PLATINUM BUSINESS ACADEMY

No. 106, S.D.S Jayasinghe Mawatha, Kohuwala

No 337/1, Negambo Rd, Wattala
Double Entry
[Q1]
You are required to enter the following transactions in double entry records, balance
them and prepare the trial balance for the month of January 2015
1st - The owner introduced $100,000 by cash in to the business.
4th - Bought goods paying by cash $30,000
8th - Rent received by Cheque $10,000
13th - Paid for wages and salaries by cash $5,000
15th - Sold goods by cash $50,000
18th - Sold goods by Cheque $20,000
20th - Bought a Motor Vehicle paying by Cheque $10,000
23rd - The owner took $2,000 worth goods for his personal use
26th - Paid rent by cash $10,000
28th - Banked $5,000 cash

[Q2]
You are required to enter the following transactions in double entry records, balance
them and prepare the trial balance for the month of April 2015

1st - The owner introduced $50,000 by cash and $20,000 by Cheque in to the business
5th - Purchased goods on credit from Tom $10,000
9th - We returned goods to Tom $2,000
13th - Paid rent by Cheque $5,000
15th - Sold goods on credit to Smith $25,000
18th - Smith returned goods to us $1,000
20th - Obtained a bank loan by cash $10,000
24rd - Paid insurance by cash $2,000
27th - the owner withdrew $5,000 cash, for his personal use.
30th - Bought a machinery paying by cash $15,000

Rimas Eesa (ACCA Affiliate) 0774622742

PLATINUM BUSINESS ACADEMY
No. 106, S.D.S Jayasinghe Mawatha, Kohuwala
No 337/1, Negambo Rd, Wattala

[Q3]
You are required to enter the following transactions in double entry records, balance
them and prepare the trial balance for the month of November 2018

▪ Nov 1 - Max started business with $30000 in bank & $20000 cash

▪ Nov 3 - Purchased inventory worth $2770 by cheque

▪ Nov 4 - Bought van for $4800 paid by cheque

▪ Nov 15 - Sold goods on credit to Smith $ 4500

▪ Nov 18 - Paid cash for motor expenses $92

▪ Nov 22 - Bought goods on credit from Tom $1000

▪ Nov 25 – Smith paid $3000 by cheque

▪ Nov 26 - Bought stationery for cash $60

▪ Nov 28 - Paid Tom $1000 by cheque

▪ Nov 30 – Smith returned goods worth of $900

[Q4]
You are required to enter the following transactions in double entry records, balance
them and prepare the trial balance for the month of January 2019

▪ Jan 3 - Leila invested capital worth of $25000: $10000 in cash,15000 in bank

▪ Jan 5 - Purchased motor vehicle for $5000 on credit from JP LTD

▪ Jan 6 - Sold goods on credit $2000 to Mary, $3500 to Tommy

▪ Jan 8 - Bought goods on credit from Ellis $1600, Bailey $7000

▪ Jan 11 - Paid rent by Cash 2000

▪ Jan 16 - Paid $1200 to Ellis, 5000 to Bailey by cash

▪ Jan 19 - Bought office furniture for $4600 on credit from JX LTD

▪ Jan 25 - Mary returned goods to us $80

▪ Jan 26 – The owner took $500 cash for personal use.

▪ Jan 31 - Electricity was paid $100 by cheque

Rimas Eesa (ACCA Affiliate) 0774622742

PLATINUM BUSINESS ACADEMY
No. 106, S.D.S Jayasinghe Mawatha, Kohuwala
No 337/1, Negambo Rd, Wattala

[Q5]
You are required to enter the following transactions in double entry records, balance
them and prepare the trial balance for the month of March 2019

▪ March 2 - Caleb started business with 20000 in the bank and Motor Van worth $4600

▪ March 3 - Paid rent $1800 by cheque

▪ March 5 - Sold goods for cash $8000.

▪ March 7 - Caleb bought inventory $3500 on credit from JX Supplies

▪ March 10 - Paid sundry expenses $270 by cash

▪ March 17 - Bought office Equipment $1800 by cash

▪ March 18 - $1500 cash were transferred to the bank

▪ March 25 - Paid wages $2500 through cheque

▪ March 28 - A cash sales $3900 were made

[Q6]

You are required to show the appropriate double entries, balance them and prepare the
trial balance for the following transactions for the month of April 2019

▪ April 1 - Justin started a bookshop with $15000 cash and Motor van worth $5000,

▪ April 3 - He bought books $7000 on credit from Stationery Ltd

▪ April 11 - A cash sales of $3200 were made

▪ April 15 - Paid rent by cash $600

▪ April 16 - Books were sold on credit to: C Bailey 100, T Ron230, L Max 500.

▪ April 18 - out of the books sold to C Bailey , a sales return $20 were occurred

▪ April 26 - T Ron paid 230 by cheque on time and hence a $30 discount were given

▪ April 27 – The owner took $1000 by cheque for personal use

▪ April 28 - Paid electricity $130 by cheque

▪ April - 30 the remaining cash were transferred to the bank

Rimas Eesa (ACCA Affiliate) 0774622742

PLATINUM BUSINESS ACADEMY
No. 106, S.D.S Jayasinghe Mawatha, Kohuwala
No 337/1, Negambo Rd, Wattala

[Q7]

Show the appropriate double entries, balance them and prepare the trial balance for the
following transactions for the month of December 2019

▪ December 2 - L Jack started the business that sells furniture & equiments with
$22000 in bank

▪ December 3 - Purchased office furnitures and other equiments $10000 by cheque

▪ December 5 - Purchased motor van $3000 on credit from Motor Ltd

▪ December 6 - office equipments were sold on credit to C Tasha $6000, L Tom $2000

▪ December 10 - paid sundry expenses $150

▪ December 12 - paid rent on shop $1000 by cheque

▪ December 15 – Paid electricity $500 by cheque.

▪ December 25 - Tom paid his due by cheque.

▪ December 26 - bought stationery for $200

▪ December 29 - damaged furnitures 500 were returned to us by L Tom

Rimas Eesa (ACCA Affiliate) 0774622742