Answer to Question #271017 in Accounting for IbrahimBrai

Question

Write up the accounts to record the following transactions:

20X7 March 1

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Started business with £750 cash and £9,000 in the bank. Received a loan of £2,000 from B Blane by cheque.

Bought a computer for cash £600.

Bought display equipment on credit from Clearcount Ltd £420. Took £200 out of the bank and put it in the cash till.

Repaid part of Blane’s loan by cheque £500.

Paid amount owing to Clearcount Ltd £420 by cheque. Repaid part of Blane’s loan by cash £250.

Bought a printer on credit from F Jones for £200.

Chapter 2 l The double entry system for assets, liabilities and capital

 

Answer 1

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