MORE QUESTIONS ON PREVIOUSLY TREATED TOPICS
Hey Everyone, Happy New Week even
though the week has been far spent. Hope this week has and month has been
beautiful for you. Remember you deserve the best of God and it is yours if only
you believe and profess it. Well below is a Question. Enjoy!!!
QUESTION 1:
Dan Jumbo started business on
1/1/94 with the following:
Building 100,
000
Stock of Goods 40, 000
Motor Van 50, 000
Cash 10,
000
During the Month, he undertook the
following transactions:
5th Jan Sold goods for Cash 5, 000
10th Jan Sold
goods on Credit 20,
000
12th Jan Bought goods on Credit 10, 000
15th Jan Cash Sales Banked 15,
000
18th Jan Paid cash for Office Stationery 2,
000
20th Jan Received Cash from Debtors for goods 5,
000
22nd Jan Paid cash for Office Expenses 1,
000
23rd Jan Paid Salaries by cheque 4, 000
24th Jan Sold goods for Cash 7,
000
25th Jan Sold goods on Credit 5,
000
26th Jan Bought goods on Credit 3,
000
27th Jan Bought goods for Cash 2,
500
28th Jan Withdrew Money from Bank for Owner's
Use 1, 500
29th Jan Office
Cash Banked 5, 000
31st Jan Paid Electricity by Cheque 1,
500
You are required to Record the
above transactions in the appropriate books of original entry.
ANSWER:
DR
| DATE | PARTICULARS | F | CASH | BANK |
| 1ST JAN | Capital | 10, 000 | ||
| 5TH JAN | Sales | 5, 000 | ||
| 15TH JAN | Sales | 15, 000 | ||
| 20TH JAN | Sales | 5, 000 | ||
| 24TH JAN | Sales | 7, 000 | ||
| 29TH JAN | Cash | C | 5, 000 | |
| 27, 000 | 20, 000 | |||
| Balance b/d | 16, 500 | 13, 000 |
CR
| DATE | PARTICULARS | F | CASH | BANK |
| 18TH JAN | Office Stationery | 2, 000 | ||
| 22ND JAN | Office Expenses | 1, 000 | ||
| 23RD JAN | Salaries | 4, 000 | ||
| 27TH JAN | Purchases | 2, 500 | ||
| 28TH JAN | Drawings | 1, 500 | ||
| 29TH JAN | Bank | C | 5, 000 | |
| 31ST JAN | Electricity | 1, 500 | ||
| Balance c/d | 16, 500 | 13, 000 | ||
| 27, 000 | 20, 000 | |||
JOURNAL PROPER
| JOURNAL PROPER | |||
| DATE | PARTICULARS | DR | CR |
| 1ST JAN | Building | 100, 000 | |
| Stock | 40, 000 | ||
| Motor Van | 50, 000 | ||
| Cash | 10, 000 | ||
| To Capital A/C | 200, 000 | ||
| SALES DAY BOOK | |||
| DATE | PARTICULARS | F | AMOUNT |
| 10TH JAN | Debtors | 20, 000 | |
| 26TH JAN | Debtors | 5, 000 | |
| 31ST JAN | Sales A/C | Cr | 25, 000 |
| PURCHASES DAY BOOK | |||
| DATE | PARTICULARS | F | AMOUNT |
| 12TH JAN | Creditors | 10, 000 | |
| 26TH JAN | Creditors | 3, 000 | |
| 31ST JAN | Purchases A/C | Dr | 13, 000 |
NOTE: THE
QUESTION IN THIS POST IS CREDITED TO WEST AFRICA EXAM COUNCIL 1996 PAPER. THE
ANSWER IS ALSO CREDITED TO WAEC. THANKS
This brings us to the end of
today's session. Hope this was very helpful to you, leave a comment of what you
think of this tutorial and of your questions below. Have a Blessed Day and
Remember You are Amazing. God Bless.
