Preparation of Subsidiary Books - SS1 Accounting Past Questions and Answers - page 1

Given the transactions below, we are to prepare subsidiary books for Florence Ltd. Advertising company period of March 31. 2023. Properly record each transaction in their respective subsidiary book.

March 2. 2023

• Purchased branded gift items worth ₦6,000 on credit from Akin Suppliers.

• Received ₦15,000 from Musa Ventures through a bank transfer.

• Made a credit sale of stationery items worth ₦9,000 to Hassan Enterprises.

March 17. 2023

• John Bamidele returned goods worth ₦500 to due to the wrong size of shoes received.

• Purchased branded gift items worth ₦3,000 on credit from Funmi Stores.

• Purchased stationery items worth ₦4,000 on credit from Tunde Ventures.

• Returned branded gift items worth ₦2,000 to XYZ Ltd. due to incorrect branding.

• Received returned stationery items worth ₦7,000 from Jessica of Top Solutions due to incorrect quantity.

March 20. 2023

• Returned stationery items worth ₦3,000 to ABC Suppliers due to incorrect quantity.

• Received returned stationery items worth ₦7,000 from Jessica of Top Solutions due to incorrect quantity.

• Made a cash sale of branded gift items worth ₦8,000 to Emma's Boutique

March 28. 2023

• Deposited ₦5000 into its bank account.

• Purchased shoes on credit from Crown supplier for ₦3000.

• Made a credit sale of branded gift items worth ₦12,000 to Musa Ventures.

March 31. 2023

• Chioma of Bright Enterprises returned some branded gift items worth ₦5,000 to Florence Ltd. due to incorrect branding.

• Paid ₦10,000 to Tunde Ventures through a bank transfer

• Deposited ₦50,000 into its bank account.