Prepared ledger account for following transaction: 1- Jan Started business with $2,000 in the bank 2-Jan Purchased goods $ 175 on credit from M Mills 3-Jan Bought fixtures and fittings $150 paying by cheque. 5-Jan Sold goods for cash $ 275. 50 paying by cheque. 6- Jan Bought goods on credit $144 from S Watts. 10-Jan Paid rent by cash $ 15 12-Jan Bought stationery $ 27 paying by cash. 18-Jan Goods returned to M Mills $ 23 21-Jan Let off part of the premises receiving rent by cheque $ 5 23-Jan Sold goods on credit to Henry for $77 24-Jan Bought Motor van paying by cheque $ 500 30-Jan Paid wages by cash $117 31-Jan The proprietor took cash for himself $ 44.
Prepared ledger account for following transaction: 1- Jan Started business with $2,000 in the bank 2-Jan Purchased goods $ 175 on credit from M Mills 3-Jan Bought fixtures and fittings $150 paying by cheque. 5-Jan Sold goods for cash $ 275. 50 paying by cheque. 6- Jan Bought goods on credit $144 from S Watts. 10-Jan Paid rent by cash $ 15 12-Jan Bought stationery $ 27 paying by cash. 18-Jan Goods returned to M Mills $ 23 21-Jan Let off part of the premises receiving rent by cheque $ 5 23-Jan Sold goods on credit to Henry for $77 24-Jan Bought Motor van paying by cheque $ 500 30-Jan Paid wages by cash $117 31-Jan The proprietor took cash for himself $ 44.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Question (3)
Prepared ledger account for following transaction:
1- Jan Started business with $2,000 in the bank
2- Jan Purchased goods $ 175 on credit from M Mills
3- Jan Bought fixtures and fittings $150 paying by cheque.
5-Jan Sold goods for cash $ 275.
6- Jan Bought goods on credit $144 from S Watts.
10- Jan Paid rent by cash $ 15
12-Jan Bought stationery $27 paying by cash.
18- Jan Goods returned to M Mills $ 23
21-Jan Let off part of the premises receiving rent by cheque $ 5
23-Jan Sold goods on credit to Henry for $ 77
24-Jan Bought Motor van paying by cheque $ 500
30-Jan Paid wages by cash $ 117
31-Jan The proprietor took cash for himself $ 44.
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