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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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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- Enterpr Illustration II Imis llowing transactions relates to the business activities of Rageeba Ltd for the month of March 2018. March 1. Started business with ¢8,000,000 in the bank and ¢4,000,000 cash. March 2. Bought goods on credit from Theo Ltd ¢760,000 and Shuraim Enterprise ¢800,000. March 6. Cash sales to date c5,040,000 March 8. Paid Rent & Rate by cash ¢600.000 March 9. Sols goods on credit to Alexa Ltd ¢3,050,000 and Tyler Ltd ¢4,800,000 March 10. Bought Machinery & Equipment by cheque ¢16,000,000 March 12. Bought goods for cash ¢800,000 March 14. Bought goods on credit from Nicky Enterprise ¢7,050,000 March 16. Paid wages & salaries by cheque c6,000,000 March 17. Paid Shuraim Enterprise 760,000 as part settlement of our indebtedness March 18. Sold goods on credit to Tyler Enterprise, ¢9,000,000; less 10% trade discount. March 20. Received ¢2,050,000 cheque from Alexa Ltd in settlement of their debt on account. March 20. Returned goods worth ¢60,000 to Theo Ltd March 20.…arrow_forwardi need the answer quicklyarrow_forwardcan somebody explain what goes on the account line, and whether or not i should debit or credit the items. Thank youarrow_forward
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