Journalise the above-mentioned transactions

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Reference no: EM132083282

Question: W (PTY) LTD opened their business on the 1 January 2015.

1. During the first month of operations the following transactions were recorded. (20 marks)

2. Started the business with N$90 000 of which (N$60 000) is a Loan from FNB and (N$30 000) is personal Cash. They deposited all in the business bank account.

3. Sold goods on credit for N$4 200, the goods Cost price was N$900 and issue a credit invoice #A1001

4. Purchased equipment to the value of N$ 79 800 on credit from Kojak Suppliers and (invoice 0769) paid a deposit of N$ 8 000.

5. Purchased merchandise on credit from Goto Corporation (invoice 1325), N$ 72 732. Returned a camera, invoiced at N$ 456, which was damaged in transit from Goto Corporation and received their credit note number C0172.

6. Issued a cheque for N$ 855 to Express Printers for advertising brochures printed.

7. Received a cheque for N$ 57 from Express Printers with a note that indicated that a calculation error had been made on their invoice (refer 12 August).

Required: (a) Journalise the above-mentioned transactions, draw up individual ledger account and close off the ledger accounts. Narratives are not required.

Reference no: EM132083282

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