Write up the asset and liability and capital accounts to record the following transactions in the records of F Murray. 20X7 July == == == 1 Started business with £15,000 in the bank. 2 Bought office furniture by cheque £1,200. 3 Bought machinery £1,400 on credit from Trees Ltd. 5 Bought a van paying by cheque £6,010. Chapter 2 l The double entry system for assets, liabilities and capital 27 == 8 Sold some of the office furniture – not suitable for the business – for £150 on credit to D Twig & Sons. 15 Paid the amount owing to Trees Ltd £1,400 by cheque. 23 Received the amount due from D Twig & Sons £150 in cash. 31 Bought more machinery by cheque £650.
Write up the asset and liability and capital accounts to record the following transactions in the records of F Murray. 20X7 July == == == 1 Started business with £15,000 in the bank. 2 Bought office furniture by cheque £1,200. 3 Bought machinery £1,400 on credit from Trees Ltd. 5 Bought a van paying by cheque £6,010. Chapter 2 l The double entry system for assets, liabilities and capital 27 == 8 Sold some of the office furniture – not suitable for the business – for £150 on credit to D Twig & Sons. 15 Paid the amount owing to Trees Ltd £1,400 by cheque. 23 Received the amount due from D Twig & Sons £150 in cash. 31 Bought more machinery by cheque £650.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Write up the asset and liability and capital accounts to record the following transactions in
the records of F Murray.
20X7
| July == == == |
1 Started business with £15,000 in the bank. 2 Bought office furniture by cheque £1,200. 3 Bought machinery £1,400 on credit from Trees Ltd. 5 Bought a van paying by cheque £6,010. |
Chapter 2 l The double entry system for assets, liabilities and capital
27
| == | 8 Sold some of the office furniture – not suitable for the business – for £150 on credit to D Twig & Sons. 15 Paid the amount owing to Trees Ltd £1,400 by cheque. 23 Received the amount due from D Twig & Sons £150 in cash. 31 Bought more machinery by cheque £650. |
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