Reference no: EM133188082
Question - Flames Tree traders started a retail business on 1st June 2021. The following transactions occurred during the month;
June 1: Opened a bank account for the business and deposited Shs. 2,340,000 and cash in hand was Shs. 593,000
June 6: Paid Shs. 160,000 by cheque for rent
June 7: Borrowed Shs. 850,000 loan which was credited in his bank.
June 10: Bought goods worth Shs. 478,000 from Jamhuri traders and paid Shs. 89,000 cash
June 13: Sold goods at Shs. 764,000 in to Mtwapa wholesaler and received Shs. 186,000 cheque and Shs. 78,000 cash
June 18: Goods of Shs. 85,000 were returned to Mtwapa traders as defective.
June 24: Paid Jamhuri traders by cheque in full and received a discount of 5% on invoice
June 27: Received the full amount due from Mtwapa wholesaler by cheque after allowing a discount of 5% on invoice
June 28: Withdrew Shs. 77,000 by cash for personal use.
June 30: Paid salaries of Shs. 75,000 by cheque, repairs of Shs.17,000 by cheque and telephone bill Shs.8,000 cash
Assuming all goods were sold during the month of June 2021;You are required to prepare and load the following;
1. Journalize the above transactions
2. Post the journals to the ledgers
3. Extract a trial balance
4. Statement of Income
5. Statement of financial position
6. Statement of changes in equity
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