Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 6 views

    Accounting Data Processing - Exercise 1

    Uploaded by

    Tawanda Matongera
    1) The document provides financial transactions from January 2020 for JB Ncube's grocery shop, including purchasing and selling goods, paying expenses, obtaining a bank loan, and introducing personal assets to the business. 2) Key transactions include depositing $30,000 capital, purchasing goods on credit and in cash, selling goods for cash and credit, returning goods to suppliers, paying rent and other expenses, obtaining a $40,000 bank loan, and buying a vehicle for the business. 3) The document requests preparing ledger accounts, a trial balance, analyzing the effect on the accounting equation, a statement of changes in equity, and statement of financial position.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Accounting Data Processing - Exercise 1

    Uploaded by

    Tawanda Matongera
    6 views3 pages
    1) The document provides financial transactions from January 2020 for JB Ncube's grocery shop, including purchasing and selling goods, paying expenses, obtaining a bank loan, and introducing personal assets to the business. 2) Key transactions include depositing $30,000 capital, purchasing goods on credit and in cash, selling goods for cash and credit, returning goods to suppliers, paying rent and other expenses, obtaining a $40,000 bank loan, and buying a vehicle for the business. 3) The document requests preparing ledger accounts, a trial balance, analyzing the effect on the accounting equation, a statement of changes in equity, and statement of financial position.

    Original Title

    Accounting Data Processing -Exercise 1

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    1) The document provides financial transactions from January 2020 for JB Ncube's grocery shop, including purchasing and selling goods, paying expenses, obtaining a bank loan, and introducing personal assets to the business. 2) Key transactions include depositing $30,000 capital, purchasing goods on credit and in cash, selling goods for cash and credit, returning goods to suppliers, paying rent and other expenses, obtaining a $40,000 bank loan, and buying a vehicle for the business. 3) The document requests preparing ledger accounts, a trial balance, analyzing the effect on the accounting equation, a statement of changes in equity, and statement of financial position.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    6 views3 pages

    Accounting Data Processing - Exercise 1

    Uploaded by

    Tawanda Matongera
    1) The document provides financial transactions from January 2020 for JB Ncube's grocery shop, including purchasing and selling goods, paying expenses, obtaining a bank loan, and introducing personal assets to the business. 2) Key transactions include depositing $30,000 capital, purchasing goods on credit and in cash, selling goods for cash and credit, returning goods to suppliers, paying rent and other expenses, obtaining a $40,000 bank loan, and buying a vehicle for the business. 3) The document requests preparing ledger accounts, a trial balance, analyzing the effect on the accounting equation, a statement of changes in equity, and statement of financial position.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    You are on page 1of 3

    Question 1

    The following information was obtained from the books of JB Ncube , sole proprietor who
    operates a grocery shop in Gweru Central District for the month of January 2020.

    Jan 1 : JB Ncube deposited $30 000 capital in the business bank account.
    : paid rent by cheque $ 2000.
    Jan 3 : Bought goods and issued a cheque $ 12000.
    Jan 4 : Sold goods for cash $ 15000
    Jan 7 : Bought goods on credit from the following suppliers;
    Makanakaishe traders $ 5000
    Jaggers Wholesalers $ 7000
    Chic Traders $ 15000.
    Jan 10: Returned goods to the following suppliers ;
    Makanakaishe $ 500
    Jaggers $ 1000
    Jan 12: JB Ncube used goods worth $ 2000 at cost for personal use.
    Jan 15: Issued cheques to the following suppliers:
    Makanakaishe $3 900 in full settlement of the amount owing.
    Jaggers Wholesalers $ 5000.
    Chic Traders $ 13000.

    Jan 17: Obtained a bank Loan for $ 40 000 from CBZ Ltd
    Jan 20: Sold goods on credit to the following customers;
    Mashanda $ 14 500
    Mangwaya $ 15 500

    Jan 22: The following customer returned goods they had bought on credit;
    Mashanda $ 500
    Mangwaya $ 1000.
    Jan 23: The following deposits were made by debtors into the business bank account
    Mashanda $ 13 800 in full settlement of the amount owing
    Mangwaya $ 10 000.
    Jan 25: Bought a Motor vehicle for use in business by cheque $ 10 000.
    Jan 27 : JB Ncube introduced his personal equipment with a value of $ 5000 .
    Jan 30 : Paid for the following expenses by cheque;
    $
    Rent 500
    Electricity 1500
    Salaries and wages 700
    Traveling expenses 600
    Required

    a) Identify the source document for each transaction


    b) Record the above transactions in their respective book of prime entries
    c) Open ledger Accounts
    d) Extract a trial balance as at 31 December 2020
    e) Show the effect of the above transactions on the expanded basic accounting equation
    shown below. An increase must be accompanied by a positive sign e.g + 10000 and
    decrease should be shown by a negative sign e.g -10000 or (10000)

    Assets
    = Equity + liabilities
    Motor
    Date Bank Debtors vehicles Equipment Capital Income/ Loan Creditors
    (expenditur
                e    
      $ $ $ $ $ $ $ $
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
     Total                
    Total marks (10)

    f) Prepare J. B Ncube’s Statement of changes in equity for the month of January 2011.
    (3 marks)
    g) Prepare J. B Ncube’s Statement of financial position as at 31cDecember 2011 (7 marks)

    You might also like