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Writing Up Ledger Accounts

1. On January 1, 2018 the business started with $8000 in a bank account. 2. Various purchases and sales transactions occurred throughout the month, including buying goods from D. Johnson on credit and selling goods to A. Hinds also on credit. 3. By January 31st, the various asset and liability accounts were balanced and trial balances were prepared, showing the financial position of the business at the end of the month.

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75 views

Writing Up Ledger Accounts

1. On January 1, 2018 the business started with $8000 in a bank account. 2. Various purchases and sales transactions occurred throughout the month, including buying goods from D. Johnson on credit and selling goods to A. Hinds also on credit. 3. By January 31st, the various asset and liability accounts were balanced and trial balances were prepared, showing the financial position of the business at the end of the month.

Uploaded by

LearnJa Online School
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Date Details Folio Amount Date Details

Capital Account
1-Jan Cash

Cash Account
1-Jan Capital 15000 2-Jan Bank
31-Jan Speed & Sons

Bank Account
2-Jan Cash 5000

Machinery Account
14-Jan Speed & Sons 6900 20-Jan Speed & Sons

Speed & Sons Account


20-Jan Machinery 1900 14-Jan Machinery
31-Jan Cash 5000
Folio Amount
2017
15000 Jan 1 Started business with $15000 in the cash account.
Jan 2 Took $5000 from the cash and put it into a bank ac
Jan 14 Bought machinery on credit from Speed and Sons
Jan 20 Returned machinery to Speed and Sons $1900
Jan 31 Paid the amount owing to Speed & Sons by cash $

5000
5000

1900

6900
the cash account.
ut it into a bank account
m Speed and Sons $6900
d Sons $1900
& Sons by cash $5000
Date Details Folio Amount Date Details
Capital Account
31-Jan Balance C/D 50000 1-Jan Cash
1-Feb Balance B/D

Cash Account
1-Jan Capital 50000 1-Jan Rent
5-Jan Sales 300 1-Jan Furniture
27-Jan A. Peterson 500 13-Jan Purchases
31-Jan Sales 520 19-Jan E. John
31-Jan Balance C/D
51320
1-Feb Baalnce B/D 42876

Rent Account
1-Jan Cash 500 31-Jan Balance C/d
1-Feb Balance B/D 500

Furniture Account
1-Jan Cash 6000 31-Jan Balance C/D
1-Feb Balance B/D 6000

Purchases Account
3-Jan E. John 470 31-Jan Balance C/D
13-Jan Cash 1599
2069
1-Feb Balance B/D 2069

E. John Account
19-Jan Cash 345 3-Jan Purchases
31-Jan Balance C/D 125
470
1-Feb Balance B/D

Sales Account
31-Jan Balance C/D 1562 5-Jan Cash
18-Jan A Peterson
31-Jan Cash
1562
1-Feb Balance B/D

A. Peterson Account
18-Jan Sales 742 27-Jan Cash
31-Jan Balance C/D
742
1-Feb Balance B/D 242
Foilo Amount G. Saunders
Trial Balance as Jan 31, 2018
50000 Dr Cr
50000 Capital 50000
Cash 42876
Rent 500
500 Furniture 6000
6000 Purchases 2069
1599 E. John 125
345 Sales 1562
42876 A. Pterson 242
51320 51687 51687

500

On January 1, 2018, G. Saunders commenced


business operations with $50,000 cash. On
that same day he paid $500 cash for rent of his
shop and $6000 cash for furniture and fittings.
6000
Other transactions for the month were as
follows:
January 3 Purchased on credit goods from E.
John470
January 5 Cash sales300
January 13 Cash purchases 1599
January 18 Sold goods on credit to A.
2069 Peterson742
January 19 paid E. John cash345
January 27 Received cash from A.
2069 Peterson500
January 31 Sold goods for cash520

470
470
125

300
742
520
1562
1562

500
242
742
menced
h. On
ent of his
d fittings.
e as
from E.

599
A.
Date Details Folio Amoount Date Details
Capital Account
31-Jan Balance C/D 8000 1-Jan Bank
1-Feb Balance D/D

Bank Account
1-Jan Capital 8000 31-Jan Balance
1-Feb Balance B/D 8000

Purchases Account
2-Jan D. Johson 450 31-Jan Balance
7-Jan Cash 750
1200
1-Feb Balance B/D 1200

D. Johnson Account
10-Jan Returns Outwards 50 2-Jan Purchases
31-Jan Balance C/D 400
450
1-Feb Balance

Sales Account
Jan. 3 A. Hinds

A. Hinds
3-Jan Sales 1150 20-Jan Returns Inwards
31-Jan Balance
1150
1-Feb Balance B/D 1000

Cash Account
7-Jan Purchases

Returns Outwards Account


10-Jan D. Johnson

Motor Van Account


15-Jan Rodney 1500

Rodney Account
15-Jan Motor van

Return Inwards Account


20-Jan H Hinds 150
Folio Amount

8000 2018
January 1 Started business with $8000 in the bank
8000
January 2 Bought goods on credit from D. Johnson
$450
January 5 Sold goods on credit to A. Hinds $1150
January 7 Bought goods paying by cash $750
January 10 Goods returned to D. Johnson $50
C/D 8000 January 15 Bought motor van on credit from H. Rodney
$1500
January 20 Goods returned by A. Hinds $150

C/D 1200

1200

450

450
B/D 400

1150
150
C/d 1000
1150

750

50

1500
n the bank
D. Johnson
ds $1150
$750
n $50
om H. Rodney

150

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