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Hi looking for somebody who will help me with my assignment I have 3 questions.
Question 1
D. Harry operates a business in Cork. It opened on 1st October 2016. The following transactions occurred in October. You are required to enter the following transaction in the necessary ledger “T-accounts”.1 Oct
Harry started the business, lodging €50,000 in the bank.
2 Oct
Equipment costing €19,000 was purchased by cheque
2 Oct
Goods €4,000, purchased on credit from Gleeson Ltd
3 Oct
Withdrew €2,000 from the bank to use as Cash in the business
7 Oct
Sold goods on credit to Ryan €900 and Barlow €1,300
10 Oct
Purchased goods on credit from Gleeson €2,500
12 Oct
Goods returned by Ryan €200
14 Oct
Paid wages €550 by cash
17 Oct
Paid Gleeson €3,800 by cheque
18 Oct
Returned goods to Gleeson €360
20 Oct
Harry lodged €10,000 of his personal money in the bank account
22 Oct
Harry used €70 cash to purchase a new shirt for himself
25 Oct
Ryan paid €600 cash and Barlow paid €1,100 by cheque
26 Oct
Cash Sales €210
29 Oct
Harry took €50 cash for his own personal use
31 Oct
Paid Wages €580 using cash and telephone €220 by chequeThis Question Is To Be Completed Using T Accounts
YOU DO NOT HAVE TO BALANCE OFF THE ACCOUNTS
JUST RECORD THE TRANSACTIONS ABOVE
Why not learn how to do it yourself by watching our free lectures on double-entry bookkeeping?
Hi John
I will watch, I know just about how to do it but just confused about how many accounts should be there.
You could start by writing out the necessary journals which will show you the T-accounts you need and which side they go on.
Eg the first transaction would be
Dr Bank 50,000
Cr Capital 50,000Not everyone gets the hang of T-accounts but they’re necessary at the early levels and give you a good knowledge base as you progress. They especially help later on for working out things like cash flows so keep at it!
Thank you Aimee
I have first transactions done , that’s easy question but on stage where is cheque transactions and not sure how many accounts should I have ?Cheque is just bank, if he’s paying by cheque then you Dr expense or PLCA (wherever the money is going) and CR bank.
Just think of cheque as being like a debit card transaction in that it comes straight out of the bank.
If you do the journals this will tell you how many T accounts you need. I’ve had a very quick count up and it’s more than 10.
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