Prepare Asset, Liability and Capital Accounts for Michael who had the following transactions for the month of January, 20x3. 01/01/2013: Started business by depositing Ksh 500,000...

      

Prepare Asset, Liability and Capital Accounts for Michael who had the following transactions for the month of January, 20x3.
01/01/2013: Started business by depositing Ksh 500,000 in the bank.
02/01/2013: Purchased a Motor Vehicle paying by cheque Ksh 120,000.
05/01/2013: Purchased Fixtures & Fittings Ksh 40,000 on credit from ABC Ltd.
08/01/2013: Purchased another Motor Vehicle on credit from XYZ Ltd for Ksh 80,000.
12/01/2013: Withdrew Ksh 10,000 from the bank and put it into the cash till.
15/01/2013: Purchased extra Fixtures & Fittings paying by cash Ksh 6,000.
19/01/2013: Paid XYZ Ltd by cheque Ksh 80,000.
21/01/2013: Received a loan of Ksh 100,000 in cash from KK financers.
25/01/2013: Deposited cash amount of Ksh 80,000 into the bank account.
30/01/2013: Purchased more Fixtures & Fittings by cheque worth Ksh 30,000.

  

Answers

---

---

Kavungya answered the question on August 17, 2021 at 07:35

Next: Describe the Debit and Credit Entries.
Previous: Explain the Accounting for Sales.

View More Financial Accounting Questions and Answers | Return to Questions Index

Learn High School English on YouTube

Related Questions

---

• Describe the Debit and Credit Entries.(Solved)
  

  Describe the Debit and Credit Entries.

  Date posted: August 17, 2021.  Answers (1)

• Describe the Double Entry System.(Solved)
  

  Describe the Double Entry System.

  Date posted: August 17, 2021.  Answers (1)

• The following assets and liabilities are owned by Jacob a sole trader as at 01/01/2013. The following transactions were also captured during the financial period that...(Solved)
  

  The following assets and liabilities are owned by Jacob a sole trader as at 01/01/2013.
  .Ksh
  Accounts payable 56,500
  Machinery 150,000
  Motor Vehicle 260,600
  Stock 105,000
  Accounts receivable 155,700
  Bank 90,000
  Cash 34,000
  
  The following transactions were also captured during the financial period that ended 31/12/2013.
  a) A new machine was purchased on credit worth Ksh 21,500.
  b) Additional stock for Ksh 64,000 was purchased via bank.
  c) Creditors were partly settled by payment of Ksh 20,000 by cheque.
  d) The current debtors paid their account by Ksh 72,000 on cash.
  e) Jacob deposited Ksh 5,000 into the bank account as capital.
  
  Required:
  i. Determine the capital amount for the business at the beginning of the financial period.
  ii. Extract a trial balance that captures all the transactions reported.

  Date posted: August 17, 2021.  Answers (1)

• The following information relates to Alpha traders as at 31^st December 20x3. You are required to prepare a balance sheet as at that date.(Solved)
  

  The following information relates to Alpha traders as at 31^st December 20x3. You are required to prepare a balance sheet as at that date.
  

  Date posted: August 17, 2021.  Answers (1)

• Describe the Accounting Equation.(Solved)
  

  Describe the Accounting Equation.

  Date posted: August 17, 2021.  Answers (1)