Activity 5 – Recording closing/ opening balances in QuickBooks

Arial Traders Limited had the following balances from the manual book keeping system.
1)- The trial balance for the period ended December 31, 2022
Account details Debit (Ugx) Credit (Ugx)
Motor Vehicles 9,500,000
Printers @ cost 2,500,000
Accumulated depreciation- Printers 450,000
Accumulated depreciation- Motor Vehicles 190,000
Inventory (See Note 1) 9,005,000
Debtors/Customers (See Note 2) 572,000
Creditors/Vendors (See Note 3) 3,812,000
Finance Trust Bank Account 1,000,000
Petty Cash 600,000
Utilities 250,000
Accrued salaries 2,100,000
Loan (Maturity date 31/12/2028) 8,375,000
Share Capital 7,000,000
Retained profits 1,500,000
Drawings 50,000
23,427,000 23,427,000

2- Note 1 – Inventory details as on 31st December 2022

Item Code Item Name U/M Quantity Unit Cost Amount (Ugx)
Inv01 Markers Dozens (Dzs) 120 4,000 480,000
Inv02 Pens Dozens (Dzs) 650 3,000 1,950,000
Inv03 Photocopying paper Reams (Rms) 450 3,000 1,350,000
Inv04 Box files Sets (sts) 150 1,500 225,000
Inv05 Novels Numbers (Nos) 50 30,000 1,500,000
Inv06 Text Books Numbers (Nos) 100 25,000 2,500,000
Inv07 Exercise books Dozens (Dzs) 200 5,000 1,000,000
9,005,000

3- Note 2 - Customers/ Debtors as on 31st December 2022 were as follows;-

Customer Name Amount Due
Makerere University Business School 300,000
St. Lawrance University 250,000
Arua Hill Academy 200,000
Atlas Bridgestone Services Limited 72,000
Atlas Bridgestone Services Limited (250,000)
Shree Enterprises Limited -
Total 572,000

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4- Note 3- Vendors/ Creditors as on 31st December 2022
Vendor Name Amount Due
Paper Mint Limited 900,000
Uganda Book Shop 817,000
Picfare Limited 722,000
Book Stores Limited 585,000
Drani and Sons 788,000
Total 3,812,000

Required;
a) Record the closing balances as they appear in the trial balance. (Hint: Make journal entries
to record the balances where applicable)

PRACTICE, PRACTICE, PRACTICE AND PRACTICE.

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