Q1 The under listed transactions relate to XYZ Company Limited: 2017 GH¢ January 1 Credit sales to Addico 1,200 January 3 Credit sales to Abena 630 January 5 Credit sales to Ahenkorah 40 January 7 Credit sales to Richard 230 January 16 Credit sales to Agyapong 760 January 23 Credit sales to Gladys 450 January 30 Credit sales to Amoah 3,480 Required: (a) Enter up the Sales Day Book for the month. (b) Show amount to be transferred to the personal accounts. (d) Show amount to be transferred to the sales account

Q1 The under listed transactions relate to XYZ Company Limited: 2017 GH¢ January 1 Credit sales to Addico 1,200 January 3 Credit sales to Abena 630 January 5 Credit sales to Ahenkorah 40 January 7 Credit sales to Richard 230 January 16 Credit sales to Agyapong 760 January 23 Credit sales to Gladys 450 January 30 Credit sales to Amoah 3,480 Required: (a) Enter up the Sales Day Book for the month. (b) Show amount to be transferred to the personal accounts. (d) Show amount to be transferred to the sales account

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year…
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