Q5. Kings way Itd carricd out the following transactions during the month of December 20151/12, Bought goods on credit2/12, Cash sales banked immediately8/12, Bought a motor van, paid immediately as follows; one quarter in cash and therest by cheque10/12, Goods sold on credit to customers18/10, Transfer cash from bank20/12, Owner puts in cash into the business22/12 Goods that cost 500,000FCFA were sold to a customer in cash159,000FCFA100,000FCFA3,000,000FCFA400,000FCFA10,000,000FCFA1,000,000FCFA650,000FCFA100,000FCFA40.000FCFA25/12, Bought goods on credit28/12, Customer paid his account by cheque29/12, Sold goods on credit30/12, Received a cheque from customer in full settlement of transaction datedDecember 10thRequired;450,000FCFA350,000FCFARecord the above transactions in the classical journalQ5. TIMA operates a small business. The opening balance sheet at the start is given below.Amount (FCFA)10,000,000Amount (FCFA)(FCFA)LiabilitiesCapitalAssetsBuildingDelivery VansReccivables5,000,0002,000,000Borrowings4,000,000Payables1,000,0001,000,0007,000,000Bank account15,000,000ТОTAL15,000,000During the first two weeks of June, the following transactions were carried out.2 June, purchase of supplics worth 4,000,000FCFA by cheque.3 June, Buys a delivery Van for 2,000, 000FCFA by cheque.4 June, Purchase of supplics worth 1,000,000FCFA on credit.5 June, Sells goods for 1,500,000FCFA and receives a cheque for that amount.6 June, Sells again all his remaining goods for 500,000FCFA on credit.7 June, Payment of 800,000FCFA to his supplier by cheque.8 June, Payment of rent 200,000FCFA by cheque.

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Description: Q5. Kings way Itd carricd out the following transactions during the month of December 20151/12, Bought goods on credit2/12, Cash sales banked immediately8/12, Bought a motor van, paid immediately as follows; one quarter in cash and therest by cheque

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Answered: Record the above transactions in the…

Business

Accounting

Record the above transactions in the classical journal

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 18EB: Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received...

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