You are provided with the following information of John Mlachake for the month of March 2014 March: 1 Started his business with capital in cash of Kshs. 800,000 and Kshs 2,200,000 in the bank. 2 Bought goods on credit from the following persons: J Ward Kshs 610,000; P Green Kshs. 214,000: M Taylor Kshs Kshs174,000; S Gemmill Kshs 345,000; P Tone Kshs 542,000. 4 Sold goods on credit to: J Sharpe Kshs 340,000; G Boycott Kshs 720,000; F Titmus Kshs 1,152,000. 6 Paid rent by cash Kshs 180,000 9 J Sharpe paid us his account by cheque Kshs 340,000. 10 F Titmus paid us Kshs 1,000,000 by cheque. 12 We paid the following by cheque: M Taylor Kshs 174,000; J Ward Kshs 610,000. 15 Paid carriage by cash Kshs 38,000. 18 Bought goods on credit from P Green Kshs 291,000; S Gemmill Kshs 940,000. 21 Sold goods on credit to G Boycott Kshs 810,000. 31 Paid rent by cheque Kshs Kshs 230,000. Required to: Enter the above transactions in the ledger accounts and balance off the accounts.

You are provided with the following information of John Mlachake for the month of March 2014 March: 1 Started his business with capital in cash of Kshs. 800,000 and Kshs 2,200,000 in the bank. 2 Bought goods on credit from the following persons: J Ward Kshs 610,000; P Green Kshs. 214,000: M Taylor Kshs Kshs174,000; S Gemmill Kshs 345,000; P Tone Kshs 542,000. 4 Sold goods on credit to: J Sharpe Kshs 340,000; G Boycott Kshs 720,000; F Titmus Kshs 1,152,000. 6 Paid rent by cash Kshs 180,000 9 J Sharpe paid us his account by cheque Kshs 340,000. 10 F Titmus paid us Kshs 1,000,000 by cheque. 12 We paid the following by cheque: M Taylor Kshs 174,000; J Ward Kshs 610,000. 15 Paid carriage by cash Kshs 38,000. 18 Bought goods on credit from P Green Kshs 291,000; S Gemmill Kshs 940,000. 21 Sold goods on credit to G Boycott Kshs 810,000. 31 Paid rent by cheque Kshs Kshs 230,000. Required to: Enter the above transactions in the ledger accounts and balance off the accounts.

Name: You are provided with the following information of John Mlachake for
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Description: You are provided with the following information of John Mlachake for the month ofMarch 2014March: 1 Started his business with capital in cash of Kshs. 800,000 and Kshs 2,200,000 in thebank.2 Bought goods on credit from the following persons: J Ward

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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You are a trainee accountant working for a small firm of accountants. You have been asked to work on a new client, John Oteng. John recently opened a small shop through rented premises. John has supplied you with the following transactions which have taken place during January 2017, his first month of trading. 1st January John opened a business bank account with GH¢10,000 of his own money. 2nd January GH¢20,000 bank loan is paid directly into his bank account. 3rd January John bought office equipment GH¢17,500 and paid by cheque. 4th January GH¢2,000 rent paid by cheque. 5th January Inventory is purchased on credit from Gyato Limited for GH¢5,000. 6th January Inventory is purchased by cheque from Don-Bortey Limited for GH¢3,000. 13th January Cash sales deposited at the bank was GH¢500. 15th January GH¢100 cheque paid for an advert in the local newspaper. 19th January Cash sales deposited at bank was GH¢1,200. 20th January…
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