Page 110 - Book-keeping for Secondary Schools Student’s Book Form One

Book-Keeping for Secondary Schools

Being goods returned by customers

18-Jan-20 Trade payables 350,000
Bank 350,000
Being cheque issued to pay creditors
20-Jan-20 Cash 80,000
FOR ONLINE READING ONLY
Trade receivables 80,000
Being receivables collected in cash
24-Jan-20 Wages 50,000
Cash 50,000
Being wages paid in cash
26-Jan-20 Drawings 200,000
Bank 200,000
Being cash withdrawn for personal use
28-Jan-20 Cash 50,000
Rent income 50,000
Being rent income received in cash
31-Jan-20 Trade payables 210,000
Bank 210,000
Being cheque issued to pay creditors

Ledger posting and balancing of accounts

The second stage is posting the entries to respective accounts and balancing them.

Dr Bank account (1) Cr
Date Details Folio Amount Date Details Folio Amount
1/1/2020 Capital 2 13,500,000 2/1/2020 Building 3 5,000,000
8/1/2020 Capital 2 600,000 4/1/2020 Furniture 5 250,000
18/1/2020 Trade 4 350,000
payables
26/1/2020 Drawings 13 200,000
31/1/2020 Trade 4 210,000
payables
31/1/2020 Balance c/d 8,090,000
14,100,000 14,100,000
1/2/2020 Balance b/d 8,090,000

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Student’s Book Form One

Book Keeping Form 1 New 2024 FINAL.indd 102 18/10/2024 10:14