Suppose the transaction
is, purchased furniture from Mr. Okoro on 10/01/2011 or 10.01.11 forN16,000.
Here the furniture account is debited and Mr. Okoro account is credited.
is, purchased furniture from Mr. Okoro on 10/01/2011 or 10.01.11 for
Here the furniture account is debited and Mr. Okoro account is credited.
Example (Worked Example in Journalizing)
Journalise the
following transactions:
following transactions:
2011
Feb 3 X commenced business with a capital of N15,000
5 Purchased good N6,000
7 Purchased goods on credit from
S,N3,000
S,
10 Purchased furniture N2,400
11 Sold goods N3,900
15 Sold goods on credit to D N2,250
20 Paid salaries N960
25 Received commission N75
26 Returned goods to S & Co. N600
27 Returned goods by D Bros. N450
28 Received from D Bros. N1,500
Paid to S & Co. N1,800
X withdrawn from business N900
Charged depreciation on furniture N240
Borrowed from K N1,500
Solution
