HOW TO PREPARE A CASH ACCOUNT INDIVIDUAL LEDGER ACCOUNT AND THE TRIAL BALANCE

Journalize the following transaction DOMINUS business centre Abakaliki for the month of November, 2013. Prepare the cash account individual ledger account and the trial balance as at 30^th November, 2013.

November 1^st 2013 DOMINUS stated business

With cash                                                             N30,000

Nov. 2^nd Bought goods for cash                         N13,000

Nov. 3^rd Bought furniture & fitting for cash      N5,400

Nov. 6^th sold goods for cash                               N5,600

Nov. 14^th cash purchases                                            N7,800

Nov. 18^th lent John Ike                                       N5,000

Nov. 25^th cash sales to date                               N7,400

Nov. 29^th paid wages                                          N1,200

Nov. 29^th sundry expense                                            N1,000

Nov. 30^th cash sales to date                               N5,800

Nov. 30^th John repaid part of the loan              N2,000

QUESTION NO. 2

From the trial balance of Johnson trading company prepared the trading, profit and lost account ending in Nov. 30^th 2013.

Opening stock                                           200

Purchases                                                  1800

Sales                                                 5000

Retune outward                               500

Return inward                                           300

Discount allowed                                      100

Discount receipt                              150

Custom duty                                             200

Insurance                                                  750

Office expenses                                         300

Electricity                                                   250

Wages                                                         800                     

Directors fees                                            1500

Commission receive                                  280

Rent receive                                               105

Closing stock                                             200

Trading profit and loss account of Johnson trading company as Nov. 30, 2013.

                                                        DR                            CR

Sale                                                                                         5000.00

Opening stock                                  200.00

Purchases                                        1800.00

Goods available                               2000.00

Less close stock                     200.00

Cost of goods sold                           1800.00

Add return inward                                                                 300.00

Discount receipt                                                           150.00

Director’s fees                                                                        1500.00

Gross profit old                      5150.00

Net profit b/d                         1865.00

And No 1

The general journalize of DOMINUS business centre Abakaliki as at 30^th Nov. 2013

Nov. 1                            cash                          30,000.00

                                      Capital                                              30,000.00

Nov. 2                            Brought goods         13,000.00

                                      Cash                                                 13,000.00

Nov. 3                            Furniture/fitting    5,400.00

                                      Cash                                                 5400.00

Nov. 14                          Purchases                 7,800.00

                                      Cash                                                 7800.00

                                      Lent John  Ike               500.00      

Nov. 18                          cash                                                  5000.00

Nov 25                           cash                             7400  .00   

                                      Sale                                                   7400 .00

Nov 29                           paid wages       1200.00

                                      Sundry expenses    1000.00

Nov 30                           Cash                           5800.00

                                      Sale                                                   5800 .00

  “     “                             Cash                              2,000.00

                                      Lent (John Ike)                                 2,000.00

Payment

Capital                  30,000.00              Bought goods                   13,000.000  

Sale to date         7400 .00              Lent(John Ike)               5,400.00

Sale date              5800 .00              paid wages          1200.00

Lent (John Ike)    2000 .00              Sundry exp                   1000.00

                             45200.00                                                  45,200.00

CAPITAL ACCOUNT

                                                          Cash                              30,000.00

FURNITURE AND FITTING ACCOUNT

Cash                              5,400.00

                  

          Cash                    7,800.00

       

BOUGHT GOODS ACCOUNT

          Cash                    13,000.00

SALES ACCOUNT

                                                                   Cash           13,200.00

                                                                   Debtor        5000.00

        DEBTOR ACCOUNT

          Sale            5000.00

        LOAN ACCOUNT

          Cash           5,000.00

                                                                             Cash           2,000.00

                                                                   Bal. c/d               3,000.00

                             5,000.00                                                    5,000.00

SALARIES ACCOUNT

Cash           1,200.00

SUNDRY EXP. ACCOUNT

Cash           1000.00

TRIAL BALANCE OF DOMINUS BUSINESS CENTRE ABAKALIKI AS AT NOV. 30^TH, 2013

Particular                                 Dr                            Cr

1.      cash                                                  45200.00

2.      Capital                                                                          39,000.00 

3.     Furniture/fitting                      5400.00

4.     Creditors                                                          2000

5.     Purchases                                7800.00

6.     Sales                                                                13200

7.     Goods                                      13,000

8.     Lent(John)                               3000

9.     Wages                                      1200

10.   Sundry Exp                             1000

11.   Debtor                                      5000

                                                        81600.00         81600.00