question archive Accounting for Assets, Liabilities and Capital- Unit 3 Naudo set up business on 1* April 2009

Accounting for Assets, Liabilities and Capital- Unit 3 Naudo set up business on 1* April 2009

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Accounting for Assets, Liabilities and Capital- Unit 3

Naudo set up business on 1* April 2009. The following transactions took place

2009

Apr 1 Paid €46,000 into a business bank account as capital.

2. Bought office equipment on credit from F. Galea for €700.

4 Bought shop premises paying for them by cheque €25,000.

9 Returned some faulty office equipment to F. Galea €90.

 

On 1st January 2010 T. Caruana started a business using a loan from his uncle Thomas for €25,000 which he paid into a business bank account.

During the month of January the following transactions took place:

Jan 3 Bought shop fittings by cheque for €6,000.

4 Drew cash from bank for business use €1,000.

10 Had further loan from Uncle Thomas in cash €5,000.

15 Bought office furniture valued at €3,000 on credit from R. Sultana.

17 Returned some of the office furniture €200 to R. Sultana as it was faulty.

20 Paid R. Sultana in cash for the amount owing to him.

28 Paid cash into bank leaving cash balance of €500.

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