Business, 18.03.2021 01:30 ImCoolJenny

Example 3: Peter Enterprises started a retail business, selling cement on retail basis. On March 12020, he
introduced the following into the business:
(1) Motor van valued at 24480,000
(ii) Cash from his salary account $330,000
(iii) Money borrowed from a friend N466,000.
The following transactions also took place in March
March 3 Purchased cement on credit from Fola Ltd.
189,000
March 3 Paid carriage on cement to warehouse
16,456
March 6 Sold goods on credit to Aburi & Co
190,000
March 8 Sold cement for cash
26,280
March 11 Paid sundry expenses
16,278
March 15 Purchased cement on credit from Fola Ltd.
60,000
March 17 Bought some Dunlop tyres from Okechukwu Enterprises on credit 10,852
March 20 Paid cash to Fola Ltd, on account
167,500
March 22 Aburi & Co paid cash on account
125.000
March 25 Paid Salaries and wages
77.958
March 25 Paid electricity bill
6,000
March 27 Sold cement on credit to K. Opobo
68,000
Required
(i) An opening Journal.
(ii) Open the ledger accounts and post the opening journal and transactions during the month. --
(iii) Balance the ledger accounts.
(iv) Draw up a trial balance as at 31 March 2020

Answers: 3

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Example 3: Peter Enterprises started a retail business, selling cement on retail basis. On March 12...