Answered: Q2. Imagine you have been in business…

Name: Q2. Imagine you have been in business for a few months, but you have n
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Description: Q2. Imagine you have been in business for a few months, but you have not kept any proper records of your transactions. You have decided to end that business and start a new one by transferring everything to the new business. You now also want to star

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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Q2. Imagine you have been in business for a few months, but you have not kept any proper records of your transactions. You have decided to end that business and start a new one by transferring everything to the new business. You now also want to start using double entry bookkeeping. 1. Cash 300,000 CFA€ 2. Cash in US dollars' worth 250 3. Cash in the bank 700,000 CFA€ 4. Cash in the bank in Euros worth 400 5. Computer 1,200,000 CFA€ 6. Mobile phone 80,000 CFA€ 7. Sales register 270,000 CFA€ 8. Printer 120,000 CFA€ 9. Printing supplies 280,000 CFA€ 10. Goods for sale 14,000,000 CFA€ 11. Amount due by Billy Casper 320,000 CFA€ 12. Amount due by Lilly Sun 180,000 CFA€ 13. Loan from bank 7,000,000 CFA€ Required: Record the Transactions in the new business' books No handwritten please

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