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 30th November, 2013.

November 1st 2013 DOMINUS stated business
With cash                                                             N30,000
Nov. 2nd Bought goods for cash                         N13,000
Nov. 3rd Bought furniture & fitting for cash      N5,400
Nov. 6th sold goods for cash                               N5,600
Nov. 14th cash purchases                                            N7,800
Nov. 18th lent John Ike                                       N5,000
Nov. 25th cash sales to date                               N7,400
Nov. 29th paid wages                                          N1,200
Nov. 29th sundry expense                                            N1,000
Nov. 30th cash sales to date                               N5,800
Nov. 30th 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. 30th 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
                                                6950 .00                                 6950.00
Gross profit b/d           5150 .00                                 5150.00
Net profit b/d                         1865.00



And No 1
The general journalize of DOMINUS business centre Abakaliki as at 30th Nov. 2013
Date                         Particular                 Dr.            Cr.
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
Dr                                            Cash Account                        Cr
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
                                                          Bal. c/d                         118.00
                             45200.00                                                  45,200.00

CAPITAL ACCOUNT
Dr                                                                                            Cr
                                                          Cash                              30,000.00

FURNITURE AND FITTING ACCOUNT
Dr                                                                                           Cr
Cash                              5,400.00
                  

PURCHASES ACCOUNT
        Dr                                                                     Cr
          Cash                    7,800.00

       


BOUGHT GOODS ACCOUNT
Dr                                                                                            Cr
          Cash                    13,000.00

SALES ACCOUNT
          Dr                                                                                            Cr
                                                                   Cash           13,200.00
                                                                   Debtor        5000.00
        DEBTOR ACCOUNT
          Dr                                                                                            Cr
          Sale            5000.00


        LOAN ACCOUNT
          Dr                                                                                            Cr
          Cash           5,000.00
                                                                             Cash           2,000.00
                                                                   Bal. c/d               3,000.00
                             5,000.00                                                    5,000.00

SALARIES ACCOUNT
Dr                                                                     Cr
Cash           1,200.00

SUNDRY EXP. ACCOUNT
Dr                                                                     Cr
Cash           1000.00

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




  

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