Page 103 - Book-keeping for Secondary Schools Student’s Book Form One

Ledgers

Solution
The first step is preparing of the general journal or journal proper.

Journal entries

Date Debit Credit
FOR ONLINE READING ONLY
Particulars TZS TZS
1-Jan-20 Bank 2,000,000
Capital 2,000,000
Being capital deposited in the bank
4-Jan-20 Machinery 200,000
Other payables 200,000
Being a machine bought on credit
8-Jan-20 Purchases 400,000
Trade payables 400,000
Being goods purchased on credit
12-Jan-20 Cash 150,000
Sales 150,000
Being goods sold in cash
16-Jan-20 Cash 200,000
Bank 200,000
Being cash withdrawn from bank

20-Jan-20 Trade receivables 50,000
Sales 50,000
Being goods sold on credit
22-Jan-20 Trade payables 15,000
Purchases returns 15,000
Being goods returned to supplier
23-Jan-20 Trade payables 200,000
Bank 200,000
Being cheque issued to pay a creditor
24-Jan-20 Wages 30,000
Cash 30,000
Being wages paid in cash
26-Jan-20 Drawings 100,000
Bank 100,000
Being cash drawn by owner
27-Jan-20 Purchases 150,000

95

Book Keeping Form 1 New 2024 FINAL.indd 95 18/10/2024 10:14