Answer to Question #102027 in Economics for Tola

Question

THE FOLLOWING TRANSACTION RELATE TO THE BOOKS OF KENNY VENTURES IN THE MONTH OF JUNE 2005..

June 3: Bought on credit from PZ & CO LTD 8 cases of duck soap at #240. A case less 5% trade discount.

June 10: Sold on credit to P Edet, 5 case of toilet soap at #300, a case, 3 case of sunlight soap at #320. A case invoice subject to 10% trade discount.

June 15: Returned 2 case of duck soap to PZ&CO LTD and was credited accordingly 2÷

June 18: Purchase on credit from Tessy ENT LTD. 6 rolls of carpets at #1720 each less 5% trade discount.

June 23: Sold on credit to Johnson brother Int. 3rolls of carpet at #2960 each less 2 and half trade discount.

June 27: P Edet returned 2 cases if toilet soap and has his account credited accordingly.

REQUIRED:
(1). Enter the above transaction in the relevant books of original entry.

(2). Post the ledger accounts and extract a trial balance as at 30/6/15.

Answer 1

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