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REQUIRED: (1) Post the transactions above to the respective ledger accounts and balance off the ledger accounts 11) Prepare the Trial Balance of Gilgil Service Station as at 30th January 20

REQUIRED: (1) Post the transactions above to the respective ledger accounts and balance off the ledger accounts 11) Prepare the Trial Balance of Gilgil Service Station as at 30th January 20

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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d) The following business transactions were extracted from the records of Gilgil Service Station which commenced its operations on January 2022. Date 1st Jan 2022 2nd Jan 2022 4th Jan 2022 gth Jan 2022 11th Jan 2022 15th Jan 2022 20th Jan 2022 24th Jan 2022 30th Jan 2022 REQUIRED: Transaction Details The owner started business with sh5,000,000 cash Received sh2,000,000 cash as bank loan Bought goods worth sh500,000 and paid by cash Deposited part of the cash in hand; sh800,000 into the business bank account 11) Converted a personal vehicle worth sh1,000,000 into a business vehicle Bought stock worth sh700,000 on credit from Isaac Bought office furniture worth sh200,000 and paid cash Paid Isaac sh300,000 using a cheque Withdrew sh100,000 cash from business for own use 1) Post the transactions above to the respective ledger accounts and balance off the ledger accounts Prepare the Trial Balance of Gilgil Service Station as at 30th January 20
Transcribed Image Text:d) The following business transactions were extracted from the records of Gilgil Service Station which commenced its operations on January 2022. Date 1st Jan 2022 2nd Jan 2022 4th Jan 2022 gth Jan 2022 11th Jan 2022 15th Jan 2022 20th Jan 2022 24th Jan 2022 30th Jan 2022 REQUIRED: Transaction Details The owner started business with sh5,000,000 cash Received sh2,000,000 cash as bank loan Bought goods worth sh500,000 and paid by cash Deposited part of the cash in hand; sh800,000 into the business bank account 11) Converted a personal vehicle worth sh1,000,000 into a business vehicle Bought stock worth sh700,000 on credit from Isaac Bought office furniture worth sh200,000 and paid cash Paid Isaac sh300,000 using a cheque Withdrew sh100,000 cash from business for own use 1) Post the transactions above to the respective ledger accounts and balance off the ledger accounts Prepare the Trial Balance of Gilgil Service Station as at 30th January 20
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