Write a two-column cash book from the following detail and balance off as at the end of the month.2009Oct 1: Started business with capital in cash Sh. 1,000,000Oct 2: Paid rent by cash Sh. 100,000Oct 3: Loan from Mary- Sh. 500,000, paid by cheque.Oct 4: Paid B. Peter by cheque Sh. 65,000Oct 5: Cash sales made Sh. 98,000Oct 7: Mitter, owe of debtor paid by cash Sh.62, 000Oct 9: Paid Den (creditor) in cash 22,000Oct 11: Cash sales paid direct into the bank Sh. 53,000Oct 15: George (creditor) paid as by cheque Sh. 65,000Oct 16: Repaid Mary by cheque Sh.100, 000Oct 19: Took Sh.50, 000 out of the cash till and paid it into the bank accounts.Oct 22: Paid motor expenses by cheque Sh. 12,000Oct 26: Withdrew Sh. 100,000 cash from the bank for business use.Oct 31: Paid wages in cash Sh. 97,000.
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The following is a trial balance of ABC Ltd.Required:Draw up a statement of comprehensive income for the year ended 31st Dec. 2009 and statement of financial position as at 31/12/2009.
Date posted: February 27, 2019. Answers (1)
Differentiate between:1. An asset account and liability account 2. An expense account and revenue account 3. A trial balance and a balance sheet
Differentiate between Return inwards and return outwards
Differentiate between A debit entry and credit entry
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