Preparation of Trial Balance - SS1 Accounting Past Questions and Answers - page 1
Jide Ray started a new tool shop business with ₦90000 cash on May 1, 2022, and conducted the following transactions by cash below:
₦
May 2: Paid Rent 18000
May 4: Cash Sales 10000
May 6: Transport Expenses 4550
May 12: Bought Goods from Joy M. 15000
May 14: Cash Sales 22600
May 16: Paid for Advertisement 24300
May 17: Sold Goods to Keke A. 15000
May 20: Sales by Cash 6000
May 22: Paid Kamara H. By Cash 11500
May 23: Paid for Electricity Bills 8000
May 26: Purchased New Van 30500
May 30: Cash purchases 7500
Instructions:
-
Prepare the cash book
-
Transfer the information from the cash book into ledgers
-
Extract a trial balance for the month
Answer:
Jide Ray Cash Book
For The Month of May
|
Debit (Dr) |
Credit (Cr) |
||||||
|
Date |
Particulars |
Folio |
Amount |
Date |
Particulars |
Folio |
Amount |
|
May 1 May 4 May 14 May 17 May 20 |
Capital Sales Sales Keke A. Sales |
b/d |
90000 10000 22600 15000 6000 |
May 2 May 6 May 12 May 16 May 22 May 23 May 26 May 30 |
Rent Transport Joy M. Advertisement Kamara H. Electricity Van Purchases |
18000 4550 15000 24300 11500 8000 30500 7500 |
|
|
May 31 |
Balance |
c/d |
24250 |
||||
|
143600 |
143600 |
||||||
|
June 1 |
Balance |
b/d |
24550 |
Ledgers:
Capital ledger
|
Debit (Dr) |
Credit (Cr) |
||||||
|
Date |
Particulars |
Folio |
Amount |
Date |
Particulars |
Folio |
Amount |
|
Balance
|
c/d
|
90000
90000
|
May 1 |
Cash Balance |
b/d |
90000
90000
90000 |
Rent ledger
|
Debit (Dr) |
Credit (Cr) |
||||||
|
Date |
Particulars |
Folio |
Amount |
Date |
Particulars |
Folio |
Amount |
|
May 2 |
Cash Balance |
b/d |
18000
18000
18000 |
Balance |
c/d |
18000
18000
|
Sales ledger
|
Debit (Dr) |
Credit (Cr) |
||||||
|
Date |
Particulars |
Folio |
Amount |
Date |
Particulars |
Folio |
Amount |
|
Balance
|
c/d
|
38600 38600 |
May 4 May 14 May 20 |
Cash Cash Cash
Balance |
b/d |
10000 22600 6000 38600 38600 |
Transport ledger
|
Debit (Dr) |
Credit (Cr) |
||||||
|
Date |
Particulars |
Folio |
Amount |
Date |
Particulars |
Folio |
Amount |
|
May 6 |
Cash Balance |
b/d |
4550
4550
4550 |
Balance |
c/d |
4550
4550
|
Joy M. ledger
|
Debit (Dr) |
Credit (Cr) |
||||||
|
Date |
Particulars |
Folio |
Amount |
Date |
Particulars |
Folio |
Amount |
|
May 12 |
Cash Balance |
b/d |
15000
15000
15000 |
Balance |
c/d |
15000
15000
|
Advertisement ledger
|
Debit (Dr) |
Credit (Cr) |
||||||
|
Date |
Particulars |
Folio |
Amount |
Date |
Particulars |
Folio |
Amount |
|
May 17 |
Cash Balance |
b/d |
24300
24300
24300 |
Balance |
c/d |
24300
24300
|
Keke A. ledger
|
Debit (Dr) |
Credit (Cr) |
||||||
|
Date |
Particulars |
Folio |
Amount |
Date |
Particulars |
Folio |
Amount |
|
Balance
|
c/d
|
15000
15000
|
May 17 |
Cash Balance |
b/d |
15000
15000
15000 |
Kamara H. ledger
|
Debit (Dr) |
Credit (Cr) |
||||||
|
Date |
Particulars |
Folio |
Amount |
Date |
Particulars |
Folio |
Amount |
|
May 22 |
Cash Balance |
b/d |
11500
11500
11500 |
Balance |
c/d |
11500
11500
|
Electricity ledger
|
Debit (Dr) |
Credit (Cr) |
||||||
|
Date |
Particulars |
Folio |
Amount |
Date |
Particulars |
Folio |
Amount |
|
May 23 |
Cash Balance |
b/d |
8000
8000
8000 |
Balance |
c/d |
8000
8000
|
Van ledger
|
Debit (Dr) |
Credit (Cr) |
||||||
|
Date |
Particulars |
Folio |
Amount |
Date |
Particulars |
Folio |
Amount |
|
May 26 |
Cash Balance |
b/d |
30500
30500
30500 |
Balance |
c/d |
30500
30500
|
Purchases ledger
|
Debit (Dr) |
Credit (Cr) |
||||||
|
Date |
Particulars |
Folio |
Amount |
Date |
Particulars |
Folio |
Amount |
|
May 30 |
Cash Balance |
b/d |
7500
7500
7500 |
Balance |
c/d |
7500
7500
|
TRIAL BALANCE AS OF MAY 31, 2022
|
Account Name |
Folio |
Debit |
Credit |
|
Capital |
90000 |
||
|
Rent |
18000 |
||
|
Sales |
38600 |
||
|
Transport |
4550 |
||
|
Joy M. |
15000 |
||
|
Advertisement |
24300 |
||
|
Keke A. |
15000 |
||
|
Kamara H. |
11500 |
||
|
Electricity |
8000 |
||
|
Van |
30500 |
||
|
Purchases |
7500 |
||
|
Total |
119500 |
143600 |