Question The following transactions were derive... - SS3 Accounting Preparation of Vendor's Account And Balance Sheet Question
Question:
The following transactions were derived from the books of AYO’s Bakery for the month of June 2022. You are required to prepare in tabular form:
-
The vendor’s accounts
-
The balance sheet
|
Date |
Transaction |
Amount |
|
06/01/2022 |
Purchased flour and sugar from Flour Mills Ltd. |
₦50,000 |
|
06/03/2022 |
Sold cakes and pastries to Mrs Adebayo |
₦15,000 |
|
06/05/2022 |
Paid rent for the bakery |
₦20,000 |
|
06/08/2022 |
Purchased baking equipment from Bakers World Ltd. |
₦70,000 |
|
06/10/2022 |
Sold bread and pies to Mr Smith |
₦10,000 |
|
06/15/2022 |
Received payment from Mrs Adebayo |
₦15,000 |
|
06/18/2022 |
Paid salary to employees |
₦40,000 |
|
06/20/2022 |
Purchased packaging materials from Packaging Solutions Ltd. |
₦5,000 |
|
06/22/2022 |
Sold cakes and pastries to Mr Olawale |
₦18,000 |
|
06/25/2022 |
Paid electricity bill for the month |
₦7,000 |
|
06/28/2022 |
Purchased additional baking supplies from Flour Mills Ltd. |
₦30,000 |
Answer:
Vendor's Account for AYO's Bakery with Flour Mills Ltd.
|
Date |
Transaction |
Debit (₦) |
Credit (₦) |
Balance (₦) |
|
06/01/2022 06/28/2022 Total |
Purchased flour and sugar Purchased additional baking supplies |
50,000 30,000 80,000 |
0 0 0 |
50,000 80,000 80,000 |
Vendor's Account for AYO's Bakery with Bakers World Ltd.
|
Date |
Transaction |
Debit (₦) |
Credit (₦) |
Balance (₦) |
|
06/08/2022 Total |
Purchased baking equipment |
70,000 70,000 |
0 0 |
70,000 70,000 |
Vendor's Account for AYO's Bakery with Packaging Solutions Ltd.
|
Date |
Transaction |
Debit (₦) |
Credit (₦) |
Balance (₦) |
|
06/20/2022 Total |
Purchased packaging materials |
5,000 5,000 |
0 0 |
5,000 5,000 |
AYO’S BAKERY BALANCE SHEET
AS OF JUNE 2022
|
Assets |
Amount (₦) |
Liabilities |
Amount (₦) |
|
Baking Equipment Baking Supplies Packaging Materials Prepaid Electricity Accounts Receivable Cash Total Assets |
70,000 80,000 5,000 0 13,000 2,000 170,000 |
Accounts Payable Salaries Payable Rent Payable Total Liabilities Owner's Equity Total Liabilities and Equity |
0 0 0 0 170,000 170,000 |
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