Owner contributed a personal
cheque $5000 to the business.
DR Cash at bank $5000
CR Capital $5000
Owner withdrew $500 from business bank account for personal use.
DR Drawings $500
CR Cash at bank $500
The owner took goods $50 for own
use.
DR Drawings $50
CR Inventory $50
Withdrew $1000 from business bank account for office use.
DR Cash in hand $1000
CR Cash at bank $1000
Bought goods $200 paying by cheque.
DR Inventory $200
CR Cash at bank $200
Bought goods $900 on credit from Naomi.
DR Inventory $900
CR Trade payable - Naomi $900
Returned faulty goods worth $100 to supplier Naomi.
DR Trade payable – Naomi $100
CR Inventory $100
Paid Naomi cheque for amount owing $800.
DR Trade payable - Naomi $800
CR Cash at bank $800
Bought $1800 computer on credit from Challenger
DR Office equipment $1800
CR Trade payable - Challenger $1800
Bought $100 fixtures and fittings by cash.
DR Fixtures and fittings $100
CR Cash in hand $100
Borrowed $10000 bank loan.
DR Cash at bank $10000
CR Bank loan $10000
Repaid part of bank loan $2000 by Bank loan $2000.
DR Bank loan $2000
CR Cash at bank $2000
Purchased a motor vehicle costing $20000, paying $5000 deposit by cheque and the balance on credit from Fetta
DR Motor vehicle $20000
CR Cash at bank $5000
CR Trade payable - Fetta $15000
Deposited $100 cash into business bank account
DR Cash at bank $100
CR Cash in hand $100
Sold inventory costing $400 at a price of $700 receiving cash.
DR Cash in hand $700
CR Sales revenue $700
DR Cost of sales $400
CR Inventory $400
Sold goods costing $400 at a price of $700 on credit to customer Ken
DR Trade receivable - Ken $700
CR Sales revenue $700
DR Cost of sales $400
CR Inventory $400
Ken returned goods with wrong specification costing $200 which business previously sold to him at $350.
DR Sales returns $350
CR Trade receivable - Ken $350
DR Inventory $200
CR Cost of sales $200
Received $350 cheque from Ken.
DR Cash at bank $350
CR Trade receivable - Ken $350
Paid $100 advertising expense by cash.
DR Advertising expense $100
CR Cash in hand $100
Received $800 rental income by cheque.
DR Cash at bank $800
CR Rental income $800
Received $1000 cheque from trade receivable Lim in full settlement of $1200 owing.
DR Cash at bank $1000
DR Discount allowed $200
CR Trade receivable - Lim $1200
Business received 5% cash discount for early payment by cash for $1000 outstanding amount owing to credit supplier Rafi.
DR Trade payable - Rafi $1000
CR Cash in hand $950
CR Discount received $50
Cash purchases list price $100 with 10% trade discount.
DR Inventory $900
DR Inventory $900
