Journalizing involves recording transactions in a journal. It also involves the initial record of transactions in Books of Original Entry.
Books of original entry can also be referred to as; Books of Prime Entry or Subsidiary Books/ Journals/ Day Books/.
Kavungya answered the question on August 17, 2021 at 08:02
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Date posted: August 17, 2021. Answers (1)
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01/05/2013: Started business by depositing Ksh 200,000 in the bank.
02/05/2013: Purchased goods worth Ksh 17,500 on credit from MM Wholesalers.
03/05/2013: Bought Equipment for Ksh 15,000 paying by cheque.
05/05/2013: Sold goods for cash worth Ksh 27,500.
06/05/2013: Bought goods on credit worth Ksh 11,400 from Pp Shah.
10/05/2013: Paid rent by cash Ksh 1,500.
12/05/2013: Bought stationery for Ksh 2,700, paying in cash.
18/05/2013: Goods returned to MM Wholesalers were amounting to Ksh 2,300.
21/05/2013: Received rent by cheque for Ksh 500.
23/05/2013: Sold goods on credit to Unity for Ksh 7,700.
24/05/2013: Bought a motor vehicle paying by cheque Ksh 30,000.
30/05/2013: Paid the wages by cash amounting to Ksh 11,700.
31/05/2013: The owner made cash drawings for personal use worth Ksh 4,400.
Date posted: August 17, 2021. Answers (1)
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Date posted: August 17, 2021. Answers (1)
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Date posted: August 17, 2021. Answers (1)
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Date posted: August 17, 2021. Answers (1)
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Date posted: August 17, 2021. Answers (1)
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Date posted: August 17, 2021. Answers (1)
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01/01/2013: Started business by depositing Ksh 500,000...(Solved)
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.
Date posted: August 17, 2021. Answers (1)
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Date posted: August 17, 2021. Answers (1)
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Date posted: August 17, 2021. Answers (1)
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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)
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Date posted: August 17, 2021. Answers (1)
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Date posted: August 17, 2021. Answers (1)