ledger

2 Questions on Ledger Entries +Video Guide

Question 1 on Ledger Entries

Open the necessary ledger accounts to record the transaction below, balance it off and extract trial balance as at 31 June 2018.

  • June 1   Started business with N4,000 cash
  • June 3   Bought goods for cash N1,200
  • June 5   Cash sales paid into bank N3,000
  • June 7   Withdrew cash for personal use N100
  • June 10   Paid wages by cheque N500
  • June 12   Bought office furniture by cash N1,500
  • June 18   Bought goods by cheque N800
  • June 25 Paid rent by cash N700

Question 2 on Ledger Entries

Open the necessary ledger accounts to record the transaction below, balance off the account and extract a trial balance.

  • May 1 Started a business with N1,500 cash and N8,000 in the bank.
  • May 2 Credit purchases from Smith N300; Henry N500
  • May 3 Cash sales N800
  • May 5 Paid for motor expenses in cash N100
  • May 10 We paid the following account by cheque after deducting N4 cash discount from Smith’s N160 and N13 cash discount from Henry’s N500
  • May 11 Bought goods by cheque N600 after given a cash discount of N50
  • May 15 Credit sales to Collins N700; Mark N400
  • May 17 The following paid their accounts by cheque after deducting 5% cash discount, Frank N700, Mark N300
  • May 18 Paid cash into bank N500
  • Mar 20 Purchase furniture by cheque N1,000
  • May 25 Paid workers salary by cheque N250
  • May 27 Withdrew cash for personal use N200
See Also:  Importance of Accounting in an Economy

Video Guide on Ledger Entries

Watch our YouTube video on Ledger entries and how to extract a Trial Balance or kindly visit our YouTube page to subscribe and request a video.