Acc 291 Week 3

Transactions
Accounting Principles
General Journal
Cash Account
Purchases ledger
Sales ledger
General ledger
Trail Balance

Jan 1 Started business by borrowing a loan of $50 000 from the Centrex Commercial Bank which was invested into the business along with his personal savings of $50 000. The loan carries an interest rate of 12% per annum. The following transactions took place during the year.

1 Purchased the following assets and paid for them by cash: Furniture and Fittings $30 000 Equipment $ 45000
A motor van was purchased on account from Saunders Ltd for $40 000. 2 Purchased computer parts for $36 000 cash

3 Sold parts for $60 000 cash

4 Purchase goods on account from Android Enterprise $18 000; ABC Ltd $15 000 and Peter Smith
| | 36,000.00 | | | Motor Van | | | 36,000.00 | | (paid for motor van bought on credit) | | | | | | | | | 14 | Closing Inventory | | 12,000.00 | | | Purchases (cost of sales) | | | 12,000.00 | | (to record closing inventory) | | | | | | | | | 15 | Depreciation | | 15,375.00 |