Keep his records on a double entry system

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Reference no: EM131385388

On 1 October 2016, the owner of the USS Enterprise, Mr Kirk, decides that he will boldly go and keep his records on a double entry system. His assets and liabilities at that date were:

	£
Fixtures and equipment	20,000
Inventory including weapons	15,000
Balance at Universe Bank	17,500
Cash	375

	£
Accounts payable - Spock	3,175
-Scott	200
-McCoy	500

Kirk's transactions during October were as follows:

1 Sold faulty phasers, original cost £500, to Klingon Corp, for cash £5,000

2 Bought Photon Torpedoes (weapons), on time from Central Council £2,500

3 Sold goods to Aardvarks, original cost £250, on time, £1,500

4 Bought Cloaking Device (Fixture and Fittings) from Klingon Corp £3,500

5 Paid the balance owed to Spock at 1 October less a 5 per cent cash discount

6 Paid Central Council full amount due by cheque

7 Received full amount due from Aardvarks by cheque

8 Paid Klingon Corp by cheque after deducting 20 per cent trade discount

9 Paid, by bankers order, £10,000 for repairsto Enterprise following disagreement over amount owing to Klingon Corp and faulty phasers.

Reference no: EM131385388

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