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REVISION: Topic: Books of Prime Entry
Dated: ______________________
Classwork/ Homework Activity: Demonstrating the recording of transactions in Books of Original Entry
J. Flowers is the sole owner of The Plant Emporium. Her records show the following transactions for the month of May 2016. May
1
Started business with £750 cash and £9,000 in the bank.
May
1
Sold goods on credit to Green Leaf $110, R. Fig $689 and S. Tato $725
May
1
May
2
Received a loan of £2,000 from B Blane by cheque.
May
2
Bought stationery by cheque £75.
May
3
Bought a computer for cash £600.
May
3
Bought goods for cash £110.
May
3
May
4
May
4
May
5
Received Invoices from T. Tin $1 750 and S. Steel $1 105
May
5
Bought display equipment on credit from Clearcount Ltd £420.
May
5
Paid insurance by cash £290.
May
8
Took £200 out of the bank and put it in the cash till.
May
8
Bought goods on credit from A. Ladi $840, B. Ready $1750
May
9
Returned faulty goods to B. Ready $500
May
10
Sold goods on credit to Tovadis Limited $1 290 less 10% trade discount
May
10
Bought goods on credit from Planters Place $1875.
May
10
Sold goods for cash £64.
May
13
S. Tato returned $125 worth of goods
May
15
Credit purchases from S. Lewis $510, J. Makoy $ 450
May
15
Repaid part of Blane’s loan by cheque £500.
May
17
Paid amount owing to Clearcount Ltd £420 by cheque.
May
17
Paid rent by cheque £225.
May
18
Returned goods to J. Makoy $190
May
18
Sold goods on credit to R. Fig with a list price of $1800, allowing a 2.5% Trade discount.
May
19
Sold goods for cash £54.
May
20
Returned goods to T. Tin $250.
May
20
Bought goods for cash £390.
May
21
Received rent of £25 by cheque for sublet of corner space.
May
24
Credit sales to L. Long $2 700, B. Stone $970
May
24
Repaid part of Blane’s loan by cash £250.
May
24
A debt owing to us by P Lees of £124 is written off as a bad debt.
May
25
The owner takes £50 cash out of the business for his own use.
May
28
B. Stone returns some of the goods purchased on May 24, $180
Page: 1
Sold goods on credit to L. Long $800, S. Short $1250 and B. Stone $1 620
Bought goods on credit from S. Lewis $730, J. Makoy $950. Sold goods for cash £1,910. S. Short returned goods to us $370
REVISION: Topic: Books of Prime Entry
Dated: ______________________
May
28
Bought machinery for £1,260 on credit from Electrotime Ltd.
May
30
Tovadis Limited returned goods with a list price of $200
May
30
Paid the month’s wages by cash £360.
May
30
Paid motor expenses in cash £62.
May
31
The proprietor took cash for his own personal use £80.
May
31
Bought a printer on credit from F Jones for £200.
May
31
A debt of £78 owing to us from H Mander is written off as a bad debt
Requirement: TASK 1 1) Identify and Record the above transactions in as per given format. Transaction
S ource Document
no. 1
S ales Invoice
B ook of Pr ime
A cc ount to be
Entry
Debited
S ales Daybook
A ccount
A cc ount to be Credited S ales on credi t
R eceivable R . 470
TASK 2 2) Record the above transactions in the appropriate books of original entries, Balance them and Make their Ledgers/T Accounts as per their standard format.
