NKUMBA UNIVERSITY FUNDAMENTALS OF ACCOUNTING Revision Questions Question 1 As at 30.3.20X7, your business has the following balances on its ledger accounts. Accounts Balance Shs Bank loan 12,000 Cash at bank 11,700 Capital 13,000 Local business taxes 1,880 Trade accounts payable 11,200 Purchases 12,400 Sales 14,600 Sundry payables 1,620 Trade accounts receivable 12,000 Bank loan interest 1,400 Other expenses 11,020 2,020 Vehicles During 31.3.20X7, the business made the following transactions. (a) Bought materials for shs 1,000, half for cash and half on credit (b) Made shs1,040 sales, shs 800 of which was for credit (c) Paid wages to shop assistants of shs 260 in cash You are required to draw up a trial balance showing the balances as at the end of 31.3.20X7.

NKUMBA UNIVERSITY FUNDAMENTALS OF ACCOUNTING Revision Questions Question 1 As at 30.3.20X7, your business has the following balances on its ledger accounts. Accounts Balance Shs Bank loan 12,000 Cash at bank 11,700 Capital 13,000 Local business taxes 1,880 Trade accounts payable 11,200 Purchases 12,400 Sales 14,600 Sundry payables 1,620 Trade accounts receivable 12,000 Bank loan interest 1,400 Other expenses 11,020 2,020 Vehicles During 31.3.20X7, the business made the following transactions. (a) Bought materials for shs 1,000, half for cash and half on credit (b) Made shs1,040 sales, shs 800 of which was for credit (c) Paid wages to shop assistants of shs 260 in cash You are required to draw up a trial balance showing the balances as at the end of 31.3.20X7.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section3.3: Transactions Affecting Owner’s Equity And Asset Accounts

Problem 1WT

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