- 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.
Question
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 |
Find Related Questions by Tags, levels, etc.
- Tags: Capital, Double Entry, Inventory, Ledger accounts, Non-current Assets, Payables, Purchases, Receivables, Sales, T accounts, Trial Balance
- Level: Level 1
- Topic: Double entry bookkeeping
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