Received in cash as capital 5.000 euro from George Smith.Paid 600€ as rent for shop premises. (from cash)Received 2.000€ as a loan from Georges frien Sally Smith. (to cash)Purchased goods for sale on credit for 4.850€.Cash sales 1.700.Paid 4000€ to acquire shop furnitures and fittings. (from cash)Paid 250€ for advertising (from cash).Returned goods purchased for 850€.Sold goods on credit for 10.500.Received 1.500 from the customers (to bank a/c).a. The cost of unsold goods has been identified as 1.200 euro.b. Shop furniture and fitting are depreciated at 25% per annum.Post all accounts to the Statement of income and the Statement of financial positiont-accounts

Name: Received in cash as capital 5.000 euro from George Smith.Paid 600€ as
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Description: Received in cash as capital 5.000 euro from George Smith.Paid 600€ as rent for shop premises. (from cash)Received 2.000€ as a loan from Georges frien Sally Smith. (to cash)Purchased goods for sale on credit for 4.850€.Cash sales 1.700.Paid 4000€ to

T -Accounts / Ledger Accounts: These are the accounts where all the individuals accounts are opened…

Answered: Paid 600€ as rent for shop premises.…

Business

Accounting

Paid 600€ as rent for shop premises. (from cash) Received 2.000€ as a loan from Georges frien Sally Smith Purchased goods for sale on credit for 4.850€. Cash sales 1.700.

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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