Solution-Prepare the necessary ledger accounts

Prepare the necessary ledger accounts

Assignment Help Financial Accounting

Reference no: EM132951496

Question - Jallow is a small merchant who also manages a supermarket in a busy area of Banjul. On 30 September, 2019, he produced the following closing balances from his ledgers:

Capital 34,200

Drawings 10,980

Purchases 90,720

Inventory 16,260

General Expenses 17,040

Fixtures and Fittings 3,900

Sundry Receivables 17,220

Sundry Payables 14,580

Bank 4,560

Sales 111,900

During October 2019, the following transactions were recorded:

Purchased good on credit 6,390

Sold goods on credit 8,730

Receipts from debtors 12,555

Paid trade payables by cheque 10,755

Purchased new fittings on credit 585

Drew cheque for private use 900

Paid general expenses by cheque 1,395

Required - As Glory's book-keeper, you are required to:

(i) Prepare the necessary ledger accounts?

(ii) Balance up the accounts and draw a trial balance as it would appear on 31st October, 2019?

Reference no: EM132951496

Questions Cloud

Calculate the equivalent units of conversion : Beginning Inventory: 31,000 units, 100% complete as to materials and 55% complete as to conversion. Calculate the equivalent units of conversion

How management perpetrate the improper financial reporting : Elon Musk Agrees to Pay $20 Million Fine in SEC Settlement. How did management perpetrate the improper financial reporting

Calculate gain or loss on disposal : Genetic Insights has a tax rate of 30%. The asset is sold at the end of six years for $3,343. Calculate gain or loss on disposal

Calculate tax credit on disposal : Reversing Rapids has a tax rate of 30%. The asset is sold at the end of four years for $11,743. Calculate tax credit on disposal

Prepare the necessary ledger accounts : During October 2019, the following transactions were recorded: Purchased good on credit 6,390. Prepare the necessary ledger accounts

What the total comprehensive income for the year : Share of other comprehensive income of associates (Unrealized loss on assets at FVOCI) 700. What the total comprehensive income for the year

Describe the procedure for cases : Describe the procedure for cases involving classified information as described in Title 18 U.S.C. App. 3, § 6 of the Classified Information Procedures Act.

What are the four core anti-bias education goals : What are the four core anti-bias education goals?

Develop a wbs to reflect the scope of project : Projects that are not well designed can run over cost and/or time, a situation called scope creep. Scope creep can occur due to many factors, including the cost

User Account

All Pages

Prepare the necessary ledger accounts

Reference no: EM132951496

Reference no: EM132951496

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT