Question 1
(i)Journalize the below transactions
(ii)Post the Journal entries in to ledger accounts
Date | Transactions |
2016 Oct 1 | Niel started business with cash $ 800,000 |
Oct 2 | purchased goods worth $ 3000 |
Oct 15 | Sold goods for $ 25000 |
Oct 18 | Purchased stationeries $4000 |
Oct 23 | Purchased furniture for $ 24,000 |
Oct 25 | Paid electricity charges with cash $3000 |
Oct 26 | Paid Salary $18000 |
Oct 28 | Paid rent $500 |
(10 Marks)
(10 marks)
Question 2
Particulars | Amount ($ ‘000) |
Sales | 37,436 |
Cash | 4,895 |
Cost of goods sold | 26,980 |
Accounts Payable | 7,156 |
Accounts Receivable | 5,714 |
Selling, general, and administrative expense | 3,624 |
Inventories | 8,517 |
Research and Development expense | 1,982 |
Plant and Equipment | 7,154 |
Interest expense | 450 |
Long term liability | 20105 |
Land | 981 |
Income tax expense | 1,100 |