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 the date were, office fixtures £1200, a van £32000 and £36800 in the bank account. They have no liabilities at the 1st of August 2021. Their transactions during August 2021 were as follows: -2 August: Maurice & brothers received a loan of £12400 from Santander Bank and they deposited in their bank account. - 3 August: The amount of £2800 was transferred from bank Account to Cash in hand account. - 4 August: Bought a second-hand Van paying by cheque £6200 - 5 August: Bought office fixtures £3400 from Sharp Office Ltd. They Paid £1000 by issuing a cheque and the rest of the fixtures value would remain as a credit. - 8 August: Bought a new van on credit from Toyota Co. £8700 - 15 August: Bought office fixtures paying by cash £110 - 19 August: Paid Toyota Co. a cheque for whole amount of debt. - 25 August: Paid £430 of the cash in hand into bank account - 28 August: Bought new office fixtures paying via bank account £750 Required: a) Record the 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 the date were, office fixtures £1200, a van £32000 and £36800 in the bank account. They have no liabilities at the 1st of August 2021. Their transactions during August 2021 were as follows:
-2 August: Maurice & brothers received a loan of £12400 from Santander Bank and they deposited in their bank account.
- 3 August: The amount of £2800 was transferred from bank Account to Cash in hand account.
- 4 August: Bought a second-hand Van paying by cheque £6200
- 5 August: Bought office fixtures £3400 from Sharp Office Ltd. They Paid £1000 by issuing a cheque and the rest of the fixtures value would remain as a credit.
- 8 August: Bought a new van on credit from Toyota Co. £8700
- 15 August: Bought office fixtures paying by cash £110
- 19 August: Paid Toyota Co. a cheque for whole amount of debt.
- 25 August: Paid £430 of the cash in hand into bank account
- 28 August: Bought new office fixtures paying via bank account £750
Required:
a) Record the in the general ledger (T accounts) of Maurice & brothers
b) Balance up the accounts and extract a
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