EnterprIllustration IIImis llowing transactions relates to the business activities of Rageeba Ltd for the month of March2018.March 1. Started business with ¢8,000,000 in the bank and ¢4,000,000 cash.March 2. Bought goods on credit from Theo Ltd ¢760,000 and Shuraim Enterprise ¢800,000.March 6. Cash sales to date c5,040,000March 8. Paid Rent & Rate by cash ¢600.000March 9. Sols goods on credit to Alexa Ltd ¢3,050,000 and Tyler Ltd ¢4,800,000March 10. Bought Machinery & Equipment by cheque ¢16,000,000March 12. Bought goods for cash ¢800,000March 14. Bought goods on credit from Nicky Enterprise ¢7,050,000March 16. Paid wages & salaries by cheque c6,000,000March 17. Paid Shuraim Enterprise 760,000 as part settlement of our indebtednessMarch 18. Sold goods on credit to Tyler Enterprise, ¢9,000,000; less 10% trade discount.March 20. Received ¢2,050,000 cheque from Alexa Ltd in settlement of their debt on account.March 20. Returned goods worth ¢60,000 to Theo LtdMarch 20. Paid Nicky Enterprise a cheque ¢5,500,000 on account of the our indebtednessMarch 21. Paid Theo Enterprise the amount due after deducting a cash discount of ¢30,000March 22. Tyler Ltd returned goods amounting to ¢800,000 for damages.March 25. Received a cheque of ¢9,000,000 from Tyler Ltd after deducting 10% cash discount.March 27. Sales to general customers receiving a cheque of ¢8,000,000March 28. Cash sales to date ¢6,000,000March 30. Paid Electricity Charges by cash ¢1,000,000March 31. Bought Office Computers by cheque ¢7,000,000.noRequired: Record the above transactions in the ledger accounts of Raqeeba Ltd, balance off theaccounts and prepare a trial balance as at 31 March 2018.Balancing the Accountsholonged on the last day of the period

Balancing of accounts is important for proper book keeping

Answered: Required: Record the above transactions…

Required: Record the above transactions in the ledger accounts of Raqeeba Ltd, balance off the accounts and prepare a trial balance as at 31H March 2018. Balancing the Accounts

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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