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    Prince Mulenga
    Martin started a business in 2022 with K160,000 in the bank. He purchased a van for K60,400 by cheque, and office fixtures worth K9,000 on credit from Kachana Ltd. Martin also bought another van on credit from Tonse Cars Ltd for K70,100. He withdrew K180 cash from the bank for the cash till. Martin paid K12,000 cash for additional office fixtures and paid Tonse Cars Ltd K70,100 by cheque. A K50,000 loan in cash was received from Mapachi, and K4,000 cash was deposited back into the bank. Martin's final purchase was more office fixtures costing K4,800 paid by cheque.

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    Untitled

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    Prince Mulenga
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    Martin started a business in 2022 with K160,000 in the bank. He purchased a van for K60,400 by cheque, and office fixtures worth K9,000 on credit from Kachana Ltd. Martin also bought another van on credit from Tonse Cars Ltd for K70,100. He withdrew K180 cash from the bank for the cash till. Martin paid K12,000 cash for additional office fixtures and paid Tonse Cars Ltd K70,100 by cheque. A K50,000 loan in cash was received from Mapachi, and K4,000 cash was deposited back into the bank. Martin's final purchase was more office fixtures costing K4,800 paid by cheque.

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    Martin started a business in 2022 with K160,000 in the bank. He purchased a van for K60,400 by cheque, and office fixtures worth K9,000 on credit from Kachana Ltd. Martin also bought another van on credit from Tonse Cars Ltd for K70,100. He withdrew K180 cash from the bank for the cash till. Martin paid K12,000 cash for additional office fixtures and paid Tonse Cars Ltd K70,100 by cheque. A K50,000 loan in cash was received from Mapachi, and K4,000 cash was deposited back into the bank. Martin's final purchase was more office fixtures costing K4,800 paid by cheque.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    14 views1 page

    Untitled

    Uploaded by

    Prince Mulenga
    Martin started a business in 2022 with K160,000 in the bank. He purchased a van for K60,400 by cheque, and office fixtures worth K9,000 on credit from Kachana Ltd. Martin also bought another van on credit from Tonse Cars Ltd for K70,100. He withdrew K180 cash from the bank for the cash till. Martin paid K12,000 cash for additional office fixtures and paid Tonse Cars Ltd K70,100 by cheque. A K50,000 loan in cash was received from Mapachi, and K4,000 cash was deposited back into the bank. Martin's final purchase was more office fixtures costing K4,800 paid by cheque.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    1.

    Write up the asset, capital and liability accounts in the books of Martin to record the
    following transactions who started business in 2022:

    June 1 Started business with K160, 000 in the bank.


    2 Bought van paying by cheque K60, 400.
    5 Bought office fixtures for K9,000 on credit from Kachana Ltd.
    8 Bought van on credit from Tonse Cars Ltd K70, 100.
    12 Took K180 out of the bank and put it into the cash till.
    15 Bought office fixtures paying K12,000 in cash.
    19 Paid Tonse Cars Ltd a cheque for K70, 100.
    21 A loan of K50,000 cash is received from Mapachi.
    25 Paid K4,000 of the cash in hand into the bank account.
    30 Bought more office fixtures paying by cheque K4,800.

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