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    1. The document shows double entry accounting records for Sam Jonah's business transactions in January 2020, including opening a bank account, obtaining a bank loan, purchasing shop premises and fittings, and making purchases and sales. 2. Debits and credits are recorded for capital, bank, loan, premises, fittings, purchases, payables, sales, receivables, cash, equipment, and furniture accounts. 3. The accounting entries balance the debits and credits for each transaction for the business over the month.

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    Exercise for Lecture 2 Answers

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    1. The document shows double entry accounting records for Sam Jonah's business transactions in January 2020, including opening a bank account, obtaining a bank loan, purchasing shop premises and fittings, and making purchases and sales. 2. Debits and credits are recorded for capital, bank, loan, premises, fittings, purchases, payables, sales, receivables, cash, equipment, and furniture accounts. 3. The accounting entries balance the debits and credits for each transaction for the business over the month.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    4 views10 pages

    Exercise For Lecture 2 Answers

    Uploaded by

    redwaanmo19
    1. The document shows double entry accounting records for Sam Jonah's business transactions in January 2020, including opening a bank account, obtaining a bank loan, purchasing shop premises and fittings, and making purchases and sales. 2. Debits and credits are recorded for capital, bank, loan, premises, fittings, purchases, payables, sales, receivables, cash, equipment, and furniture accounts. 3. The accounting entries balance the debits and credits for each transaction for the business over the month.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 10

    LECTURE 2 EXERCISE: SAM JONAH - DOUBLE ENTRIES

    CAPITAL ACCOUNT
    Dr £
    2020 2020
    1 Jan Bank
    29 Jan Bank

    BANK ACCOUNT
    Dr £
    2020 2020
    1 Jan Capital 80,000 5 Jan Premises
    5 Jan Bank Loan 60,000 9 Jan Shop Fittings
    16 Jan Cash 5,000 11 Jan Purchases
    23 Jan Receivable 8,000 18 Jan Office Equipt.
    29 Jan Capital 20,000 21 Jan Office Furnitur
    25 Jan Bank loan
    26 Jan Payable

    BANK LOAN ACCOUNT


    Dr £
    2020 2020
    25 Jan Bank 30,000 5 Jan Bank

    SHOP PREMISES ACCOUNT


    Dr £
    2020
    5 Jan Premises 60,000
    SHOP FITTINGS ACCOUNT
    Dr £
    2020
    9 Jan Bank 6,000

    PURCHASES ACCOUNT
    Dr £
    2020 2020
    10 Jan Bank 11,000
    12 Jan Payable 5,000

    TRADE PAYABLE ACCOUNT


    Dr £
    2020 2020
    26 Jan Bank 5,000 12 Jan Purchases
    SALES ACCOUNT
    Dr £
    2020 2020
    14 Jan Cash
    17 Jan Receivable
    30 Jan Cash

    CASH ACCOUNT
    Dr £
    2020 2020
    14 Jan Sales 6,000 16 Jan Bank
    30 Jan Sales 800

    TRADE RECEIVABLE ACCOUNT


    Dr £
    2020 2020
    17 Jan Sales 8,000 23 Jan Bank
    OFFICE EQUIPMENT ACCOUNT
    Dr £
    2020 2020
    18 Jan Bank 7,000

    OFFICE FURNITURE ACCOUNT


    Dr £
    2020 2020
    21 Jan Bank 9,000
    AH - DOUBLE ENTRIES

    Cr £

    80,000
    20,000

    UNT
    Cr £

    60,000
    6,000
    11,000
    7,000
    9,000
    30,000
    5,000

    COUNT
    Cr £

    60,000

    CCOUNT
    Cr £
    CCOUNT
    Cr £

    COUNT
    Cr £

    CCOUNT
    Cr £

    5,000
    Cr £

    6,000
    8,000
    800

    UNT
    Cr £

    5,000

    ACCOUNT
    Cr £

    8,000
    Cr £

    ACCOUNT
    Dr £
    BANK ACCOUNT
    Dr £ Cr £

    Dr £ Cr £

    Dr £ Cr £

    Dr £ Cr £

    Dr £ Cr £

    Dr £ Cr £
    Dr £ Cr £

    Dr £ Cr £

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