90.2K

Verified Solution

Link Copied!

Question $1$: $[38$ marks$]$Below is the Ledger of Timothy Kingfisher for January $2022$ DRCapital $5/1/2022$TotalBank $6/1/20228/1/202210/1/2022$TotalPurchasesTotalCR$30,00030,000$CR $20,0001,00012,00033,0003,00020,00020,000$ Closing balance $/$ c$/$d $30,000$BankOpening Bal $/$ b$/$dPurchases ComputerOffice equipmentOpening Bal $/$ b$/$d Closing Bal $/$ c$/$d$30,000$ Total $30,000$ DR$5/1/2022$ CapitalClosing Bal $/$ c$/$d$30,0003,000$ Total $33,000$ DR $6/1/2022$TotalCR BankOpening Bal $/$ b$/$d$20,00020,00020,000$ Brunel University London Pathway College NM$1607$ COURSEWORK $($Assessment$-$A S$32023)$ DR $8/1/2022$TotalDR $10/1/2022$TotalDRTotalBankOpening Bal $/$ b$/$d BankOpening Bal $/$ b$/$d Closing Bal $/$ c$/$d$1,0001,0001,000$ComputerTotalClosing Bal $/$ c$/$dClosing Bal $/$ c$/$dMr$.$ R$.$R$.$ Yogo Opening Bal $/$ b$/$d Closing Bal $/$ c$/$dCR$1,000$CR$12,000$CR $10,00010,00010,00010,00010,0001,000$ Office equipment $12,00012,00012,00012,00010,00010,000$TotalSale $25/1/2022$Total DR$25/1/2022$ SaleTotalOpening Bal $/$ b$/$dRequired:$1)$ Write down the transactions relating to the ledger postings above $[10$ marks$]2)$ Journalise the entries $[10$ marks$]3)$ Using an email format, advise the owner of the business drawing on evidence from the balances in the T accounts $[15$marks$]4)$ What would the balance be on the Bank T$-$Account as at $9$th January $2022.$ Show workings. $[3$ marks$]\{$LO: Accounting equation; Double entry bookkeeping; Introduction to Journal & Ledger Accounting$\}$

Answer & Explanation Solved by verified expert

See Answer