Page 109 - Book-keeping for Secondary Schools Student’s Book Form One

Ledgers
Solution
The first step is journalising the entries in the general journal or journal proper.

Journal entries
Dr Cr
Date Details TZS TZS
FOR ONLINE READING ONLY
1-Jan-20 Bank 13,500,000

Capital 13,500,000
Being capital deposited in the bank

2-Jan-20 Building 7,500,000
Bank 5,000,000
Other payables 2,500,000
Being building acquired for 7,500,000 with
5,000,000 cheque being issued
4-Jan-20 Furniture 250,000
Bank 250,000
Being cheque issued to buy furniture
5-Jan-20 Purchases 500,000
Trade payables 500,000
Being goods purchased on credit
8-Jan-20 Bank 600,000
Capital 600,000
Being capital introduced by cheque
10-Jan-20 Trade receivables 120,000
Sales 120,000
Being goods sold on credit
11-Jan-20 Purchases 240,000
Trade payables 240,000
Being goods purchased on credit
12-Jan-20 Cash account 130,000
Sales 130,000
Being goods sold in cash
14-Jan-20 Trade payables 150,000
Purchases returns 150,000
Being goods returned to suppliers
15-Jan-20 Sales returns 10,000
Trade receivables 10,000

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Book Keeping Form 1 New 2024 FINAL.indd 101 18/10/2024 10:14