
Jan.30th: Bought office stationery from K. Danso Ltd ¢300,000 by cheque.
Jan.31st: Bought Motor Vehicle from Alhaji maikano on credit ¢40,000,000.
Fab. 1st: Bought goods on credit from T. Anane ¢4,400,000; H. Newman ¢5,100,000; Akrong Ent.7, 500,000. Cash sales of ¢24,000,00 was also made.
Feb. 4th: Paid salaries by cash ¢1,500,000.
Feb. 28th: Sold goods on credit to Allema ¢4,000,000; Aku walley ¢4,800,000 and Nicodemus Limited ¢10,000,000. Rent of ¢1,600,000 was paid on the same day by cheque.
March, 1st: Received a credit note from T. Anane ¢600,000 and Akrong ¢900,000.
March 20th: Bought Fixtures and fittings by cheque ¢12,000,000.
May 1st: Issued a credit note to Allema ¢900,000 and Aku walley ¢500,000.
May 30th: Goods sold to Mr. Nti by cash ¢40,000,000.Cash of ¢28,000,000 was sent to the bank the same day.
June 30th: Sold goods to Mr. Nti ¢3,000,000 on credit; Akuwalley ¢9,900,000.
July, 20th: Cheques were paid to T. Anane ¢3,600,000 H. Newman ¢2,800,000; Akrong ¢4,000,000 in each, less 5% cash discount.
Aug. 21st: Received cheques from Allema ¢6,000,000; Akuwalley
¢4,800,000; Nicodemus ¢6,000,000 in each case, discount of 2% was allowed.
Aug. 30th: Bought plant and machinery on credit from Kwame Ent. ¢20,000,000.
Sept, 2nd: Returned part of the plant and machinery valued at ¢8,000,000 to Kwame Ent.
Nov.20th: Withdrew ¢1,200,000 from bank for office use and paid salaries by cash ¢1,500,000.
Nov.21st: Bought motor van by cheque ¢24,000,000 which was partly financed by a loan of ¢4,000,000 from ICAG Finance company.
Dec.10th: Received an additional loan from ICAG finance by cheque ¢14,000,000 and paid Kwame Ent ¢6,000,000 by cheque.
Dec.31st: Bought goods on credit from T. Anane ¢4,800,000; H. Newman ¢3,000,000 and Akrong ¢3,000,000.
You are required to use the following transactions to prepare:
The necessary ledgers
Extract a
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