Comments

  1. avatar says

    HI Good day, I have watch your video in bookkeeping and I am still getting some problems in it for instance, MR JRK business on 1 March 2014
    1st He introduced cash of $900,000 into the business
    2nd He made credit purchases of inventory valued at $220,000
    5th Credit Sales were $500,000
    6th He paid $150,000 to purchase two vehicles for the business
    7th He rented a new office for $17,000
    8th He purchases used office furniture for $25,000
    9th He got a loan of $700,000 from the bank
    10th He paid salaries $40,000
    22nd A debtor paid $155,000
    28th He paid a creditor $110,000
    29th He repaid the bank, $170,000 of the loan be borrowed on the 9th

    *This is what I have done:
    DATE DEBIT CREDIT AMOUNT $
    1st Cash Capital $900,000.00
    2nd Purchases Payable $220,000.00
    5th A/C Receivable Sales $500,000.00
    6th A/C Payable Cash $150,000.00
    7th Rent Cash $ 17,000.00
    8th Office Furniture Cash $25,000.00
    9th Cash Loan $700,000.00
    10th A/C Payable Cash $40,000.00
    22nd Cash A/C Receivable $155,000.00
    28th A/C Payable Cash $110,000.00
    29th A/C Payables Cash $170,000.00

    I just want to know if everything is correct. If it have any corrections to be made please let me know. It would be greatly appreciated. Thanks a lot!

    • avatar says

      This is what I have done:
      DATE DEBIT CREDIT AMOUNT $
      1st Cash Capital $900,000.00
      2nd Purchases Payable $220,000.00
      5th A/C Receivable Sales $500,000.00
      6th A/C Payable Cash $150,000.00
      7th Rent Cash $ 17,000.00
      8th Office Furniture Cash $25,000.00
      9th Cash Loan $700,000.00
      10th A/C Payable Cash $40,000.00
      22nd Cash Receivable $155,000.00
      28th A/C Payable Cash $110,000.00
      29th A/C Payables Cash $170,000.00

      Sorry about that, I have send it over because it was looking a bit confusing. It was to jumble up. I have send this part over again

  2. avatar says

    Hi, I just have one question to ask you. in double entry, and the statement is:
    He repaid the bank, $170,000 of the loan be borrowed on the 9th -should I debit loan and credit cash in the double entry?

  3. avatar says

    Hi, there!
    I could only download the chapter one video ”Introduction to Accounting” since there was a link below the video.
    But, for other videos I couldn’t find any links!
    Thanks so much.

Leave a Reply