INTRODUCTION TO PRINCIPLES OF ACCOUNTS ASSIGNMENT

question 1

Annet started business with cash shs 5,000,000 on 1^st may 2012

2^nd may purchased goods for cash shs 750,000

3^rd may opened a bank account and deposited shs 2,000,000

5^th may cash sales paid direct into the bank shs 800,000

10^th may paid salaries and wages by cheque shs 200,000

12^th may cash sales shs 1,000,000

16^th may bought motor van by cheque shs 420,000

20^th may withdrew shs 600,000 from the bank

22^nd may sold goods on credit to Freddie for shs 520,000

25^th may received a bank loan by cheque shs 300,000

28^th may received a cheque from Freddie for 450,000

30^th may bought a generator by cheque shs 6,000,000

Required:

Complete the principle of double entry and extract a trial balance at the end of the period

question 2

Enter the following transactions into the general journal properly showing the double entry. The transactions are for Bushenyi Core PTC for the month of January 2015

Jan 1 bought goods on credit from Peter for shs 400,000

Jan 2 bought goods on credit from Jane for shs 200,000

Jan 3 sold goods to John on credit for shs 1,000,000

Jan 4 sold goods to Mary on credit for shs 400,000

Jan 5 returned goods worth 50,000 to Peter because they were defective

Jan 10 received part payment of 800,000 cash from John for goods taken on credit

Jan 12 made part payment to Peter 80,000 cash

Jan 14 purchased goods for 60,000 on credit from Jane

Jan 15 Mary rejected and returned goods worth 40,000/=

Jan 16 received a cheque of 150,000 from Mary as part payment for goods taken on credit

Jan 17 paid rent cash shs 100,000

Jan 18 Returned goods worth shs 50,000 Jane because they were defective

Jan 19 paid Jane 150,000 by cheque

Jan 20 sold goods to John on credit for 800,000

Jan 22 bought goods for 100,000 paying cash

Jan 23 sold goods cash 500,000

Jan 24 sold goods for 4,000,000 receiving payment by cheque immediately

Jan 25 purchased goods for 100,000 from Peter on credit.

Jan 28 paid Peter 80,000 cash.

question 3

The following balance appeared in the books of Yonga enterprises ltd on 1^st Jan 1994                                                               Shs

Fittings                                                                              900,000

Debtors

Deni cheap stores                                                                 75,960

Sukisa and sons                                                                   65,540

Cash at bank                                                                   1,425,000

Creditors

Star trading co.                                                                   156,000

During the year the enterprises transacted the following business

JAN

2^nd bought 500 cartons of star soap from star trading co. on credit at 13,120 per carton

5^th deni cheap stores settled its account by cheque

20^th bought a pick up for business use on credit from general motors for shs 7,500,000

27^th sold credit to sukisa and sons goods worth shs 450,000

28^th paid by cheque star trading co. all that it owned, it less 5% cash discount

Required

By the use of the general journal only

Determine the amount of opening capital

Journalize the above transactions