FINANCIAL ACCOUNTING 1-BALANCE SHEET QUESTION

QUESTION

Write up the asset, capital and liability accounts in the books of M Crash to record the following transactions:

2002

June     1          Started business with £50,000 in the bank.

“          2          Bought motor van paying by cheque £12,000.

“          5          Bought Fixtures £4,000 on credit from Office Masters Ltd.

“          8          Bought a van on credit from Motor Cars Ltd £8,000.

“          12        Took £1,000 out of the bank and put it into the cash till.

“          15        Bought Fixtures paying by cash £600.

“          19        Paid Motor Cars Ltd by cheque £8000.

“          21        A loan of £10,000 cash is received from J Marcus.

“          25        Paid £8,000 of the cash in hand into the bank account.

“          30        Bought more Fixtures paying by cheque £3,000.