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 1st 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. b. Balance up the accounts and extract a Trial Balance as at 31 August 2021
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 1st 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.
b. Balance up the accounts and extract a
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