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
Video Guide on Ledger Entries
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