2 Questions on Ledger Entries +Video Guide

/ Exam Questions, Financial Accounting / By Charles Izuoba / March 14, 2018 December 16, 2019

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: Questions on Budgeting (Cost Accounting)

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.