Illustration:
Record the following transactions in the returns inward journal of young Emma, post to the
ledger and extract a trial balance
August 1 : egbe returns:
5 electric heaters @ N2500
2 table lamps @ N1,650 each
the 2 ½ % earlier granted him was taken account of
august 16: Chief Umoke returned:
2 sets of Gas Cookers @N6,850
3 sets of water filter @ N5,700
He was earlier granted 2% trade discount
Solution:
Young Emma
Returns inward journal
|
date |
Invoice No |
Particulars |
folio |
Details |
Amount |
|
Aug 1 |
301 |
Mr egbe |
10 |
||
|
5 electric heaters @ N2,500 each |
12,500 |
||||
|
2 TABLE LAMPS @ N1,650 each |
3,300 |
||||
|
15,800 |
|||||
|
Less: 2% of trade discount |
395 |
15,405 |
|||
|
Aug 16 |
302 |
CHIEF UMOKE: |
11 |
||
|
2 sets of Gas cookers @ N6,850 each |
13,700 |
||||
|
3 sets of water filter @ N5700 each |
17,100 |
||||
|
30,800 |
|||||
|
Less: 2% discount |
616 |
30,184 |
|||
|
Total to returns inward alc/dr |
45,589 |
Ledger
Dr. Mr egbes account cr
|
|
N Aug 1 returns inwards 15,405 |
Dr. chief umoke’s account cr
|
|
N Aug 16 returns inwards 30,184 |
Returns inwards account
|
N Aug 31 sundries 45,589 |
Trial balance
|
Particulars |
folio |
Debit N |
Credit N |
|
Mr. Egbe AC |
|||
|
Mr. Egbe Account |
2 |
15,405 |
|
|
Umoke |
5 |
30,284 |
|
|
Returns inwards account |
6 |
45,589 |
|
|
45,589 |
45,589 |
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