Tag (SQ): Ledger accounts

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  • 15 Marks

FA – L1 – Q12 – Double entry bookkeeping

Record Leah's March 20X9 transactions in main ledger T accounts and prepare a trial balance as at 31 March 20X9.

Enter the following transactions in the main ledger accounts of Leah, and extract a trial balance as at 31 March 20X9.
Assume that all receipts and payments are by cheque unless told otherwise.

March 20X9

Date Transaction
1 Started business with GH₵80,000 in the bank
2 Bought goods on credit from: K&H Supplies GH₵7,600; Hatton Traders GH₵2,700; Tobias Traders GH₵5,600
5 Cash sales GH₵8,700. The cash was kept in a safe in Leah’s office.
6 Paid wages GH₵1,400 by cheque.
7 Sold goods on credit to: Elliott Enterprises GH₵3,500; L. Lang GH₵4,200; Carter Leisure GH₵7,200
9 Bought goods for cash GH₵4,600 using cash from Leah’s safe.
10 Bought goods on credit from: K&H Supplies GH₵5,700; Tobias Traders GH₵9,800
12 Paid wages GH₵1,400 by cheque.
13 Sold goods on credit to: L. Lang GH₵3,200; Carter Leisure GH₵2,300
15 Bought shop fixtures on credit from Betta Fittings GH₵5,000
17 Paid K&H Supplies GH₵8,400
18 Goods returned to Tobias Traders GH₵2,000
21 Paid Betta Fittings GH₵5,000
24 Payment received from Carter Leisure GH₵9,500
27 Goods returned to K&H Supplies GH₵2,400
30 Royal Bank provides a loan of GH₵6,000
31 Bought a motor van, paying by cheque GH₵40,000

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  • 12 Marks

FA – L1 – Q10 – Double entry bookkeeping

Record May 20X9 transactions in T accounts and prepare a trial balance for Pine Grove Garden Traders.

The following transactions in May 20X9 are those of a new business entity, Pine Grove Garden Traders.

May 20X9
Date
1 Set up the entity with capital in cash: GH₵2,500,000.
2 Bought goods on credit from the following suppliers: Green Leaf Company GH₵540,000, Blossom Town GH₵870,000, D Smith GH₵250,000, HerbSafe GH₵760,000, Forest Green GH₵640,000.
4 Sold goods on credit to: City Office Supplies GH₵430,000, V Pine GH₵640,000, Coastal Chain Stores GH₵1,760,000.
6 Paid rent GH₵120,000.
9 City Office Supplies paid the GH₵430,000 that it owed.
10 Coastal Chain Stores paid GH₵1,500,000.
12 The following payments were made: to D Smith GH₵250,000 and to Green Leaf Company GH₵540,000.
15 Advertising costs of GH₵230,000 were paid to the local newspaper publisher.
18 Bought goods on credit from the following suppliers: Green Leaf Company GH₵430,000, Horizon Plants GH₵1,100,000.
21 Sold goods on credit to Community Gardens GH₵670,000.
31 Paid rent GH₵180,000.

Required
(a) Use T accounts to show how these transactions should be recorded in the main ledger accounts of the entity. The accounting system maintains separate accounts for each individual payable and receivable in the main ledger.
(b) Prepare a trial balance as at 31 May 20X9.

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