The transactions listed below relate to Ken’s business for the month of November 2012:1.11.12 Started the business with £150,000 in cash.2.11.12 Transferred £14,000 of the cash to a business bank account.3.11.12 Paid rent of £1000 by cheque.4.11.12 Bought goods on credit from the following suppliers:Ace …….. £5000Mace …….. £6000Pace ……. £700010.11.12 Sold goods on credit to the following customers:Main ……. £2000Pain ……. £3000Vain ……. £400015.11.12 Returned goods costing £1000 to Pace.22.11.12 Pain returned goods sold to him for £2000.25.11.12 Additional goods purchased from the following suppliers:Ace ……. £3000Mace …….. £4000Pace ……. £500026.11.12 Office expenses of £2000 paid by cheque.27.11.12 Cash sales for the month amounted to £5000.28.11.12 Purchases paid for in cash during the month amounted to £4000.29.11.12 Cheques sent to the following suppliers:Ace ……. £4000Mace ……. £5000Pace……. £600030.11.12 Cheques received from the following customers:Main ……. £1000Pain ……. £2000Vain ……. £300030.11.12 The following cash discounts were claimed by Ken:Ace ……. £200Mace ……. £250Pace ……. £30030.11.12 The following cash discounts were allowed by Ken:Main ……. £100Pain ……. £200Vain ……. £40030.11.12 Cash transfer to the bank of £1000.Required:Enter the above transactions in Ken’s ledger accounts.View Solution:
The transactions listed below relate to Ken s business for the



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *