Draw up the books of accounts

Assignment Help Financial Accounting

Reference no: EM131201544

Practice questions:

Rex Bendall starts an agricultural fencing business. Wellworth Fencing. with £50.000 capital which he has inherited.

On 1 June 1998 he opens a bank account for the business and pays in the capital into it. buys a lorry for £16.000. pays for insurance costing £1.400 and pays 3 months' rent on premises in advance of £4.500.

On 2 June he purchases equipment for £5.400 and fencing materials from Timber Supplies for £850. In addition he pays for advertising in the local press which costs £420.

On 4 June he buys a further £120 of fencing materials from Timber Supplies on credit. Draw up the books of accounts.

Reference no: EM131201544

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