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On 1 August 2021, the owners of the ABC Enterprise, Maurice & brothers, decided that they will boldly go and keep their records on a double entry system. Their assets and liabilities at that date were. Their assets and liabilities at that date were: office fixtures £1200, a van £32,000 and £36,800 in the bank account. They have no liabilities at the 1" of August 2021 Their transactions during August 2021 were as follows: 2021 August 2 Maurice & brothers received a loan of £12,400 from Santander Bank and they deposited in their bank account. 3 The amount of £2800 was transferred from bank Account to Cash in hand account. 4 Bought a second-hand Van paying by cheque £6,200 5 Bought office fixtures £3400 from Sharp Office Ltd. They paid £1000 by issuing a cheque and rest of the fixtures value would remain as credit. 8 Bought a new van on credit from Toyota Co. £8,700 15 Bought office fixtures paying by cash £110 19 Paid Toyota Co. a cheque for whole amount of debt 25 Paid £430 of the cash in hand into the bank account 28 Bought new office fixtures paying via bank account £750 Required: a. Record the transactions in the general ledger (T Accounts) of Maurice & brothers (12

On 1 August 2021, the owners of the ABC Enterprise, Maurice & brothers, decided that they will boldly go and keep their records on a double entry system. Their assets and liabilities at that date were. Their assets and liabilities at that date were: office fixtures £1200, a van £32,000 and £36,800 in the bank account. They have no liabilities at the 1" of August 2021 Their transactions during August 2021 were as follows: 2021 August 2 Maurice & brothers received a loan of £12,400 from Santander Bank and they deposited in their bank account. 3 The amount of £2800 was transferred from bank Account to Cash in hand account. 4 Bought a second-hand Van paying by cheque £6,200 5 Bought office fixtures £3400 from Sharp Office Ltd. They paid £1000 by issuing a cheque and rest of the fixtures value would remain as credit. 8 Bought a new van on credit from Toyota Co. £8,700 15 Bought office fixtures paying by cash £110 19 Paid Toyota Co. a cheque for whole amount of debt 25 Paid £430 of the cash in hand into the bank account 28 Bought new office fixtures paying via bank account £750 Required: a. Record the transactions in the general ledger (T Accounts) of Maurice & brothers (12

FINANCIAL ACCOUNTING
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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Office Fixtures 01-Aug-21 Capital 05-Aug-21 Bank 05-Aug-21 Accounts Payable 15-Aug-21 Cash 28-Aug-21 Bank 1200 31-Aug-21 Ending Balance 5460 1000 2400 110 750 5460 5460 Van 01-Aug-21 Capital 04-Aug-21 Bank 08-Aug-21 Accounts Payable 32000 31-Aug-21 Ending Balance 46900 6200 8700 46900 46900 Bank 01-Aug-21 Capital 02-Aug-21 Loan Payable 25-Aug-21 Cash 36800 03-Aug-21 Cash 12400 04-Aug-21 Van 430 05-Aug-21Office Fixtures 19-Aug-21 Accounts Payable 28-Aug-21 Office Fixtures 31-Aug-21 Ending Balance 2800 6200 1000 8700 750 30180 49630 49630 Loan Payable 31-Aug-21 Ending Balance 12400 02-Aug-21 Bank 12400 12400 12400 Cash 03-Aug-21 Bank 2800 15-Aug-21 Office Fixtures 110 25-Aug-21 Bank 31-Aug-21 Ending Balance 430 2260 2800 2800 Accounts Payable 19-Aug-21 Bank 31-Aug-21 Ending Balance 8700 05-Aug-21office Fixtures 2400 08-Aug-21 Van 2400 8700 11100 11100
Transcribed Image Text:Office Fixtures 01-Aug-21 Capital 05-Aug-21 Bank 05-Aug-21 Accounts Payable 15-Aug-21 Cash 28-Aug-21 Bank 1200 31-Aug-21 Ending Balance 5460 1000 2400 110 750 5460 5460 Van 01-Aug-21 Capital 04-Aug-21 Bank 08-Aug-21 Accounts Payable 32000 31-Aug-21 Ending Balance 46900 6200 8700 46900 46900 Bank 01-Aug-21 Capital 02-Aug-21 Loan Payable 25-Aug-21 Cash 36800 03-Aug-21 Cash 12400 04-Aug-21 Van 430 05-Aug-21Office Fixtures 19-Aug-21 Accounts Payable 28-Aug-21 Office Fixtures 31-Aug-21 Ending Balance 2800 6200 1000 8700 750 30180 49630 49630 Loan Payable 31-Aug-21 Ending Balance 12400 02-Aug-21 Bank 12400 12400 12400 Cash 03-Aug-21 Bank 2800 15-Aug-21 Office Fixtures 110 25-Aug-21 Bank 31-Aug-21 Ending Balance 430 2260 2800 2800 Accounts Payable 19-Aug-21 Bank 31-Aug-21 Ending Balance 8700 05-Aug-21office Fixtures 2400 08-Aug-21 Van 2400 8700 11100 11100
On 1 August 2021, the owners of the ABC Enterprise, Maurice & brothers, decided that they will boldly go and keep their records on a double entry system. Their assets and liabilities at that date were. Their assets and liabilities at that date were: office fixtures £1200, a van £32,000 and £36,800 in the bank account. They have no liabilities at the 1" of August 2021 Their transactions during August 2021 were as follows: 2021 August Maurice & brothers received a loan of £12,400 from Santander Bank and they deposited in their bank account. 3 The amount of £2800 was transferred from bank Account to Cash in hand account. 4 Bought a second-hand Van paying by cheque £6,200 5 Bought office fixtures £3400 from Sharp Office Ltd. They paid £1000 by issuing a cheque and rest of the fixtures value would remain as credit. 8 Bought a new van on credit from Toyota Co. £8,700 15 Bought office fixtures paying by cash £110 19 Paid Toyota Co. a cheque for whole amount of debt 25 Paid £430 of the cash in hand into the bank account 28 Bought new office fixtures paying via bank account £750 Required: Record the transactions in the general ledger (T Accounts) of Maurice & brothers (12 marks) a. 2.
Transcribed Image Text:On 1 August 2021, the owners of the ABC Enterprise, Maurice & brothers, decided that they will boldly go and keep their records on a double entry system. Their assets and liabilities at that date were. Their assets and liabilities at that date were: office fixtures £1200, a van £32,000 and £36,800 in the bank account. They have no liabilities at the 1" of August 2021 Their transactions during August 2021 were as follows: 2021 August Maurice & brothers received a loan of £12,400 from Santander Bank and they deposited in their bank account. 3 The amount of £2800 was transferred from bank Account to Cash in hand account. 4 Bought a second-hand Van paying by cheque £6,200 5 Bought office fixtures £3400 from Sharp Office Ltd. They paid £1000 by issuing a cheque and rest of the fixtures value would remain as credit. 8 Bought a new van on credit from Toyota Co. £8,700 15 Bought office fixtures paying by cash £110 19 Paid Toyota Co. a cheque for whole amount of debt 25 Paid £430 of the cash in hand into the bank account 28 Bought new office fixtures paying via bank account £750 Required: Record the transactions in the general ledger (T Accounts) of Maurice & brothers (12 marks) a. 2.
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