Thanks to visit codestin.com
Credit goes to www.scribd.com

Scribd
Upload
15 views1 page

Class Exercise

The document outlines two class exercises involving financial transactions for Abby Traders and Victor Ltd. It details opening balances, specific transactions for January 2024 and November 2023, and requests the preparation of journal entries, ledgers, and a trial balance. The exercises aim to assess understanding of accounting principles and transaction recording.

Uploaded by

nisingizwe valentine
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
15 views1 page

Class Exercise

The document outlines two class exercises involving financial transactions for Abby Traders and Victor Ltd. It details opening balances, specific transactions for January 2024 and November 2023, and requests the preparation of journal entries, ledgers, and a trial balance. The exercises aim to assess understanding of accounting principles and transaction recording.

Uploaded by

nisingizwe valentine
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

Class Exercise (Group) 29/01/2025

Ex1.Abby Traders had the following opening balances as at 1st Jan 2024: Bank 250,000Rwf;
Cash in hand 120,000Rwf; Capital 1,760,000Rwf; Furniture 650,000Rwf; Stock 420,000Rwf;
A/c Receivables 320,000Rwf. The following transactions took place during the month
Jan 2: Paid monthly rent of 200,000Rwf by cheque
Jan 3: Cash sales of 205,000Rwf received by cheque
Jan 5: Credit purchases of 120,000Rwf
Jan 8: Bought Furniture of 308,000Rwf from AA Traders paying half of the cost by cheque.
Jan 11: Sold goods of 540,000Rwf receiving a cheque of 420,000Rwf. The remaining balance
was recorded as A/c Receivables.
Jan 19: Injected additional capital of 400,000Rwf in cash from personal savings
Jan 20: Received 190,000Rwf from Alc Receivables in cash.
Jan 23: Transferred 200,000Rwf cash into the business bank account
Jan 25: Paid salaries of 180,000Rwf in cash
Required:
a) Prepare the journal entries to record the above transactions. (4 Marks)
b) Open the following ledgers: CashA/c; Bank A/c; Capital A/c; A/c Receivables and the
Furniture Alc. (6 Marks)
th
c) Prepare a Trial balance as at 25 Jan 2024 for Abby Traders . (3 Marks)
Ex2. Victor Ltd made the following transactions during the month of November 2023.
Nov 2: Sold goods on credit to Kamanzi 540,000Rwf.
― 3: Received a loan of 550,000Rwf directly into the bank account.
― 7: Bought stationery 15,000Rwf paying by cheque.
― 10: Purchases from Joseline of 304,000Rwf, paying 200,000Rwf by cheque and the balance
remained as credit purchases.
― 11: Cash sales 249,000Rwf.
― 14: Goods returned by Kamanzi 17,000Rwf. Received 370,000Rwf by cash from Kamanzi.
― 16: Paid 80,000Rwf by cheque to Joseline.
― 17: Sold goods to Pauline receiving a cheque of 429,000Rwf
― 28: Cash purchases 112,500Rwf.
― 29: Bought a motor vehicle of 795,000Rwf paying 345,000Rwf by cheque, 100,000Rwf by
cash and balance as credit
Required: Prepare journal for the above transactions. (7 Marks)

You might also like