NKUMBA UNIVERSITY FUNDAMENTALS OF ACCOUNTING Revision Questions Question 1 As at 30.3.20X7, your business has the following balances on its ledger accounts. Accounts Balance Shs Bank loan 12,000 Cash at bank 11,700 Capital 13,000 Local business taxes 1,880 Trade accounts payable 11,200 Purchases 12,400 Sales 14,600 Sundry payables 1,620 Trade accounts receivable 12,000 Bank loan interest 1,400 Other expenses 11,020 2,020 Vehicles During 31.3.20X7, the business made the following transactions. (a) Bought materials for shs 1,000, half for cash and half on credit (b) Made shs1,040 sales, shs 800 of which was for credit (c) Paid wages to shop assistants of shs 260 in cash You are required to draw up a trial balance showing the balances as at the end of 31.3.20X7.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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NKUMBA UNIVERSITY
FUNDAMENTALS OF ACCOUNTING
Revision Questions
Question 1
As at 30.3.20X7, your business has the following balances on its ledger accounts.
Accounts Balance
Shs
Bank loan
12,000
Cash at bank
11,700
Capital
13,000
Local business taxes
1,880
Trade accounts payable
11,200
Purchases
12,400
Sales
14,600
Sundry payables
1,620
Trade accounts receivable
12,000
Bank loan interest
1,400
Other expenses
11,020
2,020
Vehicles
During 31.3.20X7, the business made the following transactions.
(a) Bought materials for shs 1,000, half for cash and half on credit
(b) Made shs1,040 sales, shs 800 of which was for credit
(c) Paid wages to shop assistants of shs 260 in cash
You are required to draw up a trial balance showing the balances as at the end of
31.3.20X7.
Transcribed Image Text:NKUMBA UNIVERSITY FUNDAMENTALS OF ACCOUNTING Revision Questions Question 1 As at 30.3.20X7, your business has the following balances on its ledger accounts. Accounts Balance Shs Bank loan 12,000 Cash at bank 11,700 Capital 13,000 Local business taxes 1,880 Trade accounts payable 11,200 Purchases 12,400 Sales 14,600 Sundry payables 1,620 Trade accounts receivable 12,000 Bank loan interest 1,400 Other expenses 11,020 2,020 Vehicles During 31.3.20X7, the business made the following transactions. (a) Bought materials for shs 1,000, half for cash and half on credit (b) Made shs1,040 sales, shs 800 of which was for credit (c) Paid wages to shop assistants of shs 260 in cash You are required to draw up a trial balance showing the balances as at the end of 31.3.20X7.
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