The following transactions has been captured in the books of Diego and Sons a sole...
90.2K
Verified Solution
Link Copied!
Question
Accounting
The following transactions has been captured in the books of Diego and Sons a sole trader at Agbobloshi. Jan. 1: Started commercial business with 8000 cash Jan. 4: Deposited 1000 of the cash used to start business in the bank account. Jan. 6: Purchased goods from on credit from Nasco Limited 2,000. Jan. 8: Purchased plant from Martins for 4,000 Jan. 12: Sold goods to Ibrahim on credit 400. Jan. 15: Took a loan from Betty 400 Jan. 18: paid rent by cheque 100 Jan. 20: Bought good from Graham paying 5,000 cash Jan. 21: Ibrahim returned goods worth 300 cedis. Jan. 26: Diego withdrew 500 cedis from the cash till for personal use. Jan. 28: introduced additional capital of 400 depositing by cheque Jan. 31: Sold goods for cash 300 Jan. 31: paid all of Bettys loan by cheque Required: (a) Post the entries using the double entry principle a) Balance off the accounts b) Using the balances indicate the balance brought down for each account.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
