Solution
Abr Writing answered on
Apr 06 2020
MPA702 Financial Interpretation
Solution a
Date
Particulars
Debit
Credit
1-Jan
Cash At Bank a/c
Dr.
100,000
Capital a/c
Cr.
100,000
(personal loan is individual loan of business owner & shall form part of capital)
2-Jan
Retail premises a/c
Dr.
250,000
Cash At Bank a/c
Cr.
25,000
Bank Loan
Cr.
225,000
(10% paid in advance rest loan)
3-Jan
Fitness equipment a/c
Dr.
10,000
Professional training Journals a/c
Dr.
2400
Cash At Bank a/c
Cr.
12,400
(fitness equipment and professional training journals purchased in cash)
4-Jan
Office furniture a/c
Dr.
2,000
professional indeminity insurance a/c
Dr.
2,400
Cash At Bank a/c
Cr.
4,400
(Office furniture and indeminity insurance purchased in cash)
5-Jan
Computer equipment a/c
Dr.
8,000
Motor vehicle a/c
Dr.
24,000
vendor a/c
Cr.
32,000
(computer equipment and motor vehicle purchased on credit)
6-Jan
Clients a/c
Dr.
2,000
Revenue a/c
Cr.
2,000
(Invoiced to client)
7-Jan
Office stationery a/c
Dr.
800
stationery creditor a/c
Cr.
800
(stationery purchased on credit)
8-Jan
Fitness equipment & masage table a/c
Dr.
6,500
Capital a/c
Cr.
6,500
(capital added in form of fitness equipment & masag table)
15-Jan
Clients a/c
Dr.
4,800
Revenue a/c
Cr.
4,800
(Invoiced to client)
17-Jan
Cash At Bank a/c
Dr.
2,000
Clients a/c
Cr.
2,000
(amount received from first client)
21-Jan
Clients a/c
Dr.
7,200
Drawings a/c
Dr.
1500
Revenue a/c
Cr.
7,200
Cash At Bank a/c
Cr.
1500
23-Jan
Wages a/c
Dr.
1200
PAYG a/c
Dr.
300
Cash At Bank a/c
Cr.
1200
PAYG payable a/c
Cr.
300
24-Jan
Cash At Bank a/c
Dr.
2,300
Clients a/c
Cr.
2,300
26-Jan
Telephone bill
Dr.
270
Cash At Bank a/c
Cr.
270
28-Jan
clients a/c
Dr.
8400
Revenue a/c
Cr.
8400
30-Jan
Wages a/c
Dr.
1800
PAYG a/c
Dr.
500
Cash At Bank...