Assignment Question 1. Open your own business. 2. Suggest at least twenty-five (25) possible transactions. 3. Record Transactions. 4.

Balance your accounts. 5. Create Trial Balance. 6. Prepare Trading and Profit & Loss Accounts. 7. Prepare Balance Sheet.

Smith $850 22 Sold goods for cash $1700 23 Sold goods on credit to B. Small $3000. Cash in hand $20.00 7M.000 Dec 2 Purchased goods on credit from F. Mullen paid $600 on account by cheque 9Cash sales $600 9 Paid wages from cash $500 12 Cash sales $700 14 Sold goods on credit to C. Mullen $1000 (credit sale) 5 Received rent for part of premises sub-let $1200 by cheque 6Returned goods to F.00. James for $1250. . Crisp paid his account by cheque 300 30 Paid salaries by cheque $1000 The closing stock at 31 Dec.000. Paid wages from cash $500 23 Paid carriage outwards by cheque $120 25 Wood took $600 from bank and $350 goods at selling price for his own use 27 Paid advertising by cheque $1000 28 C.“The Scent House” perfume establishment commenced business 1st December 2006 with $100. was $2.000. Paid wages from cash $500 18 Wrote off the balance of M. Hill $970 16 Paid commission by cheque $300.00 4 Sold goods to M. Mullen's account as irrecoverable 19 Paid carriage inwards by cheque $150 19 Purchased goods on credit from F.000. Small $5000. Crisp $300 15 Purchased goods on credit from F. Bank $80. Mullen returned goods $300 8M.

000.00 cash Sold Goods on Credit to Allison for $450.00 paid for by cheque Bought goods on credit for resale from T Jones .00 .00 Sold goods for $7.500.$5.000.00 Dr CASH Cr Dr BANK Cr Dr CAPITAL Cr 100.Bought Fittings & Fixtures in the sum of $20.000.

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