Question 3 a). Financial information have different group of users. Mention any six (6) groups of financial information users and briefly outline their information needs. b). Enter the following transactions in a general journal for the month of July 2019 1st Started business with ¢9,750 cash 2nd Received a loan of ¢12,000 from Barnes by cheque 3rd Bought a computer for cash ¢6,000 5th Bought a camera on credit from Kodak ltd ¢4.020 8th Took ¢2,000 out of the bank and put it in the cash till 15th Paid part of Barnes’s loan by cheque ¢5,000 17th Paid Kodak Ltd ¢4,020 by cheque 24th Final payment of Barnes’s loan by cash 31st Bought a printer on credit from F. Jones ¢2,550
Question 3 a). Financial information have different group of users. Mention any six (6) groups of financial information users and briefly outline their information needs. b). Enter the following transactions in a general journal for the month of July 2019 1st Started business with ¢9,750 cash 2nd Received a loan of ¢12,000 from Barnes by cheque 3rd Bought a computer for cash ¢6,000 5th Bought a camera on credit from Kodak ltd ¢4.020 8th Took ¢2,000 out of the bank and put it in the cash till 15th Paid part of Barnes’s loan by cheque ¢5,000 17th Paid Kodak Ltd ¢4,020 by cheque 24th Final payment of Barnes’s loan by cash 31st Bought a printer on credit from F. Jones ¢2,550
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question 3
a). Financial information have different group of users. Mention any six (6) groups of financial
information users and briefly outline their information needs.
b). Enter the following transactions in a general journal for the month of July 2019
1st Started business with ¢9,750 cash
2nd Received a loan of ¢12,000 from Barnes by cheque
3rd Bought a computer for cash ¢6,000
5th Bought a camera on credit from Kodak ltd ¢4.020
8th Took ¢2,000 out of the bank and put it in the cash till
15th Paid part of Barnes’s loan by cheque ¢5,000
17th Paid Kodak Ltd ¢4,020 by cheque
24th Final payment of Barnes’s loan by cash
31st Bought a printer on credit from F. Jones ¢2,550
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