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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