Question 2 Credit Sales, Credit Purchases & Returns You are to enter the following items in the books, post to personal accounts, and show the transfers to the General Ledger. 20X9 1 Credit purchases from: K Hill £380; M Norman £500; N Senior £106. 3 Credit sales to: E Rigby £510; E Phillips £246; F Thompson £356. 5 Credit purchases from: R Morton £200; J Cook £180; D Edwards £410; C Davies £66. 8 Credit sales to: A Green £307; H George £250; J Ferguson £185. 12 Returns outwards to: M Norman £30; N Senior £16. 14 Returns inwards from: E Phillips £18; F Thompson £22. 20 Credit sales to: E Phillips £188; F Powell £310; E Lee £420. 24 Credit purchases from: C Ferguson £550; K Ennevor £900. 31 Returns inwards from: E Phillips £27; E Rigby £30. 31 Returns outwards to: J Cook £13; C Davies £11. July %3D %D %3D Note : Apart from double entries in the Purchases/Sales Ledger/General Ledger, please also prepare Purchases Day Book, Sales Day Book, Return Inwards & Return Outwards Day Book.

Question 2 Credit Sales, Credit Purchases & Returns You are to enter the following items in the books, post to personal accounts, and show the transfers to the General Ledger. 20X9 1 Credit purchases from: K Hill £380; M Norman £500; N Senior £106. 3 Credit sales to: E Rigby £510; E Phillips £246; F Thompson £356. 5 Credit purchases from: R Morton £200; J Cook £180; D Edwards £410; C Davies £66. 8 Credit sales to: A Green £307; H George £250; J Ferguson £185. 12 Returns outwards to: M Norman £30; N Senior £16. 14 Returns inwards from: E Phillips £18; F Thompson £22. 20 Credit sales to: E Phillips £188; F Powell £310; E Lee £420. 24 Credit purchases from: C Ferguson £550; K Ennevor £900. 31 Returns inwards from: E Phillips £27; E Rigby £30. 31 Returns outwards to: J Cook £13; C Davies £11. July %3D %D %3D Note : Apart from double entries in the Purchases/Sales Ledger/General Ledger, please also prepare Purchases Day Book, Sales Day Book, Return Inwards & Return Outwards Day Book.

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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Q1: Explain all details in the figure below: All business transactions Classify - put same types of transactions together Credit purchases Returns outwards Credit Cash receipts and payments Returns Other sales inwards types Enter in Enter in Enter in Enter in Enter in Enter in Sales Purchases Returns Returns Cash Book Journal Day Book Day Book Inwards Outwards Day Book Day Book Enter in double entry accounts in the various ledgers • Sales Ledger • Purchases Ledger • General Ledger
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М. MOSS Three-column Cash Book POST DISCOUNT POST DISCOUNT DATE DESCRIPTION CASH BANK DATE DESCRIPTION CASH BANK REF ALLOWED REF RECEIVED June 1 Balance b/d 411.00 7 968.00 June 6 H. Johnson 10.00 190.00 12 Sales 400.00 8 A. Smith 26.25 498.75 28 Sundries 4.00 156.00 10 G. Skinner 32.00 608.00 29 Sundries 13.00 507.00 30 Balance c/d 1 474.00 6 671.25 17.00 1 474.00 7 968.00 68.25 1 474.00 7 968.00 July 1 Balance b/d 68.25 1 474.00 6671.25 YOU ARE REQUIRED TO: Open all relevant accounts in the Ledger and post details to Ledger accounts. Show ending balances in each account. Make sure that balances are clearly.labelled.