Business, 02.07.2021 14:00 fluffypuppies24
Maya set up a business, selling ecotourism products, trading under the name of Atayila Enterprise on 1st January 2018. She put GH¢15,000 of her own money into a business bank account (transaction A) and in her first period of trading, the following transactions occurred.
Transaction GH¢ B. Paid rent for the shop for the period 18,000 C. Purchased Souvenirs (inventories) 15,000
D. Raised loan from bank 6,000
E. Purchase of Distribution Van 10,000 F. Purchase of Office furniture fittings 5,0 00 G. Sales of Souvenirs: cash 25,000
H. Sales of Souvenirs: on credit 5,000 I. Accounts payable 15,000 J. Accounts receivable 3,600
K. Interest on loan 1,200 L. Insurance. 1,000 M. Electricity 600
N. Wages and Salaries 9,000
Additional Information i) Rent paid is for the period 1st Jan. 2018 to 30th June 2019 ii)Two months insurance premium were unpaid as at 31st December, 2018 iii) Electricity was paid up to 31st October, 2018 iv) Wages and Salaries include salary advance for January 2019 v)Sales on credit to Selina amounting to GHȼ 10,000 had not been recorded vi)The outstanding loan balance is payable in six (6) years vii)The Closing Inventory as at 31st December, 2018 amounted to GHȼ 2,500 viii) Provide for Depreciation of 10% on all assets ix)Provide 5% for doubtful debts Required Prepare:
1. Pre-adjustment trial balance
2. Journal Entries for the adjustments 3. Post the journal entries to the Ledger Accounts
4. Post Adjustment Trial Balance
5. Income Statement for the year ended 31st December 2018
6. Prepare the Statement of Financial Position as at 31st December 2018
7. Prepare the Cash Flow Statement for the year ended 31st December 2018
Answers: 1
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Maya set up a business, selling ecotourism products, trading under the name of Atayila Enterprise on...
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