Mr. Rono sets up a business by investing $7000 of his own money into a business account and in his first period of accounting the following transactions occurred:-
a)paid rent for the period $2500
b)purchased equipment $5000
c)raised a loan of $1000 from the bank
d)purchased shop fittings of cash $2000
e)sale of equipment cash $10000
f)sale of equipment on credit $2500
g)payment to trade payable account $5000
h)payment from trade receivable account $2500
I)interest on loan paid $100
j)other expenses on paid in cash $1900
k)drawings of $1500.
Required, prepare ledger accounts, profit and loss account and balance sheet.
a)paid rent for the period $2500
b)purchased equipment $5000
c)raised a loan of $1000 from the bank
d)purchased shop fittings of cash $2000
e)sale of equipment cash $10000
f)sale of equipment on credit $2500
g)payment to trade payable account $5000
h)payment from trade receivable account $2500
I)interest on loan paid $100
j)other expenses on paid in cash $1900
k)drawings of $1500.
Required, prepare ledger accounts, profit and loss account and balance sheet.
Financial statements
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