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Lecture 2questions.docx

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Concordia University
ACCO 240

Lecture 2: Summarising and recording transactions Question 1 John, the owner of ABC Ltd, had the following transactions for the year ended 31 Dec 2009: Date Transactions A/c debited A/c credited Jan 1 Started business with cash balance Rs10,000 and bank balance Rs20,000 Feb 1 Bought motor vehicle by cash Rs5,000 Mar 1 Bought furniture by cheque Rs1,000 Apr 1 Bought goods by cheque Rs500 May 1 Sold goods and received cash Rs400 Jun 1 Purchased goods on credit from Red Ltd R2,000 Jul 1 Sold goods on credit to Blue Ltd Rs4,000 Aug 1 Returned part of goods to Red Ltd Rs500 Sep 1 Blue Ltd returned part of goods Rs 1,000 Sep Paid carriage on purchases by cash Rs100 Oct Paid wages and salaries by cheque Rs1,000 Oct 1 Sold part of furniture for cash Rs500 Nov Received interest by cheque Rs1,200 Nov 1 Paid rent by cheque Rs2,500 Dec 1 Received commission by cash Rs3,000 Dec 1 John took a cheque of Rs1,000 for his personal use Required: Prepare 1. The Ledger 2. The Trial Balance as at 31 Dec
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