The followng balances were extracted from the books of account of Baraka's business as at 1 July, 2011. Ksh Maisha Bora (creditor) 45,000 Tabora (Debtor) 34,000 Cash in hand 50,000 Cash at bank 75,000 Capital 114,000 The following transactions took place during the month: July 1 5 7 10 13 (i) 15 20 25 27 28 29 30 31 Bought goods on credit from Maisha Bora Ksh 65,000; Paid for electricity Ksh 6,000 by cheque; Sold goods on credit Ksh 47,000 to Tabora; Withdrew Ksh 20,000 from the bank for business use; Baraka deposited Ksh 100,000 into the business bank account from her private savings; Returned goods to Maisha Bora Ksh 7,000; Tabora returned goods to Baraka Ksh 5,000; Received Ksh 40,000 from Tabora by cheque; Withdrew Ksh 35,000 from the bank for personal use; Paid Ksh 50,000 to Maisha Bora by cheque; Received rent Ksh 25,000 by cheque; Sold goods in cash Ksh 15,000; Deposited Ksh 35,000 of the cash into the business bank account. Post the transactions to the ledger accounts; Balance off the accounts as at 31 July, 2011.
The followng balances were extracted from the books of account of Baraka's business as at 1 July, 2011. Ksh Maisha Bora (creditor) 45,000 Tabora (Debtor) 34,000 Cash in hand 50,000 Cash at bank 75,000 Capital 114,000 The following transactions took place during the month: July 1 5 7 10 13 (i) 15 20 25 27 28 29 30 31 Bought goods on credit from Maisha Bora Ksh 65,000; Paid for electricity Ksh 6,000 by cheque; Sold goods on credit Ksh 47,000 to Tabora; Withdrew Ksh 20,000 from the bank for business use; Baraka deposited Ksh 100,000 into the business bank account from her private savings; Returned goods to Maisha Bora Ksh 7,000; Tabora returned goods to Baraka Ksh 5,000; Received Ksh 40,000 from Tabora by cheque; Withdrew Ksh 35,000 from the bank for personal use; Paid Ksh 50,000 to Maisha Bora by cheque; Received rent Ksh 25,000 by cheque; Sold goods in cash Ksh 15,000; Deposited Ksh 35,000 of the cash into the business bank account. Post the transactions to the ledger accounts; Balance off the accounts as at 31 July, 2011.
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 12PB: Prepare journal entries to record the following transactions that occurred in March: A. on first day...
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