Q5. Kings way Itd carricd out the following transactions during the month of December 20151/12, Bought goods on credit2/12, Cash sales banked immediately8/12, Bought a motor van, paid immediately as follows; one quarter in cash and therest by cheque10/12, Goods sold on credit to customers18/10, Transfer cash from bank20/12, Owner puts in cash into the business22/12 Goods that cost 500,000FCFA were sold to a customer in cash159,000FCFA100,000FCFA3,000,000FCFA400,000FCFA10,000,000FCFA1,000,000FCFA650,000FCFA100,000FCFA40.000FCFA25/12, Bought goods on credit28/12, Customer paid his account by cheque29/12, Sold goods on credit30/12, Received a cheque from customer in full settlement of transaction datedDecember 10thRequired;450,000FCFA350,000FCFARecord the above transactions in the classical journalQ5. TIMA operates a small business. The opening balance sheet at the start is given below.Amount (FCFA)10,000,000Amount (FCFA)(FCFA)LiabilitiesCapitalAssetsBuildingDelivery VansReccivables5,000,0002,000,000Borrowings4,000,000Payables1,000,0001,000,0007,000,000Bank account15,000,000ТОTAL15,000,000During the first two weeks of June, the following transactions were carried out.2 June, purchase of supplics worth 4,000,000FCFA by cheque.3 June, Buys a delivery Van for 2,000, 000FCFA by cheque.4 June, Purchase of supplics worth 1,000,000FCFA on credit.5 June, Sells goods for 1,500,000FCFA and receives a cheque for that amount.6 June, Sells again all his remaining goods for 500,000FCFA on credit.7 June, Payment of 800,000FCFA to his supplier by cheque.8 June, Payment of rent 200,000FCFA by cheque.

Name: Q5. Kings way Itd carricd out the following transactions during the m
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Q5. Kings way Itd carricd out the following transactions during the month of December 20151/12, Bought goods on credit2/12, Cash sales banked immediately8/12, Bought a motor van, paid immediately as follows; one quarter in cash and therest by cheque

Hi student, Since there are multiple questions, we will answer only first question.

Answered: Record the above transactions in the…

Business

Accounting

Record the above transactions in the classical journal

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

prepare journal enteries?
How the MIRR is calculated
Question 3 2 The following are the cash book and bank statement of DRS Enterprise for the month of December 2020: Cash Book (Bank Account only) 2020 RM 2020 RM Dec 1 Balance b/d 460 3 Cash 2,600 8 Lim 1,600 14 Mat 1,816 18 Jay and Kay 900 24 Bidin 1,120 31 Balance c/d 544 total 9,040 Dec 4 Cheque no. 40010 Ruby 2,000 6 Cheque no. 40011 Zain 1,700 8 Cheque no. 40012 Harris 680 10 Cheque no. 40013 Wong 760 15 Cheque no. 40014 Daud 1,600 21 Cheque no. 40015 Lim 2,300 total 9,040 Jan 1 Balance b/d 544 Transaction Codes CH Cash SO Standing Order CB Chequebook CQ Cheque CT Credit Transfer BC Bank Charge Required: Prepare the bank reconciliation statement as at 31 December 2020.
Define the term journal.
What are the types of fundamental analysis?
What are the main components of DU pont Analysis? Explain.
Explain in detail and give example Periodic Concept
Explain the concepts and principles which underlie the SMEs standard