ZIMSEC O Level Principles of Accounts: Double Entry Exercise and Solution[/title
- You are required to open the asset and liability and capital accounts and record the following transactions for June 20X8 in the records of T. Moyo. 20X8
- June 1 Started business with $12,000 in cash.
- 2 Paid $11 700 of the opening cash into a bank account for the business.
- 5 Bought ofﬁce furniture on credit from Musorowegomo Ltd for $1 900.
- 8 Bought a van paying by cheque $5 250.
- 12 Bought equipment from Mutape and Sons on credit $2 300.
- 18 Returned faulty ofﬁce furniture costing $120 to Dream Ltd.
- 25 Sold some of the equipment for $200 cash.
- 26 Paid amount owing to Musorowegomo Ltd $1 780 by cheque.
- 28 Took $130 out of the bank and added to cash
- 30 E Makandiwa lent us $4 000 – giving us the money by cheque.
- Always remember the following steps.
- The first step is to identify the accounts involved.
- The second step is to identify the account “Receiving” and therefore is to be debited.
- The third step is to identify the account which is “giving” and therefore is to be credited.
- With practice you can become more proficient and will not need this checklist.
|DATE||ACCOUNT DEBITED||ACCOUNT CREDITED||AMOUNT|
|1 June||Cash||Capital||$12 000|
|2 June||Bank||Cash||$11 700|
|5 June||Office Furniture||Musorowegomo||$1 800|
|8 June||Van||Bank||$5 250|
|12 June||Equipment||Mutape and Sons||$2 300|
|18 June||Musorowegomo||Office Furniture||$120|
|30 June||Bank||E Makandiwa||$4 000|
To revise go back to the notes on Double Entry accounting.
To access more topics to the Principles of Accounts Notes page.
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