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Question 1: Mr. Okpoti, the sole Proprietor of Alavanyo Ventures started business in the year 2017, dealing in spare parts. The following transactions were extracted from his books during the year ended 31st December 2017. Jan. 1: Assets; PremisesGH¢10,000; Motor Van GH¢4,500; Fixtures GH¢1,600; Cash at bank GH¢14,000; Cash in hand GH¢20,000. Liabilities; creditors- CCT Ltd GH¢2,000; Mr.Kayode GH¢1,500. Jan.20: Took a cash loan from Obeng Ventures GH¢4,000. Jan. 30: Bought office equipment GH¢660 by cheque. Jan. 31: Bought Motor Vehicle by cheque GH¢360. Feb. 1: Bought goods on credit from Richard GH¢1,100; Nicolas GH¢420; Akrong Ent. GH¢3,600. Feb. 4: Paid rent by cheque GH¢240. Feb. 28: Sold goods on credit to Esi GH¢284; Efo Hope GH¢600 and Rosemary GH¢200. March, 1: Received a credit note from Richard GH¢40 and Akrong GH¢300. March 20: Bought Shop fittings by cheque GH¢154. May 1: Issued a credit note to Esi GH¢24. May 30: Bought goods paying by cash GH¢80. June 30: Bought office equipment on credit from Efo Favor GH¢740. July 20: Introduced more capital in the form of cash GH¢1,000. Aug.21: Bought goods on credit from Richard GH¢680; kofi GH¢320. Aug.30: Goods returned to us by Efo Hope GH¢100. Sept 2: Paid wages in cash GH¢220, and goods sold for cash on the same day was GH¢360,. 10th Oct: Paid CCT Ltd and Mr.Kayode the amount owed them by cash. Nov.20: Repaid the whole of the loan from Obeng Ventures by cheque. Nov.21: Efo Hope and Rosemary paid us what they owed by cheque. Dec.10 Paid motor expenses by cash GH¢66,; Insurance by cheque GH¢154,; Sundry expenses by cash GH¢30,. Dec.31: Paid Richard the amount owed him by cheque and withdrew GH¢100 cash for personal use. You are required to use the following transactions to prepare: 1) The necessary books of original entry. ть

Question 1: Mr. Okpoti, the sole Proprietor of Alavanyo Ventures started business in the year 2017, dealing in spare parts. The following transactions were extracted from his books during the year ended 31st December 2017. Jan. 1: Assets; PremisesGH¢10,000; Motor Van GH¢4,500; Fixtures GH¢1,600; Cash at bank GH¢14,000; Cash in hand GH¢20,000. Liabilities; creditors- CCT Ltd GH¢2,000; Mr.Kayode GH¢1,500. Jan.20: Took a cash loan from Obeng Ventures GH¢4,000. Jan. 30: Bought office equipment GH¢660 by cheque. Jan. 31: Bought Motor Vehicle by cheque GH¢360. Feb. 1: Bought goods on credit from Richard GH¢1,100; Nicolas GH¢420; Akrong Ent. GH¢3,600. Feb. 4: Paid rent by cheque GH¢240. Feb. 28: Sold goods on credit to Esi GH¢284; Efo Hope GH¢600 and Rosemary GH¢200. March, 1: Received a credit note from Richard GH¢40 and Akrong GH¢300. March 20: Bought Shop fittings by cheque GH¢154. May 1: Issued a credit note to Esi GH¢24. May 30: Bought goods paying by cash GH¢80. June 30: Bought office equipment on credit from Efo Favor GH¢740. July 20: Introduced more capital in the form of cash GH¢1,000. Aug.21: Bought goods on credit from Richard GH¢680; kofi GH¢320. Aug.30: Goods returned to us by Efo Hope GH¢100. Sept 2: Paid wages in cash GH¢220, and goods sold for cash on the same day was GH¢360,. 10th Oct: Paid CCT Ltd and Mr.Kayode the amount owed them by cash. Nov.20: Repaid the whole of the loan from Obeng Ventures by cheque. Nov.21: Efo Hope and Rosemary paid us what they owed by cheque. Dec.10 Paid motor expenses by cash GH¢66,; Insurance by cheque GH¢154,; Sundry expenses by cash GH¢30,. Dec.31: Paid Richard the amount owed him by cheque and withdrew GH¢100 cash for personal use. You are required to use the following transactions to prepare: 1) The necessary books of original entry. ть

FINANCIAL ACCOUNTING
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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Question 1: Mr. Okpoti, the sole Proprietor of Alavanyo Ventures started business in the year 2017, dealing in spare parts. The following transactions were extracted from his books during the year ended 31st December 2017. Jan.1: Assets; PremisesGH¢10,000; Motor Van GH¢4,500; Fixtures GH¢1,600; Cash at bank GH¢14,000; Cash in hand GH¢20,000. Liabilities; creditors- CCT Ltd GH¢2,000; Mr.Kayode GH¢1,500. Jan.20: Took a cash loan from Obeng Ventures GH¢4,000. Jan. 30: Bought office equipment GH¢660 by cheque. Jan. 31: Bought Motor Vehicle by cheque GH¢360. Feb. 1: Bought goods on credit from Richard GH¢1,100; Nicolas GH¢420; Akrong Ent. GH¢3,600. Feb. 4: Paid rent by cheque GH¢240. Feb. 28: Sold goods on credit to Esi GH¢284; Efo Hope GH¢600 and Rosemary GH¢200. March, 1: Received a credit note from Richard GH¢40 and Akrong GH¢300. March 20: Bought Shop fittings by cheque GH¢154. May 1: Issued a credit note to Esi GH¢24. May 30: Bought goods paying by cash GH¢80. June 30: Bought office equipment on credit from Efo Favor GH¢740. July 20: Introduced more capital in the form of cash GH¢1,000. Aug.21: Bought goods on credit from Richard GH¢680; kofi GH¢320. Aug.30: Goods returned to us by Efo Hope GH¢100. Sept 2: Paid wages in cash GH¢220, and goods sold for cash on the same day was GH¢360,. 10th Oct: Paid CCT Ltd and Mr.Kayode the amount owed them by cash. Nov.20: Repaid the whole of the loan from Obeng Ventures by cheque. Nov.21: Efo Hope and Rosemary paid us what they owed by cheque. Dec.10 Paid motor expenses by cash GH¢66,; Insurance by cheque GH¢154,; Sundry expenses by cash GH¢30,. Dec.31: Paid Richard the amount owed him by cheque and withdrew GH¢100 cash for personal use. You are required to use the following transactions to prepare: 1) The necessary books of original entry. 2) The necessary ledgers. 3) Extract a trial balance.
Transcribed Image Text:Question 1: Mr. Okpoti, the sole Proprietor of Alavanyo Ventures started business in the year 2017, dealing in spare parts. The following transactions were extracted from his books during the year ended 31st December 2017. Jan.1: Assets; PremisesGH¢10,000; Motor Van GH¢4,500; Fixtures GH¢1,600; Cash at bank GH¢14,000; Cash in hand GH¢20,000. Liabilities; creditors- CCT Ltd GH¢2,000; Mr.Kayode GH¢1,500. Jan.20: Took a cash loan from Obeng Ventures GH¢4,000. Jan. 30: Bought office equipment GH¢660 by cheque. Jan. 31: Bought Motor Vehicle by cheque GH¢360. Feb. 1: Bought goods on credit from Richard GH¢1,100; Nicolas GH¢420; Akrong Ent. GH¢3,600. Feb. 4: Paid rent by cheque GH¢240. Feb. 28: Sold goods on credit to Esi GH¢284; Efo Hope GH¢600 and Rosemary GH¢200. March, 1: Received a credit note from Richard GH¢40 and Akrong GH¢300. March 20: Bought Shop fittings by cheque GH¢154. May 1: Issued a credit note to Esi GH¢24. May 30: Bought goods paying by cash GH¢80. June 30: Bought office equipment on credit from Efo Favor GH¢740. July 20: Introduced more capital in the form of cash GH¢1,000. Aug.21: Bought goods on credit from Richard GH¢680; kofi GH¢320. Aug.30: Goods returned to us by Efo Hope GH¢100. Sept 2: Paid wages in cash GH¢220, and goods sold for cash on the same day was GH¢360,. 10th Oct: Paid CCT Ltd and Mr.Kayode the amount owed them by cash. Nov.20: Repaid the whole of the loan from Obeng Ventures by cheque. Nov.21: Efo Hope and Rosemary paid us what they owed by cheque. Dec.10 Paid motor expenses by cash GH¢66,; Insurance by cheque GH¢154,; Sundry expenses by cash GH¢30,. Dec.31: Paid Richard the amount owed him by cheque and withdrew GH¢100 cash for personal use. You are required to use the following transactions to prepare: 1) The necessary books of original entry. 2) The necessary ledgers. 3) Extract a trial balance.
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