Q1. The following transactions occurred in the business of Mr. Sparrow during the month of January 2016.
Jan | 1 | Started business with cash $ 12 000. |
3 | Purchased goods on credit from Sam $ 3 750. | |
5 | Returned goods to Sam $ 550. | |
7 | Paid Sam by cash $ 1 250 | |
9 | Purchased goods by cash $ 3 250 | |
11 | Purchased equipment on credit from ABC Ltd for $ 1400. | |
13 | Sold goods on credit to Jack $ 4 450. | |
15 | Jack returned goods to us $ 600. | |
17 | Received $1 300 cash from Jack. | |
20 | Paid wages by cash $ 700 | |
22 | Paid insurance by cash $ 300 | |
24 | Sold goods on credit to Shyam $ 1 300 | |
26 | Received cash from Shyam $ 500 | |
28 | Withdrew cash for own use $ 400 | |
29 | Sold goods for cash $1 600. | |
30 | Received commission by cash $ 350 | |
31 | The balance in Shyam account is to be written off as bad debts. |
Record all the transactions in the ledger of Mr Sparrow. Balance off all the accounts at 31 January 2016 and draft a trial balance as at that date
Q2. The following transactions occurred in the business of Mr. Grey during the month of March 2017.
Mar | 1 | Started business with cash $ 13 500. |
3 | Purchased goods on credit from Samir $ 2 550. | |
5 | Returned goods to Samir $ 300. | |
7 | Paid Samir by cash $ 1 500 | |
9 | Purchased goods by cash $ 2 250 | |
11 | Purchased machinery on credit from FB Ghoorah Ltd for $ 1700. | |
13 | Sold goods on credit to Fernandez $ 4 500. | |
15 | Fernandez returned goods to us $ 700. | |
17 | Received $1 400 cash from Fernandez. | |
20 | Paid electricity by cash $ 600 | |
22 | Paid advertising by cash $ 500 | |
24 | Sold goods on credit to Naina $ 1 500 | |
26 | Received cash from Naina $ 300 | |
28 | Withdrew cash for own use $ 600 | |
29 | Sold goods for cash $1 200. | |
30 | Received commission by cash $ 250 | |
31 | The balance in Naina account is to be written off as bad debts. |
Record all the transactions in the ledger of Mr. Grey. Balance off all the accounts at 31 March 2017 and draft a trial balance as at that date.
