Question 1 Mr. Okpoti, the sole Proprietor of Alavanyo Ventures started business in the year 2017, dealing in spare parts. The following transactions were extracted from his books during the year ended 31st December, 2018. Jan.1: Assets; Premises¢10,000,000; Motor Van ¢4,500,000; Fixtures ¢1,600,000; Cash at bank ¢14,000,000; Cash in hand ¢2,000,000. Liabilities; creditors- CCT Ltd ¢2,000,000; Mr.Kayode ¢1,500,000. Jan.20: Took a cash loan from Obeng Ventures ¢4,000,000. Jan. 30: Bought office equipment ¢660,000 by cheque. Jan. 31: Bought Motor Vehicle by cheque ¢3,600,000. Feb. 1: Bought goods on credit from Richard ¢1,100,000; Nicolas ¢420,000; Akrong Ent. ¢3,600,000. Feb. 4: Paid rent by cheque ¢240,000. Feb. 28: Sold goods on credit to Esi ¢284,000; Efo Hope ¢600,000 and Rosemary ¢200,000. March, 1: Received a credit note from Richard ¢40,000 and Akrong ¢300,000. March 20: Bought Shop fittings by cheque ¢1,400,000. May 1: Issued a credit note to Esi ¢24,000. May 30: Bought goods paying by cash ¢80,000. June 30: Bought office equipment on credit from Efo Favor ¢740,000. July 20: Introduced more capital in the form of cash ¢1,000,000. Aug.21: Bought goods on credit from Richard ¢680,000; Siclete ¢320,000. Aug.30: Goods returned to us by Efo Hope ¢100,000. Sept 2: Paid wages in cash ¢220,000 and goods sold for cash on the same day was ¢360,000. 10th Oct: Paid CCT Ltd and Mr.Kayode the amount owed them. Nov.20: Repaid the whole of the loan from Obeng Ventures by cheque. Nov.21: Efo Hope and Rosemary paid us what they owed by cheque. Dec.10: Paid motor expenses by cash ¢66,000; Insurance by cheque ¢154,000; Sundry expenses by cash ¢30,000. Dec.31: Paid Richard the amount owed him by cheque and withdrew ¢100,000 for personal use. You are required to use the following transactions to prepare: 1) The necessary ledgers.
Question 1 Mr. Okpoti, the sole Proprietor of Alavanyo Ventures started business in the year 2017, dealing in spare parts. The following transactions were extracted from his books during the year ended 31st December, 2018.
Jan.1: Assets; Premises¢10,000,000; Motor Van ¢4,500,000; Fixtures ¢1,600,000; Cash at bank ¢14,000,000; Cash in hand ¢2,000,000. Liabilities; creditors- CCT Ltd ¢2,000,000; Mr.Kayode ¢1,500,000.
Jan.20: Took a cash loan from Obeng Ventures ¢4,000,000.
Jan. 30: Bought office equipment ¢660,000 by cheque.
Jan. 31: Bought Motor Vehicle by cheque ¢3,600,000.
Feb. 1: Bought goods on credit from Richard ¢1,100,000; Nicolas ¢420,000; Akrong Ent. ¢3,600,000.
Feb. 4: Paid rent by cheque ¢240,000.
Feb. 28: Sold goods on credit to Esi ¢284,000; Efo Hope ¢600,000 and Rosemary ¢200,000.
March, 1: Received a credit note from Richard ¢40,000 and Akrong ¢300,000.
March 20: Bought Shop fittings by cheque ¢1,400,000.
May 1: Issued a credit note to Esi ¢24,000.
May 30: Bought goods paying by cash ¢80,000.
June 30: Bought office equipment on credit from Efo Favor ¢740,000.
July 20: Introduced more capital in the form of cash ¢1,000,000.
Aug.21: Bought goods on credit from Richard ¢680,000; Siclete ¢320,000.
Aug.30: Goods returned to us by Efo Hope ¢100,000.
Sept 2: Paid wages in cash ¢220,000 and goods sold for cash on the same day was ¢360,000.
10th Oct: Paid CCT Ltd and Mr.Kayode the amount owed them.
Nov.20: Repaid the whole of the loan from Obeng Ventures by cheque.
Nov.21: Efo Hope and Rosemary paid us what they owed by cheque.
Dec.10: Paid motor expenses by cash ¢66,000; Insurance by cheque ¢154,000; Sundry expenses by cash ¢30,000.
Dec.31: Paid Richard the amount owed him by cheque and withdrew ¢100,000 for personal use.
You are required to use the following transactions to prepare:
1) The necessary ledgers.
2) Extract a
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